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)
The flag of Chile with blue, white, red colors and a star waves against a clear blue sky.

Codelco Eyes US$2 Billion Overhaul of Northern Copper Mines

Chile’s Codelco is seeking a US$2 billion financial lifeline by structurally merging three of its largest northern copper mines, sources familiar with the matter told Bloomberg.According to the sources, management recently pitched Codelco’s board on a four-year plan to deeply integrate the... Keep Reading...
Phil Ehr.

Copper and Critical Metals: The West's Newest Frontline

In the latest episode of the Investing News Network podcast, Phil Ehr, strategic advisor to NovaRed Mining (CSE:NRED,OTCQB:NREDF) and retired US Navy Commander discusses how geopolitical instability, AI-driven power demand and global competition with China are elevating copper into a national... Keep Reading...
Many copper bobbins and warehouse copper pipes.

Top 10 Copper-producing Companies

Copper miners with productive assets have much to gain as supply and demand tighten and prices soar. The price of copper reached new all-time highs in 2026 on both the COMEX in the United States and the London Metals Exchange (LME) in the United Kingdom, maintaining copper's momentum in 2025.... Keep Reading...
Nine Mile Metals Announces Drill Rig Mobilization for the Wedge 10,000m Drill Program and Targets New High Grade Copper Zone

Nine Mile Metals Announces Drill Rig Mobilization for the Wedge 10,000m Drill Program and Targets New High Grade Copper Zone

Nine Mile Metals LTD. (CSE: NINE,OTC:VMSXF) (OTC Pink: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile"), is pleased to announce that Orbit Garant will mobilize a YS2000 Skid Mounted Drill Rig for the upcoming Wedge 10,000m drill program next week. The drill rig is being prepped in Moncton, New... Keep Reading...
Rows of fine copper bars with text that reads '5 Top Canadian Mining Stocks This Week.'

Top 5 Canadian Mining Stocks This Week: Mogotes Metals Gains 159 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 news impacting the resource sector.On Thursday (May 14) Canadian Prime Minister Mark Carney announced a new national electricity... Keep Reading...
Copper bars with weight stamps, stock market chart background.

What Was the Highest Price for Copper?

Strong demand in the face of looming supply shortages has pushed copper to new heights in recent years.With a wide range of applications in nearly every sector, copper is by far the most industrious of the base metals. In fact, for decades, the copper price has been a key indicator of global... Keep Reading...

Interactive Chart

Latest Press Releases

Related News