The Conversation (0)
Australian battery minerals explorer, Firetail Resources Limited (Firetail or the Company; ASX: FTL) is pleased to confirm that the maiden drilling program at the Picha Copper Project in Peru has commenced.
Experienced drilling contractor, Explo Drilling Peru has mobilised to site and has started the planned diamond drilling program comprising ten drill holes for ~5,000m.
Firetail expects the drill program will be approximately 2-3 months in duration, with assays expected to be received in 6-10 weeks and then progressively during the drilling campaign.
Executive Chairman, Brett Grosvenor, commented:
"The Firetail team is extremely excited to start the drilling campaign at the Picha Copper Project in Peru. The commencement of the program coincides with an increase in focus by the Peruvian Government in supporting the Peruvian mining and exploration industry to remain as a world top 3 copper producer in the face of increasing demand for the commodity from the evolving EV market.
“The team has generated a significant number of targets through the exploration work completed so far, and we look forward to bringing regular drilling updates to our shareholders and followers in the coming weeks.”
Figure 1: Drill rig on site at Cobremani target
Picha Copper Project, Peru
On 21 August 2023, shareholders of Firetail voted to approve the issue of shares and performance rights relating to Firetail’s acquisition of up to an 80% interest in Valor’s Picha Copper Project and Charaque Copper Project in southern Peru1.
Under the acquisition agreement, Firetail will acquire up to 80% of the issued share capital of Kiwanda S.A.C. (Kiwanda), a wholly-owned subsidiary of Valor which holds the mining concessions that make up the Picha and Charaque Projects.
The transaction was completed on 6 September 2023, and has resulted in Firetail inheriting Valor’s experienced in-country management and technical team as well as an Earn-in Agreement with leading global gold and copper producer Barrick Gold Corporation covering the Charaque Project2.
Figure 2: Picha and Charaque Copper Projects in Peru
Final regulatory approval was received by Valor3 and announced on 4 August 2023. Receipt of the Autorización de Inicio (Permission to Begin Drilling) from the Peruvian Ministry of Energy and Mines (“MEM”) is a key milestone for the Picha Copper Project, and allows the Company to commence the maiden drilling program within the approved Effective Area.
The drilling permit allows drilling of up to 120 holes at Picha, comprising up to 40 drill platforms with three holes planned per platform. A maiden diamond drilling program of around 5,000m is proposed to test four targets within the Effective Area – Cobremani, Cumbre Coya, Maricate and Fundicion (see Figure 4 below).
Figure 3: Picha exploration team and camp site
Drill Targets
The drilling permit allows drilling of up to 120 holes at Picha, comprising up to 40 drill platforms with three holes planned per platform (see Figure 3 below). The maiden diamond drilling program, comprising around 5,000m, is designed to test four targets within the Effective Area – Cobremani, Cumbre Coya, Maricate and Fundicion4.
Firetail is pleased to present details of these high-potential targets and proposed drill-holes here:
- Cobremani Target – Drill-hole PDH-04 (surface geochemical anomaly including channel sample of 41.6m @1.12% Cu and 22.85g/t Ag, and strong geophysical anomaly at ~200m depth).
- Maricate Target – Drill-hole PDH-35 (surface geochemical anomaly including channel sample of 17.6m @ 1.95% Cu).
- Cumbre Coya Target – Drill-hole PDH-48 (surface geochemical anomaly including channel sample of 32.85m @ 0.61% Cu and 209 g/t Ag and chargeability anomaly) and Drill-hole PDH-76 (geochemical and chargeability anomaly at ~250m depth).
- Fundicion Target – Drill-hole PDH-70 (chargeability anomaly at ~250m depth), Drill-hole PDH-87 (geophysical chargeability anomaly at ~250m depth), Drill-hole PDH-91 (geophysical chargeability anomaly at ~300m depth) and drill holes PDH-102 and 112 (chargeability anomaly at ~150m depth).
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.
FTL:AU
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
Click here for the full ASX Release
This article includes content from Rox 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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
Click here for the full ASX Release
This article includes content from Alice Queen 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.
