Firetail Resources (ASX:FTL) has found evidence of a porphyry system as it restarts diamond drilling program at its Picha Copper Project in Peru.
The $11.16 million market capitalisation company expects drilling to be completed in March 2024, with assays anticipated to be rolled out regularly during the remainder of the campaign.
To date, Firetail has completed the first drillhole at its Fundicion target which provides evidence of a porphyry system.
The mineralisation uncovered includes silver, bornite, covellite, and chalcopyrite together with ‘significant’ quartz veining and alteration. Samples have been sent to the laboratory for analysis.
Executive Chairman Brett Grosvenor says the suggestion of a porphyry system provides the vectors and confidence to continue drill testing at Fundicion.
“Receipt of the results continues to validate the prospectivity of the Picha Project and the potential to host a large mineral system.
We are less than 40% through our initial program and the results continue to be highly encouraging.”
Grosvenor adds that more results are due in early February and the company expects these results will continue to validate its findings to date.
Firetail expects that a follow-up drilling program will take place at Fundicion, as part of the current campaign.
In conjunction with the results at Fundicion, one hole has been completed at both the Maricate and Cumbre Coya targets. Additional drilling at Cumbre Coya is currently underway following the intersection of visible secondary copper mineralisation in the first drillhole.
Firetail Resources is a battery minerals explorer with assets across Australia and Peru. The company’s projects are considered prospective for copper, gold, nickel, lithium, cobalt, manganese, and silver.
As of 30 September 2023, the company had $7.807 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Firetail Resources
