AusQuest Limited reported more encouraging assay results from its recently completed Reverse Circulation (RC) drilling program at the Cerro de Fierro Copper Prospect in southern Peru, under the Company's Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of South32 Limited. The program, which comprised 15 RC drill-holes (for 5,048m), was successful in locating near-surface extensions of the copper mineralisation that was previously discovered at depth (~150m to 300m) during earlier drilling programs to the north, as well as strong indications of nearby porphyry copper mineralisation. While the extent, thickness and grade of the shallow copper oxide mineralisation is not fully known at this stage, the possible extent of the mineralised horizon appears to be extensive (up to 1.5km²), subject to further drilling and/or sampling to confirm the continuity and grade of the copper within the potential target area. Five of the 15 widely-spaced drill holes intersected shallow copper oxides (at depths <50m) with thicknesses varying from ~20 to 30 metres and average copper grades ranging from ~0.13% Cu up to ~0.57% Cu with associated silver values from ~1.0g/t Ag and up to 9.0g/t Ag. Interpretation of the drilling results and topographical data demonstrates a strong relationship between anomalous copper values and topography. Four drill-holes (CDFRC 03, 05, 08, 010) were found to be located within valleys below the copper-bearing horizon and, consequently, did not intersect the shallow copper oxides, while six drill-holes were located outside the limits of the mineralisation. A large potential copper target area has now been outlined after compiling both the drill-hole and surface rock-chip sampling data, which show a clear relationship between anomalous copper at surface (copper values from 200ppm up to >1.0% Cu) and topographical relief.