AusQuest Limited (ASX: AQD), an Australian-based minerals exploration company focused on discovering new mineral deposits, particularly copper and gold, has announced a significant development for its Cangallo Porphyry Copper-Gold discovery in southern Peru. The Peruvian Government has officially granted the project “Proyecto de Interes Nacional” (Project of National Interest – PIN) status, marking it as the first advanced exploration project in Peru to receive such a designation. This declaration signifies a major endorsement from the Peruvian authorities for the project’s importance and potential.
AusQuest’s Managing Director, Graeme Drew, highlighted the substantial implications of this status. Mr Drew stated that receiving PIN status is a “major milestone” for the company, providing a high level of protection for surface rights over the project and establishing a secure pathway for development over the next four years. He added that the approval underscores the new Peruvian Government’s proactive support for investments in exploration and new mining ventures, validating Cangallo’s potential and its significance to Peru.
This announcement follows AusQuest’s recent approval from the Peruvian Government for its Stage 4 drilling program at Cangallo, involving 20 drill pads. These are designed to extend the area of known copper mineralisation up to one kilometre further south than current drill coverage. Surface rock-chip sampling and recent geophysical surveying (CSAMT) strongly support this potential extension of copper mineralisation, which, if confirmed, could significantly increase the copper footprint to over 1.5 kilometres of strike length. AusQuest is also actively pursuing permits for an additional 20 drill pads under a new government initiative, aiming for significantly reduced approval times to allow further drilling in the first half of 2027.
