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C29 Metals’ Identifies Significant Chalcopyrite Intervals at Mayfield

2 January 2024 08:52
ASX: C29

C29 Metals (ASX:C29) continues to make headway at its Mayfield Copper-Gold Project, located in the world class Mt Isa Inlier, Queensland, announcing it has identified significant chalcopyrite intervals in two of the drill holes so far.

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Figure 1: Mayfield Location plan, highlighting local Mines, known production and named local prospects

Maiden Drill Campaign

Funded via its recent capital raise, the Company reports its maiden RC drill programme at Mayfield is progressing well, with five of the seven planned drill holes completed to a total depth of 1816 metres.

C29 Metals plans to recommence drilling of the remaining two holes, planned to a depth of 800 metres, from the 8th of January after stopping over the Christmas and New Year period.

So far the drilling has been successful, with two of the five holes (MFRC002, MFRC007) intersecting substantial widths, >50 metres downhole, of visible chalcopyrite mineralisation within larger ‘redrock’ alteration halo.

The Company also observed substantial, intense, redrock hydrothermal alteration in all of the holes drilled. Magnetite replacement and overprint was additionally identified, a known vector to the higher temperature core of such systems.

The presence of redrock alteration is promising for C29, as this is often a common feature of Iron Ore-Copper-Gold (IOCG) systems, where retrograde sulfide mineralisation typically uses the same ‘plumbing’ for copper-gold mineralisation.

Hole MFRC002

Hole MFRC002 yielded promising observations with reports of granodiorite and magnetite replacement, in addition to significant, intense, redrock alteration in the brecciated target zone.

The hole was completed to a depth of 265 metres with estimated low tenor chalcopyrite logged between 171-239 metres, 68 metres downhole width.

Samples have been sent to ALS laboratory in Mt Isa.

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Figure 2: Hole MFRC002 examples of chalcopyrite in ‘red rock’ alteration

Hole MFRC007

C29 reports hole MFRC007 was collared into a weathered mafic amphibolite lithology, before encountering an intermediate intrusive variably observed with calcite/pyrite/pyrrhotite and chalcopyrite mineralization from 60 metres.

A low tenor chalcopyrite was observed between 50-100 metres.

Magnetite replacement was first noted from 130 metres downhole, with increasing redrock alteration noted to the bottom of hole at 402 metres, with a small interval of chalcopyrite mineralisation noted between 188 and 190 metres.

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Figure 3: Hole MFRC007 chip trays 60-100 metres

Company Comments

C29 Metals’ Executive Director Jeremy King commented on the drilling progress.

“We are excited with early observations from drilling to date at Mayfield, with extensive intense alteration encountered in all holes drilled, and visual copper sulfide mineralisation observed in 3 of 5 holes completed,” he said.

“As an initial test of very prospective ground for IOCG-style mineralised systems we are already seeing significant widths of copper mineralization in drilling, underlining the potential for significant discoveries to be made at Mayfield.”

C29’s Australian Stock Exchange-listed is currently trading at $0.083 (8.30am UTC+ 8 hours).

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