• Shares of Australia's AusQuest rise as much as 4.8% at A$0.045, hitting their highest level since September 29

• Mineral exploration co says geophysical survey at its Cangallo copper project in Peru identified several new drilling targets

• Adds, according to the survey, the copper porphyry system is much larger than previously drilled

• Co believes these targets could increase the eventual copper resource at the site if drilling is successful

• Stock down 16% YTD

(Reporting by Shravya Marakini in Bengaluru)