Reconnaissance lithology and alteration mapping identified the Ichucollo target, leading Firetail Resources (ASX:FTL) to stake a new mineral claim and prioritise the target for its next round of drilling.
The company believes the program returned evidence in support of a localised porphyry style intrusion and associated mineralisation capable of producing large-scale deposits.
Permitting is underway to drill the target, and a property-wide gravity survey is set to further define the project’s porphyry-related potential utilising funding and technical guidance from BHP’s Xplor team.
Firetail managing director Glenn Poole said the recent inclusion of Firetail and Picha in the Xplor program had resulted in a step-change in its exploration approach and activity.
“The technical support that forms part of the Xplor program has provided us with new approaches to the mineral systems we are working in at Picha, leading to the definition of the new target area,” Poole said.
“This new area, previously identified as a spectral target, has now been reinforced with lithology, mineralisation and alteration mapping.”
Poole said the prospectivity has also justified increasing its surrounding landholding through a direct licence application encompassing the prospective target in its entirety.
“The drill permitting process is still on track to follow up on the high-priority Ichucollo target that has been further reinforced with the recent drone magnetics survey,” he said.
“The broad channel sample grades of 24m at 1.08% Cu, 13.1m at 1.38% Cu and 30m at 0.79% Cu we are seeing across the surface expression indicates the potential of large-scale mineralisation, and we are optimistic this only the beginning of the potential at the Picha project.”
Firetail was one of two ASX explorers to nab a spot in BHP’s 2025 program, with BHP group exploration officer Tim O’Connor saying its new cohort are the sort of explorers that naturally embrace innovation in bringing promising new projects to life.
Peru stood as the world’s third largest source of copper last year, mostly producing through lower grade, but very large porphyry deposits.
Firetail’s fellow ASX lister AusQuest (ASX:AQD) gave a sample of the nation’s discovery potential last week with a thick copper-gold intercept which resulted in a near 200% gain to its share price.
Approvals for FTL drilling over the Ichucollo target are expected in the June quarter, with the company’s in-country exploration team now completing ground-based mapping and soil sampling to firm up targets ahead of a potential campaign.
