Firetail Resources Limited

Quarterly Activities/Appendix 5B Cash Flow Report

Australian battery minerals explorer, Firetail Resources Limited (Firetail or the Company) (ASX: FTL) is pleased to provide a summary of its activities for the three month period ending 30 June 2023.


Highlights

  • Detailed mapping at the Johnson Well, Yalgoo Lithium Project confirmed continuation of fertile pegmaties along strike to the northwest of Johnson Well lepidolite mine.
  • Follow-up drilling campaign commenced with a planned drill program of ~1,000m of reverse circulation (RC) drilling.
  • Drilling at Mt Slopeaway exceeded historical Ni and Co assay results to confirm JORC 2012 Inferred Resource Estimate1 (MRE) of 4Mt @ 1% Ni, 0.2% Co, 1% Mn.
  • Planning of follow-up program for Mt Slopeaway in advanced stage, aimed at improving existing MRE.
  • Subsequent to the end of quarter, Firetail signed a binding terms sheet for acquisition of the Picha and Charaque Copper Projects in Peru.
  • Several drill‐ready targets across the Picha Copper‐Silver Project area identified in review of previous exploration data.
  • The Company is fully funded to progress exploration activities across its projects on completion with firm commitments from sophisticated investors for the Placement of a total of up to $5,000,000.

Commenting on the June Quarter, Firetail's Executive Chairman, Brett Grosvenor, said:

“This has been a very busy quarter for the Firetail team, with exploration activities progressing across our Australian Projects.

“We are very pleased with the commencement of drilling at the Johnson Well target within the Yalgoo Lithium Project, on the back of positive rock chip sampling. The team is looking forward to gaining a better understanding of this prospective pegmatite system.

“The Board is very happy with the receipt of eagerly awaited results from our Mount Slopeaway Nickel-Cobalt Project. These results confirmed the historical grades and we see lots of unexplored potential for our follow-up drill program.

“However, the highlight of the quarter, is the opportunity for Firetail in Peru, where we believe the acquisition of the Picha Copper Project presents large-scale resource potential in an existing mining province. The experienced exploration team is well-progressed with the due diligence planning so that we may start to define this opportunity for our shareholders.”

Yalgoo-Dalgaranga Lithium Project

Geological Mapping Johnson Well2

Detailed geological mapping completed during the quarter confirmed continuation of fertile pegmatites along strike to the northwest of the Johnson Well lepidolite mine. The system extends to the west-northwest where it becomes concealed under colluvial and alluvial cover (See Figure 1).

Figure 1: Yalgoo Project, Johnson Well Area – geology and rock chip sample locations

The Johnson Well pegmatite is intruded into mafic amphibolites, mostly basalt and dolerite. The pegmatite crops out along a northwest-southeast strike for approximately 1,050m, of which at least 100m is within Firetail tenure. NE-trending quartz veins have cross-cut and displaced the pegmatite into at least four major segments. Quartz veins are also observed sub-parallel to the pegmatite vein system and are also observed to lense into pegmatites. The pegmatite system outcrops across the old mine area with varying amounts of zinnwaldite and lepidolite observed (See Figure 2).


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.




The Conversation (0)
Copper ore with "5 Top Canadian Mining Stocks" text overlay.

Top 5 Canadian Mining Stocks This Week: Sandfire Resources America Spikes 72 Percent

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.The US Bureau of Labor Statistics released June’s consumer price index data on Tuesday (July... Keep Reading...
Craig Parry.

Craig Parry: The World Needs More Copper, but New Mines Aren't Coming Fast Enough

Copper has become one of the world's most closely watched commodities as governments race to secure the raw materials needed for electrification, artificial intelligence (AI) and energy infrastructure.Speaking to the Investing News Network at the Rule Symposium, Craig Parry, CEO and chair of... Keep Reading...
Argentine flag waves on a white pole against a clear blue sky.

First Quantum Explores Stake Sale in Argentine Copper Mine

First Quantum Minerals (TSX:FM,OTCPL:FQVLF) has opened talks to sell a minority stake in its colossal Taca Taca copper project in Argentina.The miner is reportedly running a formal sales process for the Salta province asset. Potential bidders include Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO),... Keep Reading...
Nine Mile Metals Announces Completion of DDH WD-26-03, and Confirms Continued Mineralization at the Wedge Deposit

Nine Mile Metals Announces Completion of DDH WD-26-03, and Confirms Continued Mineralization at the Wedge Deposit

Nine Mile Metals LTD. (CSE: NINE,OTC:VMSXF) (OTCID: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile"), is pleased to announce that DDH WD-26-03 has been completed, logged, measured and zones of mineralization have been identified.DDH WD-26-03 was successful, intersecting pyrite and chalcopyrite... Keep Reading...
Democratic Republic of Congo on map with small flag.

DRC Closes Glencore Offices Over Tax Row

Congolese tax authorities sealed the local offices of Glencore's (LSE:GLEN,OTCPL:GLCNF) Kamoto Copper subsidiary on July 9 over a multibillion-dollar payment dispute, Bloomberg reported.The government tax agency, known as the DGI, shut the Kolwezi offices after settlement talks between the state... Keep Reading...

Interactive Chart

Latest Press Releases

Related News