AusQuest Limited announced that it has received drill permits for both the Cerro de Fierro and Parcoy Copper Projects in southern Peru, allowing access preparations to commence at Cerro de Fierro before the end of January and paving the way for a major program of drilling to begin during February. Both copper projects are subject to the Company's Strategic Alliance Agreement with South32 Limited. At Cerro de Fierro, a total of 4,000m of Reverse Circulation drilling is planned to test beneath strong copper anomalism (>1.0% Cu) and associated iron (Fe) and potassic (K) alteration that has been identified by rock-chip sampling to the south of the Company's previous drilling suggesting that the copper-bearing andesitic host rocks are at much shallower depth in this area. A drill contract has been finalised with drilling operations expected to commence during February 2021 and take approximately 6 to 8 weeks to complete. Drilling operations at the Parcoy Copper Project, which is located approximately 50km north-west of Cerro de Fierro, are planned to commence shortly after completion of the drilling program at Cerro de Fierro. A minimum of approximately 1,700m of diamond drilling is planned at Parcoy to test two priority target areas that have been identified by the Company's rock-chip and soil sampling programs completed during 2019 and 2020. Copper (+/-gold) anomalies and associated indicator elements (Mo, Bi, Au, Te, Zn, Sb) within the andesitic volcanics have defined targets for the initial `Proof-of-Concept' drilling which is designed to determine the Project's potential for large-scale, structurally related manto-style copper (+/-gold) mineralisation. Drilling at Parcoy is expected to take approximately 2 to 3 months to complete.