Firetail Resources

Encouraging First Assay Results from Picha Copper Project

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.

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