AusQuest Limited announced that its maiden drilling program at the Parcoy Copper Project in southern Peru has highlighted the potential for large-scale accumulations of copper mineralisation across the project area. The recently completed wide-spaced drilling has provided strong evidence for the presence of manto-style (replacement) copper mineralisation within the volcanic sequence, with thick zones (>100m) of anomalous copper (>200ppm Cu) intersected ­ confirming the migration of copper-bearing fluids within the volcanics over distances of at least 500m from the inferred feeder structure(s). Copper grades within the mineralised zones average around 0.2% Cu (and up to 1.0% Cu), often associated with elevated silver (up to 7.7g/t Ag) and occasional gold (up to 1.4g/t Au). Only the northern and southern extremities of the prospect have so far been tested by drilling due to access considerations. Proof-of-concept' drilling successfully completed; Strong evidence found for extensive manto-style copper mineralization; Further exploration programs being planned under the SAA. Significant intersections from the current drilling program include: PARRC01 ­ 34m @ 0.22% Cu from 8m; PARRC05 ­ 18m @ 0.18% Cu, 1.8g/t Ag from 156m; PARRC07 ­ 40m @ 0.22% Cu, 1.0g/t Ag from 266m; PARRC08 ­ 10m @0.27% Cu from 262m; PARRC08 ­ 36m @ 0.26% Cu from 280m (including 4m @ 0.36% Cu & 1.1g/t Au). At the northern end of the prospect, the copper mineralisation intersected in drill-hole PARRC01 is associated with potassic-iron alteration and appears to be conformable with the shallow north-east dipping (~20°) volcanic strata. The mineralisation is shallow (commencing from a depth of just 8m) with anomalous copper extending to depths of more than 200m, highlighting the potential for significant thicknesses of copper in this area. Highly anomalous rock-chip samples to the south and east of drill-hole PARRC01 have been significantly upgraded by these results, outlining a high-priority target close to the inferred feeder structure(s) for further exploration. Volcanics intersected in drill-holes PARRC02, PARRC03 and PARRC04 occur close to the intrusive monzodiorite contact and are sodic rather than potassically altered. Copper values within these volcanics are lower than in PARRC01, although several narrow zones (<20m) of anomalous copper (<1,000ppm Cu) with occasional gold values (of up to 0.2g/t Au) were reported in PARRC03. Intrusive rocks intersected below the volcanics are altered (sodic) bu so far appear barren of copper In the southern area, there is strong evidence that copper mineralization is stratabound, with continuity of anomalous copper values between drill-holes PARRC05 and PARRC07. This demonstrates the shallow-dipping nature of the mineralization, which sub-parallels the volcanic layering. Copper in both drill-holes occurs immediately above an approximately 70m thick layer of advanced argillic/sericite alteration (AAA) which occurs at the boundary between potassic altered volcanics above, and sodic altered volcanics below. The AAA zone, which is semi- conformable with volcanic layering, appears to be closely associated with the copper mineralising process and is interpreted as a possible conduit for copper that may be sourced from the inferred feeder structure approximately 500m to the south. Drill-hole PARRC05, which intersected this fault at depth, reported elevated copper over ~50m, including several narrow zones with copper values of up to 0.5% Cu within the structure. Drill-hole PARRC08, located approximately 1km east of PARRC05, also reported anomalous copper (up to 1.0% Cu) and occasional gold (up to 1.4g/t Au) within the fault zone. The potential for copper mineralisation within or close to this fault zone was not tested by the current drilling program, which focused on providing `Proof-of-Concept" for the presence of replacement manto-style mineralisation within the volcanic sequence. It is thought that this mineralisation style provides the best opportunity for a large-scale resource. While there are good signs for strong copper mineralisation within the volcanic sequence at both the northern and southern drilled areas, these prospects are widely separated (~5km) along the inferred feeder structure. The intervening area contains highly anomalous surface soil and rock-chip copper values. Access into these areas is non-existent at present but is currently under consideration by the SAA to facilitate a more targeted drilling campaign in the future. Exploration at Parcoy is being undertaken under the Company's Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of South32 Limited. The maiden drilling program consisted of 10 wide-spaced Reverse Circulation (RC) drill- holes for a total of 3,080m and provided an initial test of two accessible target areas that were identified by the Company's rock-chip and soil sampling programs completed during 2019 and 2020. Exploration at Parcoy is targeting replacement-style copper (mantos) within volcanics, similar to other known deposits along the Coastal Belt of South America including Candelaria (~470Mt @ 0.95% Cu) and Mantos Blancos (~500Mt @ 1.0% Cu) in Chile and Mina Justa (~475Mt @ 0.68% Cu) in southern Peru, which is located ~100km north of Parcoy and is currently being developed by the Marcobre Joint Venture.