Firetail Resources Limited (ASX:FTL) Announces New Target at Picha Project
Exploration Advancements
Firetail Resources Limited (ASX: FTL) has announced significant developments in the exploration program for its Picha Project in Peru. The company has confirmed the identification of a high-priority target through reconnaissance mapping and alteration studies in the area.
A new mineral claim has been staked adjacent to the existing tenure to enhance the scope of the latest target. A property-wide gravity survey is planned to assess the porphyry-related mineralisation potential, supported by geophysical data aiming to develop a structured model for potential mineralisation controls.
Drilling Permits and Recent Findings
Progress is being made on the drilling permit for the Ichucollo target, which aims to follow up on previously identified IP and magnetic geophysical anomalies. Recent channel samples recorded grades of up to 1.38% copper over significant intervals.
Managing Director Glenn Poole remarked, “The recent inclusion of Firetail in the BHP Xplor program has led to a significant step change in our exploration approach. The technical support from BHP has helped us identify new high-potential areas at Picha.”
BHP Xplor Program Benefits
Firetail’s participation in the BHP Xplor 2025 Program allows the company to access a grant of up to US$500,000 and receive invaluable technical support and networking opportunities. This collaboration aims to expedite exploration efforts and leverage industry expertise in pursuit of large-scale mineral deposits at the Picha Project.
Future Steps
Upcoming activities include detailed porphyry alteration mapping, a maiden soil sampling program in the newly identified area, and ongoing geophysical assessments. Firetail is committed to exploring the full potential of the Picha Project, targeting robust copper mineralisation in the region.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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