The Conversation (0)
Australian battery minerals explorer, Firetail Resources Limited (FTL, Firetail or the Company) (ASX: FTL) is pleased to provide an update on the maiden drilling program at the Picha Copper Project in Peru.
Assay results from the first 62 metres of the first drill hole at the Cobremani target have been received.
Highlights include:
- Best assay result in 23PCMD0001 of 13m @ 2.81% Cu and 27.1g/t Ag from 2m (using a cut-off of 0.1% Cu);
- Other significant results include 3.9m @ 0.27% Cu and 4.68g/t Ag from 23.7m and 2.5m @ 0.22% Cu and 9.76g/t Ag from 41.9m;
- Drill assay result confirms the near-surface supergene mineralisation located in earlier surface channel sampling at Cobremani target (41.6m @ 1.12% Cu and 22.85g/t Ag);
- 23PCMD0001 completed to 500m depth having tested a resistivity anomaly.
- First drill hole (23PMCD0001) at Maricate target has commenced, to test a surface channel sample of 17.6m @ 1.95% Cu.
The planned diamond drilling program comprises of ten drill holes for ~5,000m in total and Firetail expects the drill program will be approximately 3-4 months in duration, with assays expected regularly during the drilling campaign.
Executive Chairman, Brett Grosvenor, commented:
"I am delighted with the progress made by the team in Peru, with the first drill hole completed and the second underway. I have just returned from site, where I was able to gain a better understanding of all the activities in person, and to spend time engaging and building relationships with the local team and community.
“These initial assay results in the first 62m of the first drill hole at the Picha Copper Project is an excellent start to the drilling campaign and they are supportive of our interpretation of the mineralisation. Ultimately this gives us great confidence in the potential of this asset.
“Work continues on site, and we are looking forward to bringing regular updates on the assays as they are received.”
Figure 1: Drill rig on site at Cobremani target – 23PCMD0001.
Figure 2: Example of secondary copper mineralisation at around 4.5m depth in 23PCMD0001
Click here for the full ASX Release
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
Firetail Resources
Overview
Firetail Resources (ASX:FTL) is an Australian exploration company building a strategic portfolio of battery metals in Australia and Peru.
Batteries are a critical foundation of the transition to a greener and more sustainable future. Consequently, between electric vehicles and renewable energy, global demand for batteries is expected to increase from 185 GWh in 2020 to over 2,000 GWh by 2030. This is expected to have a profound impact on the market for battery and base metals such as lithium, nickel, cobalt and copper.
Firetail Resources aims to leverage this significant opportunity to find the critical resources to support the world’s journey to electrification. Under the direction of a proven board and management team with decades of collective experience in mining exploration, development and production, Firetail Resources boasts a diversified asset portfolio with multiple drill-ready targets and advanced exploration projects that all have tremendous potential to increase shareholder value.
Firetail's Australian Yalgoo-Dalgaranga, Mt. Slopeaway and Paterson projects are all located in proven geologic domains and display significant upside for substantial mineral resources. The company's more recent acquisition of two projects in Peru strongly complements these assets.
As the world's third-largest copper producer, Peru has a massive mining industry with a strong prominence in the country’s national economy. Long recognized as an excellent, low-risk mining jurisdiction, the country recently approved roughly $600 million worth of new mining projects. Unsurprisingly, nearly every major global mining company is either operating in the jurisdiction or is aware of it.
Although only recently acquired, Firetail's Picha Copper project is now one of its most promising assets. The Picha Project was acquired as part of a deal that includes a farm-in agreement with Barrick Gold Corporation (TSE:ABX) for an earn-in of up to 70 percent interest in the Charaque Project.
Picha is located along a NNW regional trend of carbonate-replacement (CRD) and epithermal deposits, including the San Gabriel Gold Project (Buenaventura NYSE:BVN), which is fully permitted and in construction; and the Berenguela Ag, Cu, Mn, Zn Deposit (Aftermath Silver TSXV:AAG).
In 2024, Firetail Resources announced the acquisition of York Harbour copper project, Canada. The company has signed a binding option agreement to acquire up to 80 percent of York Harbour project via a staged earn-in. York Harbour is a Cyprus-style volcanogenic massive sulphide (VMS) exploration project, located 180 km west-south-west of FireFly Metals Ltd (ASX:FFM) Green Bay copper project.
With a diversified portfolio of battery and base metals assets in two leading mining jurisdictions, Firetail is perfectly positioned to take advantage of the transition to green energy, driving considerable shareholder value in the process.
Company Highlights
- Demand for batteries is expected to exponentially increase by 2030, consequently driving the demand for battery and base metals.
- An Australian exploration company, Firetail Resources is well-positioned to take advantage of this market trend via a portfolio of Australian and Peruvian battery metals projects.
- Firetail's drill-ready assets are supported by smart field exploration and drilling programs to unlock their resource potential and increase shareholder value.
- The company's current portfolio of assets includes lithium, copper, cobalt, manganese, molybdenum, lead, zinc and nickel.
- All of Firetail's exploration activities are directed by a board and management team with a proven track record in mineral exploration, development and production.
Get access to more exclusive Copper Investing Stock profiles here
Diversified Portfolio of Battery Metals Assets in Australia and Peru