Ausquest (ASX: AQD) believes it has a major porphyry discovery on its hands in Peru. It’s already returned some fascinating drilling results with mineralisation intersected over huge widths. Managing Director Graeme Drew believes it’s yet to find the “eye” of the porphyry system and that’s what the current drilling programme is about. If he’s correct, the company’s market cap of A$56 million could do just about anything.

Guest Bio

Graeme Drew is the Managing Director of Ausquest Limited. Mr Drew has over 40 years’ experience in the exploration industry in Australia and overseas. Prior to co-founding Ausquest Limited, he was an Exploration Manager for CRAE and Rio Tinto Exploration Pty Ltd in Western Australia and Eastern Australia. He has extensive experience in the search for, and evaluation of, base and precious metals including nickel, copper, gold, uranium, zinc and diamonds.

Credits

Produced by Resource Media

The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

Links

The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/

Company Website: https://www.ausquest.com.au/

Key Insights

1. 
   

   Scale Emerging at Cangallo – Ausquest’s early drilling has defined a large footprint of near-surface copper-gold mineralisation, with broad intercepts extending hundreds of metres from surface. This supports the interpretation of a significant porphyry system still in its early stages of delineation.

   
   


2. 
   

   Location Provides Material Cost Advantages – Unlike many Andean porphyry deposits situated in remote high-altitude terrain, Cangallo sits near the Peruvian coast at relatively low elevation. This improves logistics, reduces potential infrastructure hurdles and enhances long-term development optionality.

   
   


3. 
   

   Eye of the System Still to Be Found – Geological indicators suggest current drilling is positioned on the edge or upper levels of the porphyry system. The ongoing RC and diamond programs are designed to vector toward the higher-grade core, which could materially change the project’s scale and economics.

   
   


4. 
   

   Early-Stage Drilling Indicates Consistent Mineralisation – Intercepts to date show consistent copper grades across large widths, with oxide mineralisation from surface and sulphides appearing at depth. The presence of tonalite dykes carrying higher grades provides encouragement that the main intrusive centre is nearby.

   
   


5. 
   

   Significant Re-Rating Potential – With a current market capitalisation of A$56 million, Ausquest remains lightly valued relative to the potential scale of a major porphyry discovery. As drilling advances and assays confirm grade trends toward the interpreted core, the company could enter a transformational phase.