Firetail has observed secondary copper mineralisation in its very first Picha drill hole. Pic: Larry Washburn via Getty Images.
Mining
Firetail’s maiden drill program at its Picha copper project in Peru is off to a flying start with copper observed in the first 60m of the first hole — which hasn’t even reached the target yet.
In August, Firetail Resources (ASX:FTL) inked a deal with uranium-focused Valor Resources (ASX:VAL) for up to 80% in the Picha and Charaque projects for $550,000 in cash, 15 million Firetail shares and 20 million performance rights subject to certain vesting conditions.
The 200km2 Picha project is in elephant country.
It sits in the same mineralised corridor and just 17km from Buenaventura’s 7.6Moz gold equivalent San Gabriel gold-copper project that is currently under development with first production targeted for 2025.
It is prospective for monster epithermal, stratabound, polymetallic carbonate replacement and porphyry style copper depsoits, hosting several untested significant surface geochemical and geophysical anomalies.
Several drill-ready targets have now been identified at Picha following a review of previous exploration data including geochemical sampling, geological mapping and IP/resistivity surveys.
Firetail’s maiden drill program, which will test the Cobremani, Cumbre Coya, Maricate and Fundicion targets, has struck paydirt with its very first hole.
Secondary copper mineralisation in the form of malachite and chalcocite has been observed at hole 23PCMD0001 at Cobremani – where a surface geochemical anomaly has been identified including a channel sample of 41.6m grading 1.12% copper and 22.85 grams per tonne (g/t) silver.
While no replacement for laboratory assays, visual observations provide a valuable hint that the company is on the right track.
Lithologies intersected in the hole are predominantly andesitic volcanics (Tacaza Group) with occasional hydrothermal breccias in the first 60m.
Towards the current depth of 250m, hematite altered andesitic volcanics with opaline silica veinlets, chlorite-silica alteration and increasing propylitic alteration have been intersected.
“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,” executive chairman Brett Grosvenor said.
“Drilling to date has confirmed our understanding of the area and is in line 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.”
Firetail will now drill 23PCMD0001 towards the targeted resistivity anomaly, which is expected to be intersected at depths of around 250-300m.
First samples for assaying have also been sent to the laboratory for analysis with results expected in 3-4 weeks.
The drill program is expected to take four months to complete with assays to be received progressively during the campaign.
This article was developed in collaboration with Firetail Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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