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Firetail Commences Maiden Drilling at Picha Project

5 October 2023 13:33
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Firetail Resources (ASX:FTL) has commenced its maiden drilling campaign at its newly acquired Copper Picha Project in Peru, with contractor Explo Drilling Peru mobilised to site, starting the diamond drilling program which comprises ten drill holes for 5,000 metres.

The Picha Project

The Company announced in late September that preparations were underway for the drilling campaign, following the successful completion of shareholder voting in favour of its acquisition of up to an 80% interest in Valor Resources Limited (ASX:VAL) Picha and Charaque Copper Projects.

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Figure 1: Picha and Charaque Copper Projects in Peru

Valor Resources, who still hold a 20 percent stake in the Projects, received final regulatory approval for the planned drilling in early August.

The drilling permit allows drilling of up to 120 holes at Picha, with the maiden diamond drilling covers a distance of approximately 5,000 metres and will involve the establishment of up to 40 drill platforms, each accommodating three planned boreholes.

The primary objective of this program is to explore and assess four distinct target zones: Cobremani, Cumbre Coya, Maricate, and Fundicion.

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Figure 2: Picha exploration team and camp site

The Targets

Firetail has outlined the details of the high-potential targets and proposed drill-holes.

  • Cobremani Target – Drill-hole PDH-04: Surface geochemical anomaly including channel sample of 41.6 metres @1.12% Cu and 22.85g/t Ag, and strong geophysical anomaly at ~200 metre depth.
  • Maricate Target – Drill-hole PDH-35: Surface geochemical anomaly including channel sample of 17.6 metres @ 1.95% Cu.
  • Cumbre Coya Target:
    • Drill-hole PDH-48: Surface geochemical anomaly including channel sample of 32.85 metres @ 0.61% Cu and 209 g/t Ag and chargeability anomaly
    • Drill-hole PDH-76: Geochemical and chargeability anomaly at ~250 metres depth.
  • Fundicion Target:
    • Drill-hole PDH-70: Chargeability anomaly at ~250 metre depth
    • Drill-hole PDH-87: Geophysical chargeability anomaly at ~250 metre depth
    • Drill-hole PDH-91: Geophysical chargeability anomaly at ~300 metre depth
    • Drill holes PDH-102 and 112: Chargeability anomaly at ~150 metre depth

Looking Forward

The Company expects the program to span around 2-3 months for completion, with the anticipation of receiving assay results within 6-10 weeks initially, and subsequently throughout the drilling campaign.

Firetail Resources Executive Chairman Brett Grosvenor said that the Company is extremely excited to start the drilling campaign at the Picha Copper Project in Peru.

“The commencement of the program coincides with an increase in focus by the Peruvian Government in supporting the Peruvian mining and exploration industry to remain as a world top three copper producer in the face of increasing demand for the commodity from the evolving EV market,” he said.

“The team has generated a significant number of targets through the exploration work completed so far, and we look forward to bringing regular drilling updates to our shareholders and followers in the coming weeks.”

FTL’s Australian Stock Exchange-listed share price is currently trading at $0.10 (1.30pm UTC+ 8 hours).

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