Flagship Minerals (ASX:FLG) has uncovered six new copper targets from a stream sediment survey at the Rosario Copper Project in Chile.
The survey uncovered copper values ranging from 57 parts per million (ppm) to 184ppm. Based on the values and the responses from catchments with known mineralisation, Flagship says the results of more than 90ppm are considered anomalous for copper and, as a result, considered prospective.
Flagship, which has a market capitalisation of $9.56 million, intends to undertake follow-up activities, including rock chip sampling and stream sediment sampling, in many of the anomalous catchments.
The company will also conduct a follow-up trenching program at the Rosario East Trend, ahead of a drilling program. A field work program will also take place across three of the six targets that Flagship has categorised as high priority.
Flagship is in talks with drilling contractors to begin a phase-one reverse circulation program. The program will comprise 2,000m of drilling at the Rosario East Trend.
Drilling contractors have indicated start dates from mid to late March 2025. Flagship expects to conclude negotiations and enter formal contracts in the near term.
Managing Director Paul Lock says the company is confident in the stream sediments and the resultant vectors due to the results from the east trend, which was the test bed.
“At Rosario, the results are compelling with six targets identified, three of which are high-priority,” Lock says.
“Several of the targets are in the new exploration concession applications announced in November 2024. The results confirm the large-scale nature of the copper anomalism across much of the Rosario Copper Project.”
The Rosario Copper Project lies in Chile’s Central Copper Belt between Copiapo and Antofagasta. The project also sits 10km north of the El Salvador copper mine, which has been owned and operated by Codelco since 1959.
Flagship Minerals is an explorer and developer focused on securing and developing copper and lithium projects in Chile and Thailand.
Write to Aaliyah Rogan at Mining.com.au
Images: Flagship Minerals
