AusQuest (ASX:AQD) said that a second stage reverse circulation drilling program of a total depth of around 5,000 meters is planned to start in April to extend mineralization at the Cangallo copper-gold project in Peru, according to a Wednesday Australian bourse filing.
This will be followed by a diamond drilling program, the filing said.
It said multi-element geochemistry from the first drilling program provided vectors for a potential large-scale porphyry copper-gold system under shallow cover.
Higher copper grades of up to 1.1% of copper within porphyry dykes indicate the potential for increased copper grades at the center of the prospective porphyry system.
The firm's shares rose 15% in recent trading on Wednesday.
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