Special Report: Firetail has pulled up significant copper, silver lead and zinc in its very first hole at Cumbre Coya, part of the Picha project in Peru.

Firetail Resources (ASX:FTL) listed April 2022 with veteran company makers on the board and heavyweights on the major shareholder list, including miner Spartan Resources (ASX:SPR) and Chinese battery metals investor Jayson.

Jayson is affiliated with CATL, the world’s largest lithium battery cell manufacturer.

Its focus right now is Picha; a giant, mineral rich project right in the heart of #2 copper producer Peru, where mining majors such as Vale, BHP, Rio and Newmont all operate.

It is early days, but the prize for Firetail could be substantial.


Drilling reaps early rewards


Firetail ASX FTL
Picha Project drill program underway. Pic: Supplied (FTL)


5000m of drilling is currently under way at four main areas, with today’s results coming from the Cumbre Coya target.

Hole 1 has confirmed a polymetallic bounty with multiple intercepts, basically from surface, including:

  • 15.5m @ 0.72% copper, 130g/t silver 1.92% lead and 0.16% zinc from 3.25m
    • including 1.70m @ 500g/t silver and 5.9% lead from 9.6m
    • and 2.75m @ 2.06% copper from 14.15m
  • 3.2m @ 0.23% copper from 111.1m; and
  • 1.45m @ 0.17% copper, 15.5g/t silver, 0.51% lead and 0.19% zinc from 41.75m.

Hole #2 is now complete, drilled to a depth of ~340m.

The core contains “visible secondary copper mineralisation” in the form of malachite, chalcocite, and azurite in veins and breccias in a thick ~40m zone between 63m and 102m”.


Dialling in on a company maker

This result is a great way to start the new year, says exec chair Brett Grosvenor.

“These latest assays continue to validate the presence of a mineralised system in Picha. With these types of results we now have some comfort that a super gene secondary mineralisation exists at the Cumbre Coya target,” he says.

‘Supergene’ mineralisation occurs relatively near the surface.

“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,” Grosvenor says.

“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.”




This article was developed in collaboration with Firetail, 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.