Firetail Resources (ASX:FTL) will seek to complete drillhole 23PMCD0001 at the Maricate target as it progresses with a maiden drilling program at its Picha Copper Project in Peru.
The company says it will also finalise drill pads in preparation for drilling the next holes at Fundicion and Cumbre Coya targets, as well as submit the remaining samples for drillhole 23PCMD0001 from the Cobremani target.
Firetail is continuing to undertake its 5,000m diamond drilling program at the Picha Copper Project, following receiving ‘encouraging’ assay results from the first drillhole.
Drilling is designed to test 4 target areas, namely the Cobremani, Cumbre Coya, Maricate, and Fundicion targets.
Assays from the first 62m of drillhole 23PMCD0001 at Cobremani have been received, with the ‘best’ assay result including 13m @ 2.81% copper (Cu) and 27.1 grams per tonne (g/t) silver (Ag) from 2m.
The $14.74 million market capitalisation company is yet to complete drilling the first hole at the Maricate target, which is aimed to test a surface channel sample of 17.6m @ 1.95% Cu.
Further, Firetail is finalising drill pads in preparation for drilling the next holes across the Fundicion and Cumbre Coya targets.
The planned drilling program is expected to take 3 to 4 months, with assays anticipated to be regularly returned during the campaign.
Firetail Resources Executive Chairman Brett Grosvenor says with the first hole completed and the second currently underway, the company is making an ‘excellent’ start.
“Ultimately this gives us great confidence in the potential of this asset. Work continues on site and we are looking forward to bringing regular updates on the assays as they are received.”
Firetail Resources is a battery minerals-focused explorer with projects across Australia and Peru. The company’s Picha project is considered to be prospective for copper and silver.
As of 30 September 2023, the company had consolidated $7.8 million cash at hand and no debt, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Firetail Resources
