Peru’s Andean geology makes it a prime spot for copper mining. Pic via Getty Images.
An elephant in the room: Firetail hits thick, shallow high grade copper paydirt at Picha
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- Assays from the first hole drilled at Picha show up to 2.81% Cu
- A maiden diamond drill program of ~5,000m continues
- Peru is the world’s second-largest copper producer
Special Report: Firetail Resources has intersected an impressive 13m at 2.81% copper from surface in its maiden drillhole at Picha, an underexplored project just 17km from Buenaventura’s 7.6Moz San Gabriel gold-copper development.
Firetail Resources’ (ASX:FTL) recently acquired 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.
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.
Paydirt in the very first hole
A maiden diamond drilling program comprises ten drill holes for ~5,000m is now underway and is expected to take between 3-4 months to complete.
The first hole into the Cobremani target is a cracker so far, returning a best result of 13m @ 2.81% copper and 27.1g/t silver from 2m depth. It confirms recent channel sampling, which unearthed 41.6m @ 1.12% Cu and 22.85g/t Ag.
This hole was completed to 500m depth, with additional assays pending. Another drill hole into the Maricate target has commenced, to test a surface channel sample of 17.6m @ 1.95% copper.
“I am delighted with the progress made by the team in Peru, with the first drill hole completed and the second underway,” FTL MD Brett Grosvenor says.
“I have just returned from site, where I was able to gain a better understanding of all the activities in person, and to spend time engaging and building relationships with the local team and community.
“These initial assay results in the first 62m of the first drill hole at the Picha Copper project is an excellent start to the drilling campaign and they are supportive of our interpretation of the mineralisation. Ultimately this gives us great confidence in the potential of this asset.
“Work continues on site, and we are looking forward to bringing regular updates on the assays as they are received.”
FTL is on its way to complete drilling of the Maricate target and drill pads are being prepped for drilling at Fundicion and Cumbre Coya.
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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