C29 Metals (ASX:C29) has announced it has initiated its maiden Reverse Circulation (RC) drilling program at its wholly owned Mayfield Copper-Gold Project, located 150 kilometres SE of Mount Isa, Queensland, with up to 2800 metres of drilling planned across the Project testing compelling targets.
Figure 1: The Mayfield project area
The Drill Program
The drill program is set to encompass up to 2,800 metres, from eight RC holes, designed to test the best targets generated from extensive geochemical and geophysics data.
The program will be carried out across four prospects over 91 square kilometres of the Mayfield tenure.
The Company foresees completing the initiative within a timeframe of 14 to 21 days, with samples subsequently submitted to ALS, Mt Isa, for assay.
Situated strategically just 25 kilometres south of Carnaby Resources (ASX: CNB), the Mayfield Copper-Gold Project holds a prime position within the prestigious Mt Isa Inlier – a globally renowned mining region that has piqued the interest of numerous exploration companies.
C29 Metals is optimistic about the continued potential of the IP target to the south, and there are plans in place to introduce additional IP lines. These lines aim to identify drill-accessible targets situated beyond Pilgrim Creek, further enhancing the scope of exploration opportunities.
Poised for Success
The drilling efforts are strategically positioned for success, thanks to the Company’s latest capital raising effort. Through the placement of 7,000,000 fully paid ordinary shares at 7.5 cents per share, C29 successfully generated $525,000 before associated costs. This infusion of capital is intended to fortify the Company’s endeavours in advancing pivotal projects, including the Mayfield Copper Project.
The drilling operations will be executed by proficient local drillers from AED, under the supervision of the Company’s exploration team led by Craig Hall.
Craig, a seasoned geologist with more than 35 years of expertise in exploration, development, and production, has notably led exploration activities at the former Redbank Copper Ltd. During his tenure, he played a pivotal role in overseeing the drilling of numerous discovery holes, resulting in a noteworthy 30% expansion of the resource base across multiple campaigns.
C29 Metals is confident that Craig’s extensive experience positions the Company favourably to execute a successful drilling program.
For more information on the drill program please see the ‘Mayfield Copper Drilling Presentation.’
C29’s Australian Stock Exchange-listed is currently trading at $0.089 (8.30am UTC+ 8 hours).