Peru Maiden Drilling Update

Australian battery minerals explorer, Firetail Resources Limited (“Firetail” or the “Company”) (ASX: FTL) is pleased to provide an update on the maiden drilling program at the Picha Copper Project in Peru.

Highlights:

• Secondary copper mineralisation in the form of malachite and chalcocite observed within the first 60m of the first drill hole (23PCMD0001).
• Drilling continues on 23PCMD0001 with the targeted resistivity anomaly expected to be intersected around 250-300m, current depth at 250m, 500m planned depth.
• Lithologies intersected in 23PCMD0001 are predominantly andesitic volcanics (Tacaza Group) with occasional hydrothermal breccias in the first 60m. Thereafter, hematite altered andesitic volcanics with opaline silica veinlets, chlorite-silica alteration and increasing propylitic alteration.
• Drilling rates have been lower than expected due the ground being highly fractured leading to water loss, which has required additional drill hole casing.
• First samples for assay will be sent to laboratory for analysis this week, first assays expected in 3-4 weeks.
• Firetail expects the drill program will be around 4 months in duration, with assays expected to be received progressively during the drilling campaign.
• Further updates willl be provided as the drilling progresses.

"We are encouraged to observe copper mineralisation in the first 60m of the first drill hole at the Picha Copper Project in Peru and we are looking forward to reaching the targeted resistivity anomaly later this week.

“Drilling to date has confirmed our understanding of the area and is inline with indicative modelling completed.

“Logging and analysis of the core is well underway on site and we expect the first samples will be sent to the lab this week. 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 (23PCMD0001)

Cobremani Target

The first drillhole (23PCMD0001) of the program is at the Cobremani target where a surface geochemical anomaly has been identified including a channel sample of 41.6m @1.12% Cu and 22.85g/t Ag (see ASX announcement dated 10 July 2023 titled “Drill Targets identified at Peru Base Metals Projects”). The drill hole is also targeting a signficant resistivity anomaly which is expeced to be intersected bewteen 250 and 300m downhole (see Figure 2 below).

The drillhole is currently at around 250m depth having predominantly intersected andesitic volcanics of the Tacaza Group. The first 60m of the drillhole have intersected occasional hydrothermal breccias with secondary copper including malachite and chalcocite. Between 65m and 225m downhole depth the andesites have been consistently hematite altered with opaline silica veinlets, weak silicia-chlorite alteration and minor breccias. Thereafter, the andesites display propyltic and argillic alteration with silica and calcite veins, minor breccias and trace disseminated pyrite.

Due to the highly fractured nature of the ground, particularly in the first 100-150m, drilling rates have been lower than expected with additional casing having to be inserted in order to improve drilling water return. Drilling time has also been lost due to electrical storm activity.

The first 60m of the hole has now been cut and sampled and will be sent to the laboratory later this week.

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