Firetail Resources

FTL to Acquire York Harbour Copper-Zinc-Silver Project, Newfoundland, Canada

Firetail Resources Limited (‘FTL’) is pleased to announce the acquisition of York Harbour Copper Project, Canada.


Highlights:

  • Binding Option Agreement executed for the acquisition of up to 80% of York Harbour Project via a staged earn-in (Acquisition).
  • York Harbour is a Cyprus-style volcanogenic massive sulphide (VMS) exploration project, located 180km west-south-west of FireFly Metals Ltd (ASX:FFM) Green Bay Copper Project.
  • Small scale historical underground production between 1898 and 1913 resulted in 100,000 tonnes mined at 3-12% Cu, 7% Zn and 1-3oz/t Ag.
  • Only shallow exploration (<300m depth) completed, with historical exploration limited to two key areas, the old York Harbour mine and the Number 4 Pond target with multiple significant intercepts include:
    • 29.0m at 5.25% Cu, 9g/t Ag from 147m (YH21-24 H Zone)
      • Including 3.24m at 9.54% Cu, 3.5% Zn, 10g/t Ag from 167.8m
    • 24.3m at 2.77% Cu 9.3% Zn, 18g/t Ag from 93m (YH21-18 D Zone)
    • 22.56m at 4.34% Cu from 68.88m (Y-8)
    • 24.54m at 2.14% Cu, 12.78% Zn from 21.03m (LU133)
    • 14.88m at 3.08% Cu from 30.88m (LU120)
    • 13.58m at 2.98% Cu, 7.23% Zn, 21g/t Ag from 115.34m (YH22-61)
    • 6.8m at 6.34% Cu, 7.45% Zn from 82.51m (4-48)
    • 8.97m at 4.73% Cu, 10.19% Zn, 23g/t Ag from 124.13m (YH22-107)
    • 7.17m at 6.56% Cu from 42.21m (LU136)
      • Including 2.29m at 15.88% Cu from 42.21m
    • 6.71m at 4.16% Cu, 10.5% Zn from 76.2m (4-44)
    • 9.87m at 2.50% Cu, 14.41% Zn from 22.22m (LU100)
    • 20.06m at 2.50% Cu, 6.33% Zn from 107.9m (YH21-20)
    • 11.86m at 4.83% Cu, 5.57% Zn from 18.04m (LU96)
    • 11.25m at 2.67% Cu, 9.12% Zn, 20g/t Ag from 111.78m (YH22-82)
      • Including 4m at 4.76% Cu, 2.17% Zn and 25g/t Ag from 115.78m
    • 19.38m at 1.76% Cu, 12.46% Zn, 19g/t Ag from 166.62m (YH21-22 H Zone)
      • Including 7.14m at 2.39% Cu, 29.09% Zn and 47g/t Ag from 166.62m
  • No property-wide Airborne EM survey ever flown across York Harbour, provides immediate potential for identifying similar VMS style-systems within the 47.25km2 contiguous land package.
  • In connection with the Acquisition, FTL proposes to raise approximately $1.57m (before costs) by way of a placement to strategic investors together with a non-renounceable entitlement issue to existing eligible shareholders.

Figure 1: York Harbour Project Regional Location Plan, Newfoundland, Canada

Further to the above, Firetail Ownership has increased to 70% of the Picha and Charaque Copper Projects, through acquisition of Kiwanda S.A.C.

  • Picha Copper Project, Peru (“Picha”): completion of maiden ~5,000m diamond drill (“DD”) program with assay results from the last holes still pending.
  • Results included 13m @ 2.81% Cu and 27.1g/t Ag from 2m (cut-off 0.1% Cu), and 15.5m @ 0.72% Cu, 130g/t Ag 1.92% Pb and 0.16% Zn from 3.25m. Firetail confirmed the mineralised structure extends over 170m in strike length and is open in all directions.
  • Vesting Conditions for the Company’s acquisition of an additional 10% of the issued share capital of Kiwanda S.A.C. now satisfied with the Stage 1 Performance Milestone being achieved.

Executive Chairman, Brett Grosvenor, commented:

“The Firetail Board began a strategic process over 12 months ago of identifying opportunities in a rising copper market. The culmination of this process is the acquisition of the York Harbour Project, which we believe provides an exceptional opportunity to create value for our shareholders.

“Our intention was to find strategic copper assets in world class locations, which would be complementary to our existing portfolio of battery metals projects. We see York Harbour ticking all of these boxes. This acquisition broadens our copper exposure to complement the early-stage copper project we are currently exploring in Peru.

“York Harbour presents an advanced brownfield opportunity in a proven district for copper mineralisation. The near-term potential to define a mineral resource and expand the footprint is clear from our due diligence, and our team is very excited to get on the ground and start the exploration program.

“In conjunction with the York Harbour acquisition, we have achieved a significant milestone at the Picha Copper Project. 5,000m of drilling has been safely executed without incident and the outcome of the drilling has met our expectations. To have grades of 2.8% Cu over a 13m down hole interval indicates the potential of this asset. We will now focus on the interpretation of the data, geological modelling and determine the best way to unlock the potential at Picha. The next phase of the program will be to take the learnings from the maiden drill program and use this to help plan the next phase of exploration work.”

Non-Executive Director, Simon Lawson, commented:

“The York Harbour Project is located within Newfoundland, a district with a well-established mining industry, prolific metal endowment and a supportive community. The Project is located 180km west- south-west of the high-profile high-grade Green Bay Copper Project, currently under development by fellow ASX-listed Firefly Metals (ASX:FFM).

“The Project is an advanced high-grade copper-focussed opportunity for Firetail to get involved in at just the right time. The previous history of copper mining at the project and a number of existing significant copper-zinc-silver drill hits makes this a “walk-up” project of excellent exploration potential.

The historic drill intercepts are all shallow, high-grade, vary in width and most importantly are massive to disseminated base metal sulphides in just the right rocks! The previous drilling, limited surface outcrop mapping and historic mining information provides us with the basis of a targeting model to get on-ground and rapidly drill test the extents of existing high-grade copper mineralisation, as well as search for new massive sulphide positions and potentially make new discoveries!

“Incredibly the Project has not had a property-wide airborne electromagnetic (“EM”) survey conducted to date. Typically massive sulphide, particularly copper projects like this, have already been extensively tested with EM and all of the priority targets drill-tested. This is not the case at York Harbour and represents a major opportunity for Firetail to be the first to conduct a modern high-resolution airborne EM survey. This EM survey will profile existing targets and aim to identify new targets across the property. Targets will be assessed and ranked based on their signature, size, position, and overall geological merit and be prioritised for rapid drill testing!

“This acquisition provides shareholders with exposure to drill-proven high-grade copper-zinc-silver mineralisation within a district of substantial base and precious metals mineralisation. This is an exciting advanced high-potential opportunity in a great jurisdiction, and we look forward to providing our shareholders with further exploration updates post completion of the transaction.”


Click here for the full ASX Release

This article includes content from Firetail Resources, 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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