AusQuest Limited provided a progress update on the Stage 2 scout diamond drilling program (2,600m) which commenced in late November at the Cerro de Fierro Copper Prospect in southern Peru, under the Company's Strategic Alliance Agreement (SAA) with South32. As at the end of December 2019, four drill-holes (CDFDD008 to 011) had been completed for a total of 1,800m of drilling, with three of the four holes intersecting visible copper mineralisation (trace to disseminated chalcopyrite, bornite and chalcocite) over down-hole thicknesses of tens of metres. Drill-hole CDFDD010, in the north of the prospect, was terminated prior to reaching the target (andesitic volcanics) due to drilling problems caused by poor ground conditions. The overall Stage 2 drilling program is now expected to be completed in mid-to-late January with final assays for all drill-holes expected during February 2020. The copper mineralisation encountered occurs within veins and breccias in sub-vertical shears and/or sub-horizontal manto-style structures, and is generally associated with quartz-calcite-chlorite alteration. Once the Company has received and interpreted all assay data following completion of the program, it will be in a position to develop a more complete understanding of the mineralisation and its controls. Copper continues to preferentially occur within the mafic volcanics (andesites), which occur below a relatively thick (200m to 300m) dacitic unit that is generally, but not always, barren of copper. The wide drill-hole spacing (>250m) and the similarity in mineralisation/alteration styles between drill-holes, supports the concept of one large mineralising system that likely extends well beyond the limits of the current Drill Permit Area. An application to increase the number of drill pads from 20 to 40, and enlarge the Drill Permit Area to the south and west of its current limits, was submitted to Government in December. It is anticipated that approval for the additional drilling could take up to six months to process.