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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).
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