Significant Polymetallic Mineralisation at Cumbre Coya Target, Picha Project, Peru

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

Assay results have been received from the first drill hole at the Cumbre Coya target, 23PCCD0001, confirming mineralisation in the area.

Subsequent to these positive results, further drilling has been completed at Cumbre Coya with a second hole located around 120m south of 23PCCD0001, drilled to a depth of 341m with visible mineralisation observed in the form of malachite, chalcocite and azurite.

Highlights include:

• Cumbre Coya Target: Drill hole 23PCCD0001 includes:
  • 15.5m @ 0.72% Cu, 130g/t Ag 1.92% Pb and 0.16% Zn from 3.25m
    • including 1.70m @ 0.50% Cu, 500g/t Ag and 5.9% Pb from 9.6m
    • and 2.75m @ 2.06% Cu from 14.15m
  • 3.2m @ 0.23% Cu from 111.1m,
  • 1.45m @ 0.17% Cu, 15.5g/t Ag, 0.51% Pb and 0.19% Zn from 41.75m
• Follow-up drillhole at Cumbre Coya target – Drillhole 23PCCD0002 completed to a depth of 341.4m, with visible secondary copper mineralisation in the form of malachite, chalcocite and azurite in veins and breccias between 63m and 102m.
• Drilling of sixth drill hole in maiden drilling program is now underway with three of the first five holes having intersected significant copper and silver mineralisation.

Drillling of the planned ~5,000m diamond program is continuing with several more drill holes planned at the identified targets. Firetail expects the drill program to be completed in April. Further assays are expected regularly during the remainder of the drilling campaign.

Figure 1: Example of secondary copper mineralisation at 75.40m depth in 23PCCD0002

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations (see Table 1).

Executive Chairman, Brett Grosvenor, commented:

“What a great way to start the new year. These latest assays continue to validate the presence of a mineralised system in Picha. With these type of results we now have some comfort that a super gene secondary mineralisation exists at the Cumbre Coya Target.

“Whilst our in country team continues to complete the drill program, and we eagerly anticipate further assays of this nature to come through as we uncover the opportunity of this potential deposit.

“We look forward to bringing consistent news and market updates over the coming months as we finalise our maiden drill campaign towards the end of April.”

Figure 2: Picha Project drill program underway1,2

Cumbre Coya Target

Two drill holes have been completed at the Cumbre Coya Target (collar details provided in Table 2). Assay results have now been received for the first hole, 23PCCD0001 which was designed to test a surface geochemistry anomaly which included a channel sample of 32.85m @ 0.61% Cu, 209g/t Ag and 6.96% Pb¹.

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