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AusQuest, South32 add 4th Peruvian project to alliance

AusQuest Ltd. and South32 Ltd. have added a fourth exploration project in Peru to their strategic alliance, the former's Parcoy iron oxide-copper-gold project.

The companies now have seven projects under the joint venture in Peru and Western Australia, which gives South32 an exclusive right to earn a 70% interest in each project by funding it to the drilling stage and spending a further US$4.0 million on it.

An additional 10% interest can be secured by completing a pre-feasibility study, according to the May 29 release.

The alliance will undertake induced polarization surveys at Parcoy to identify potential targets for drilling.