The plan is for initial drill testing of the Governor’s and Veyron targets to determine their potential to host significant copper-zinc-silver VMS mineralisation.

“The support from existing and new institutional and high net worth investors has enabled us to expedite plans for a multifaceted exploration program across the Skyline project where we have 25km of strike which has been incredibly underexplored,” Firetail Resources (ASX:FTL) managing director Glenn Poole said.

“Work to date has focussed on the York mine sequence which covers a strike length of 700m.

“Through conducting a HeliEM survey across 2/3 of the project area we have uncovered multiple substantial EM conductors, including the Veyron target.

“The Veyron target represents two separate EM plates with 500m strike, extending to a depth of 700m.

“Importantly, the conductivity of these plates has a high degree of correlation with the petrophysical results we have recently received from drilling within the York Harbour mine sequence.”

Part of the placement proceeds will also be used for geophysical and geochemical studies at the Picha copper project in Peru, which was acquired as part of a deal that includes a farm-in agreement with Barrick Gold Corporation (TSE:ABX) for an earn-in of up to 70% interest in the Charaque project.

Firetail was one of two ASX explorers to nab a spot in BHP’s 2025 Xplor program, which secures the company equity-free US$500,000 funding and technical support from the exploration incubator.

The plan at Picha is to use Xplor funding for drilling along with this placement to separately fund a property-wide gravity survey to define current and further potential targets, geochronology and geochemistry mapping along with alteration and soil sampling across a new target area.

“In addition to the work being done in conjunction with BHP Xplor in Peru, we look forward to kicking off a high-impact exploration program at Skyline which will involve high-resolution magnetics, 3DIP and ground EM followed by diamond drilling,” Poole said.

Some funding will also be slated for the identification and assessment of potential additional project opportunities and general working capital purposes.

In addition, company directors Glenn Poole, Simon Lawson and Rob Jewson plan to participate in the placement and place more skin in the game, subject to shareholder approval.