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C29 Metals Achieves Milestone with Mayfield RC Drill Success

6 February 2024 12:38
ASX: C29

C29 Metals (ASX:C29) has announced the successful completion of its inaugural Reverse Circulation (RC) drill programme at the Mayfield Copper-Gold Project in the distinguished Mt Isa Inlier, featuring seven deep RC holes with a cumulative drilled depth of 2488 metres, and the subsequent demobilisation of the drilling rig.

Drilling Program Highlights

The highlight of the drill programme was the discovery of the best chalcopyrite interval observed-to-date.

Hole MFRC008, one of the completed drill holes, revealed visible chalcopyrite in vein concentrations up to 10% at shallow depths (less than 60 metres downhole).

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Photo 1: Chalcopyrite-rich RC chips from mineralized zone, MFRC008

Furthermore, three holes, namely MFRC002, MFRC007, and MFRC008, have intersected substantial downhole widths of visible chalcopyrite mineralisation within a larger ‘redrock’ alteration halo.

Significance of Redrock Alteration

The prevalence of intense redrock hydrothermal alteration in most of the drilled holes, coupled with magnetite replacement/overprint, serves as a crucial indicator.

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Photo 2: Example of intense redrock alteration, MFRC001

Such alterations are common features in Iron Ore-Copper-Gold (IOCG) systems, hinting at the potential for copper-gold mineralisation within the Mayfield Project.

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

The wide chalcopyrite intervals in three separate settings are considered highly encouraging, especially in the context of initial drill testing of large mineralising systems.

Downhole Electromagnetic Surveys

The completion of downhole electromagnetic surveys (DHEM) for MFRC004 and ongoing surveys for MFRC007 and top of MFRC008 add another layer of comprehensive exploration.

All samples have been sent to the ALS laboratory in Mt Isa for assay analysis, with received results of pXRF screened 5m composites from holes MFRC001 to MFRC007, while 1m samples of interest from these holes are currently undergoing analysis.

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Photo 3: Chip trays 60-100m- MFRC007.

Executive Director’s Perspective

C29 Metals Executive Director Jeremy King expressed his excitement about the observations from the maiden drilling at Mayfield.

“We remain excited with observations from our maiden drilling at Mayfield, with extensive intense alteration encountered in most holes drilled, and significant visual copper sulfide mineralisation observed in three separate settings,” he said.

“As an initial test of prospective ground for IOCG-style mineralised systems we are already seeing significant widths of copper mineralisation in drilling, underlining the potential for fresh discoveries to be made at Mayfield. We look forward to announcing results from drilling in early February, and for the last two holes in early March.”

C29’s Australian Stock Exchange-listed is currently trading at $0.077 (12.30pm UTC+ 8 hours).

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