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Firetail Resources Limited ("Firetail" or "the Company") (ASX: FTL) is pleased to provide an update on future works planned for the Picha Copper Project (“Picha) in Peru.
Highlights:
- Maiden diamond drilling (“DD”) program to commence at Picha in the first week of October 2023.
- Exploration camp installation at Picha is nearing completion.
- Drilling contract signed and equipment mobilised to site, with drill rig expected on site at the end of this month.
- Drilling platforms are well advanced with several drill pads and access tracks completed.
Executive Chairman, Brett Grosvenor, commented:
"We are very pleased with the progress made at the Picha Copper Project in Peru.
“The local team in Peru is on target to commence drilling in the first week of October and their approach to the preparation has been extremely thorough. Picha has undergone a substantial exploration program in the past 18 months to identify a significant number of targets, and the team has done an excellent job to advance these targets to the drilling stage.
“The excitement is building within the Firetail team and we are confident that the targets identified have potential to position the project for a significant discovery in the coming months.
“We look forward to the commencement of drilling in the next two weeks.”
Figure 1: Drill site preparation at Cumbre Coya target
Transaction Completed
On 21 August 2023, shareholders of Firetail voted to approve the issue of shares and performance rights relating to Firetail’s acquisition of up to an 80% interest in Valor Resources Limited’s (“Valor”) (ASX:VAL) Picha Copper Project and Charaque Copper Project in southern Peru1.
Under the acquisition agreement, Firetail acquired up to 80% of the issued share capital of Kiwanda S.A.C. (Kiwanda) which holds the mining concessions that make up the Picha and Charaque Projects.
The transaction was completed on 6 September 20232 and has resulted in Firetail inheriting Valor’s experienced in-country management and technical team as well as an Earn-in Agreement with leading global gold and copper producer Barrick Gold Corporation covering the Charaque Project3.
Figure 2: Picha and Charaque Copper Projects in Peru
Approvals and Drill Planning
Final regulatory approval was received by Valor4 and announced on 4 August 2023. Receipt of the Autorización de Inicio (Permission to Begin Drilling) from the Peruvian Ministry of Energy and Mines (“MEM”) is a key milestone for the Picha Copper Project, and allows the Company to commence the maiden drilling program within the approved “Effective Area”.
The drilling permit allows drilling of up to 120 holes at Picha, comprising of up to 40 drill platforms with three holes planned per platform. A maiden diamond drilling program of around 5,000m is proposed to test four targets within the Effective Area – Cobremani, Cumbre Coya, Maricate and Fundicion (see Figure 3 below).
Firetail has selected a well-regarded local drilling contractor to undertake the maiden drilling program.
Camp installation has progressed according to plan and completion works are now underway on the final fittings.
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This article includes content from Firetail Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
FTL:AU
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
