Firetail Resources (ASX:FTL) Updates on Picha Copper Project Exploration
Exploration Progress
Firetail Resources is advancing its multi-pronged exploration at the Picha Copper Project in Peru. The company has initiated a UAV Magnetics geophysical survey to extend survey coverage across the new Anta Q’illqa target. Concurrently, first-pass soil sampling is underway to define potential target footprints, while detailed geological and structural mapping of the Anta Q’illqa target zone is in progress.
Upcoming Drilling
Firetail is progressing with drill permitting modifications for Phase 2 drilling at the Ichucollo Target. The planned drilling in Q3 aims to test large-scale copper channel samples, including a notable 24-meter intercept at 1.08% copper. The Ichucollo Target is marked by a magnetic low and IP anomaly, underscoring its exploration potential.
Comprehensive Project Review
The company is also undertaking a comprehensive review of exploration data from the Charaque Au-Ag Project. Historic sampling has returned significant grades, including 929g/t Ag and 0.98% Cu from channel samples, highlighting the area’s mineral potential.
Executive Comments
Managing Director Glenn Poole stated, “The team in Peru continues to demonstrate the huge potential we have across the Picha Project. The geology we are seeing on the ground is highly encouraging, and we believe provides strong indicators of an extensive porphyry system. The geochemistry and geophysics work will provide information to guide the next steps as we continue to focus in on high-priority target areas.”
“In parallel with these programs, the modification of the drill permit we have across the project is also progressing and we expect to be drilling in Q3 this year at the compelling Ichucollo Target, the most advanced in the pipeline of targets we now have across the Picha Project. This will be the maiden drilling program across this target and highlights the untested potential of the area.”
“I am looking forward to keeping shareholders updated as we progress towards this drill program.”
“On other fronts, we currently have a detailed technical review underway of the work completed by the previous JV partners across the Charaque Gold-Silver Project, with significant GIS, geochemistry and geophysical data to be compiled and reviewed. The Charaque Project has already demonstrated its mineral potential, with 2022 channel sampling returning 929g/t Ag and 0.98% Cu, along with grades up to 538g/t Ag from historical artisanal mine cuttings. We look forward to uncovering the potential value Charaque has to offer to the company.”
Motley Fool contributor Abbie Stokes 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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