Firetail Resources Limited (ASX: FTL) has confirmed that the maiden drilling programme at its Picha copper project in Peru has commenced. Experienced drilling contractor, Explo Drilling Peru has mobilized to the site and started the planned diamond drilling programme comprising ten drill holes of about 5,000m.
Firetail expects the drill programme will take approximately two to three months, with assays expected in six to ten weeks and then progressively during the drilling campaign.
“The Firetail team is extremely excited to start the drilling campaign at the Picha copper project in Peru. The commencement of the programme coincides with an increase in focus by the Peruvian government in supporting the Peruvian mining and exploration industry to remain as a world top three copper producer…,” commented executive chairman, Brett Grosvenor.
“The team has generated a significant number of targets through the exploration work completed so far, and we look forward to bringing regular drilling updates to our shareholders and followers in the coming weeks.”
On 21 August 2023, shareholders of Firetail voted to approve the issue of shares and performance rights relating to Firetail’s acquisition of up to an 80% interest in Valor’s Picha copper project and Charaque copper project in southern Peru.
Under the acquisition agreement, Firetail will acquire up to 80% of the issued share capital of Kiwanda S.A.C. (Kiwanda), a wholly owned subsidiary of Valor which holds the mining concessions that make up the Picha and Charaque projects.
The transaction was completed on 6 September 2023, and has resulted in Firetail inheriting Valor’s experienced in-country management and technical team as well as an earn-in agreement with leading global gold and copper producer Barrick Gold Corporation covering the Charaque project.
For further information, please visit: www.firetailresources.com.au
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