Firetail Resources (ASX:FTL) is set to begin its maiden diamond drilling program in the first week of October at the Picha Copper Project in Peru.
The $15.63 million market capitalisation company has received final regulatory approvals and the drilling permit, allowing up to 120 holes to be drilled at Picha.
Contracts have been signed and equipment is mobilised to site, with the drill rig anticipated on site at the end of this month.
Drilling comprises up to 40 drill platforms, with 3 holes planned per platform.
Firetail says the program will test 4 targets within the effective area, namely the Cibremani, Cumbre Coya, Maricate, and Fundicion.
Commenting on drilling, Firetail Resources Executive Chairman Brett Grosvenor says: “The local team in Peru is on target to commence drilling in the first week of October and their approach to the preparation has been extremely thorough.
Picha has undergone a substantial exploration program in the past 18 months to identify a significant number of targets, and the team has done an excellent job to advance these targets to the drilling stage.
The excitement is building within the Firetail team and we are confident that the targets identified have potential to position the project for a significant discovery in the coming months. We look forward to the commencement of drilling in the next 2 weeks.”
Firetail Resources is a battery minerals company with projects in Queensland and Western Australia. As of 30 June 2023, the company had $4.945 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Firetail Resources
