Evidence of a Porphyry System at Fundicion Target, Picha Project, Peru

Australian battery minerals explorer, Firetail Resources Limited ("Firetail" or "the Company") (ASX: FTL) is pleased to provide an exciting update on the maiden diamond drilling (DD) program at the Picha Copper Project in Peru.

Completion of the first drill hole at Fundicion target has provided evidence of a porphyry system. Mineralisation includes silver, bornite, covellite and chalcopyrite together with significant quartz veining and alteration. Samples have been sent to the laboratory for analysis and results are expected in early February. It is expected that follow up drilling will take place at Fundicion as part of the current drill program.

In addition to the results at Fundicion, one hole has also now been completed at each of the Maricate and Cumbre Coya targets. Further drilling at Cumbre Coya is currently underway following the intersection of visible secondary copper mineralisation in the first drill hole.

Highlights include:

• Fundicion Target: Drill hole 23PFND0001 completed, intersected distal indicators of a potential porphyry system from around 250m, including sheeted quartz veins, intervals of phyllic alteration and significant pyrite mineralisation.
• Cumbre Coya Target: Drill hole 23PCCD0001 completed. Secondary copper mineralisation in the form of malachite and azurite observed within the first 20m, along with sulphides such as galena and chalcopyrite in the following 30m. Follow-up drill hole currently underway.
• Cobremani Target: Remaining assay results received for 23PCMD0001 included 1.3m @ 18.6 g/t Ag from 64.10m adding to the previous best result of 13m @ 2.81% Cu and 27.1g/t Ag from 2m (using a cut-off of 0.1% Cu)¹.

Drillling of the planned ~5,000m diamond program has recommenced after the Christmas / New Year break with a further five drill holes planned at the identified targets. Firetail expects the drill program to be completed in March. Further assays are expected regularly during the remainder of the drilling campaign.

Figure 1: Example of secondary copper mineralisation at around 4-5m depth in 23PCCD0001

Executive Chairman, Brett Grosvenor, commented:

"We are very encouraged by the alteration and veining observed at the Fundicion Target, which are indicative of a potential porphyry system. These indicators provide the vectors and the confidence to continue drill testing the Fundicion target. Receipt of the results continues to validate the prospectivity of the Picha Project and the potential to host a large mineral system. We are less than 40% through our initial program and the results continue to be highly encouraging.

“The team onsite remains focused on completing the maiden program and delivering value to our shareholders. Further assays and results are due in early February and our expectation is that they will continue to confirm our findings to date.’

“I am personally very happy with the progress made by our team in the field, and look forward to continuing the news flow as the program advances.”

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