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South32, AusQuest add another Peru-based project to alliance

South32 Ltd. agreed to add AusQuest Ltd.'s Cerro De Fierro iron oxide-copper-gold project in Peru to their strategic alliance, AusQuest said June 1.

This brings the total number under the joint venture to six, with the others being the Jimberlana, Balladonia and Gibson Soak nickel projects in Western Australia and the Chololo and Los Otros copper projects in Peru.

The companies agreed to conduct pole-dipole induced polarization and ground electromagnetic surveys aimed at locating and optimizing drill sites associated with magnetic targets and anomalous copper values located by AusQuest's sampling programs.

The prospect was originally identified from the AusQuest's proprietary aeromagnetic data as a potential iron oxide-copper-gold target.