FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

C29 Metals Limited Reveals Maiden Drilling Program to Unlock Mayfield Cu-Au Project

6 September 2023 08:26
ASX: C29
Screenshot 2023 09 05 At 1.32.19 Pm

C29 Metals Limited (ASX:C29) has unveiled plans for a maiden drilling program at its Mayfield Project in Queensland, Australia, capitalising on promising geophysical and geochemical anomalies to target copper and gold mineralisation.

DfBxUb1oQB9QNw0t?auto=format%2Ccompress&fit=max&h=800&q=75&s=1f8ef7def6ab5dc6e3094277f2e22060

Figure 1: Mayfield Location plan, highlighting previous local production centres and named prospects.

The Maiden Drilling Program

The Company has detailed an ambitious initial Reverse Circulation (RC) drill program, encompassing up to eight holes and totalling a maximum of 2800 metres, contingent upon geological observations and drill performance on deeper holes.

The primary objective of this drilling initiative is to test the most promising targets identified through a comprehensive analysis of induced polarisation (IP), magnetic, gravity, and geochemical anomalies within the Mayfield Project area.

A standout target among these prospects is Trekelano South, strategically positioned in a stratigraphic location similar to the historic Trekelano Mine, a notable copper producer that yielded a remarkable 59,000 metric tonnes of copper metal, with this proximity to a known copper source increasing the likelihood of discovering valuable mineralisation.

PvSZ1S2UewrhWOXC?auto=format%2Ccompress&fit=max&h=800&q=75&s=79ecc3cf927c97e1c9978f2d0b89aabf

Figure 2: Planned drilling in relation to 2023 IP survey lines, highlighting named Prospect areas and proximity to Trekelano Copper-Gold mine on tenure.

Another compelling target is the Clarries Prospect, where previous shallow percussion drilling returned highly anomalous copper intercepts, including 21 metres at 0.57% copper from just 8 metres depth, with an impressive 4 metres at 2.1% copper from 25 metres depth.

Furthermore, drilling will also focus on Maiden Creek Prospect, where a significant coincident chargeable and dense target has been identified. This drilling program marks a watershed moment in the exploration of these prospects, which, despite their considerable potential, have seen limited modern exploration efforts to date.

Notable Holes in the Program

MFRC001: This hole is planned to investigate a chargeable body located on the periphery of a density shell, substantiated by magnetic and gravity data. It seeks to explore the Clarries Prospect, where earlier drilling has revealed promising copper and gold geochemical indications.

MFRC002: Within the Trekelano South area, the drilling program includes this hole to examine a significant shallow chargeable body. This target has not been subject to prior drilling beyond a depth of 40 meters, presenting a unique exploration opportunity.

MFRC006: Positioned within the Maiden Creek Prospect, this hole is designed to assess a robust shallow chargeable body, supported by gravity data and copper geochemical anomalies. This specific target area has not undergone previous drilling efforts.

Geological Insights and Previous Drilling Results

The Company has examined historical geochemical data dating back to the 1990s, particularly the data gathered by Delta during the exploration of the Mayfield tenement. Despite the presence of geological cover, this dataset has been deemed a reliable indicator of mineralisation potential and has been instrumental in shaping the current drill planning.

At the Clarries Prospect, where Delta previously conducted Rotary Air Blast (RAB) drilling and shallow percussion drilling, results were promising, with the best result featuring 4m @ 2.1% Cu and 0.12 g/t Au from 25m, from within a wider low grade intersect of 21m @ 0.57% Cu and 0.04 g/t Au from 8m in Hole CL50.

0PVJL4aJCAHGsdwn?auto=format%2Ccompress&fit=max&h=800&q=75&s=103c75c21f8912ffe5eacdcadfaef608

Figure 3: Plan view of Clarries Prospect (refer Figure 2, 6c), with historical shallow (<85m) significant results (refer Table 1) from Delta Gold percussion drilling (1995) and planned drilling highlighted; overlain on 150-200m depth IP depth slice for chargeability, highlighting prospective corridor. Chargeable anomaly east of MFRC001 is isolated to above slice and not tested in this programme (refer first Section Figure 4)

No further drilling was completed and mineralisation remains open in all directions, with the Company highly encouraged by the previous intersections of copper and associated gold mineralisation at Clarries above deeper geophysically anomalous zones, including an obvious linear chargeability anomaly below the previous limited shallow drilling.

Similarly, at Maiden Creek Prospect, Delta’s earlier work involved the establishment of a geochemical sampling grid through cover, leading to the discovery of a sub-economic zone primarily characterised by zinc mineralisation. While subsequent drilling at this Prospect did not replicate the initial success, it did reveal the presence of a range of mineralising fluids in different settings.

Next Steps and Future Prospects

With the drilling program finalised, C29 Metals is now focused on obtaining approvals for drilling and engaging suitable drilling contractors to commence the exploration, with the Company’s commitment to thorough planning and data analysis positioning it well for success in unlocking the Mayfield Project’s vast potential.

In addition to Mayfield, the Company has a diverse portfolio of projects in New South Wales, Western Australia, and South Australia, all of which show promising signs of base metals and mineralisation, with the Company remaining open to exploring new opportunities to further expand its footprint in the resource exploration industry.

5dpT3nIGbAIaqRKb?auto=format%2Ccompress&fit=max&h=800&q=75&s=faffdca5e2e66f2f6d76990fa6ce9fe7

Figure 4: C29 Australian project locations

C29 Metals Executive Director Jeremy King expressed excitement about the upcoming drill program, commenting, “This drill program represents the culmination of a significant amount of technical work at Mayfield.”

“It provides scope for the discovery of significant copper-gold and base metal mineralisation to be made at each of the Trekelano South, Clarries, and Maiden Creek prospects.”

“These prospects sit in in the world-class Mt Isa inlier proximate to other ASX players such as Carnaby Resources (ASX:CNB), Hammer Metals (ASX:HMX) and Cooper Metals (ASX:COE). They have received little in the way of previous modern exploration or adequate drill testing and we are genuinely excited to be delivering that for shareholders,” he said.

C29’s Australian Stock Exchange-listed has risen 6.76% today and is currently selling at 7.9c (8.30am UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This