{"id":10594,"date":"2024-06-06T01:11:33","date_gmt":"2024-06-06T01:11:33","guid":{"rendered":"https:\/\/economicherald.net\/?p=10594"},"modified":"2024-06-06T01:11:33","modified_gmt":"2024-06-06T01:11:33","slug":"firetail-spreads-its-wings-into-newfoundland-rich-in-copper-zinc-and-silver-mineralisation","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10594","title":{"rendered":"Firetail spreads its wings into Newfoundland, rich in copper, zinc and silver mineralisation"},"content":{"rendered":"<p>Firetail Resources has signed a binding option to acquire up to 80% of the York Harbour copper-zinc-silver project<br \/>\nProject contains VMS geology and is near Firefly Metals\u2019 Green Bay copper project<br \/>\nCompany to raise up to $1.57m for purchase and exploration<br \/>\nMaiden drilling wrapped up at Firetail\u2019s Picha copper project in Peru<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report<\/em><\/strong><strong>: Firetail Resources has expanded its global footprint into North America after signing a binding farm-in agreement to acquire the York Harbour copper-zinc-silver project in Newfoundland, Canada.<\/strong><\/p>\n<div><span class=\"mce_SELRES_start\">\ufeff<\/span><\/div>\n\n<p><a href=\"https:\/\/stockhead.com.au\/company\/firetail-resources-ftl\/\"><strong>Firetail Resources\u2019 (ASX:FTL)<\/strong><\/a> new York Harbour project is a \u2018Cyprus-type\u2019 volcanogenic massive sulphide (VMS) copper exploration project across 47km2 of highly prospective geology.<\/p>\n<p>It\u2019s home to the historical, high-grade York Harbour copper mine that was discovered in 1897 and produced 100,000t of ore from underground, with grades of between 3-12% copper, 7% zinc and 1-3oz\/t silver.<\/p>\n<p>The western Newfoundland region also hosts a flurry of other mining projects, such as <a href=\"https:\/\/stockhead.com.au\/company\/firefly-metals-ffm\/\"><strong>FireFly Metals\u2019 (ASX:FFM)<\/strong><\/a> Green Bay copper project and Little Deer copper-gold complex, Calibre Mining\u2019s (TSX:CXB) Valentine and <a href=\"https:\/\/stockhead.com.au\/company\/matador-mining-mzz\/\"><strong>Matador Mining\u2019s (ASX:MZZ)<\/strong><\/a> gold projects.<\/p>\n<p>The York Harbour geology and historical mines. Pic supplied: (FTL)<\/p>\n<p>\u00a0<\/p>\n<h2><strong>York Harbour\u2019s high-grade copper<\/strong><\/h2>\n<p>Recent exploration drilling has been limited to shallow drill holes around the historic workings of the York Harbour project area, yet have returned exceptional copper intercepts.<\/p>\n<p>Extensive drill data of &gt;40,000m of surface, underground and diamond drilling showed significant results:<\/p>\n<p>29m at 5.25% copper, 9g\/t silver from 147m (YH21-24 H Zone), including 3.24m at 9.54% copper, 3.5% zinc and 10g\/t silver from 167.8m<br \/>\n24.3m at 2.77% copper 9.3% zinc and 18g\/t silver from 93m<br \/>\n22.56m at 4.34% copper from 68.88m<br \/>\n24.54m at 2.14% copper and 12.78% zinc from 21.03m<\/p>\n<p>FTL says the intercepts demonstrate the project\u2019s copper prospectivity and warrant further investigation across several target areas.<\/p>\n<p>As a brownfields copper project, the exploration potential to prove up a deposit is enticing.<\/p>\n<p>There\u2019s 11 identified and partially drill-tested VMS deposits at York Harbour: named A Zone through to K Zone, as well as several more reported VMS showings elsewhere on the property.<\/p>\n<p>The target horizon strewn across the project tenure appears at, or near surface on both sides of a 1km wide syncline structure, resulting in ~16km of combined prospective strike length.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Exploration plans<\/strong><\/h2>\n<p>A targeting model is being planned with the aim of being able to rapidly drill test the potential extensions to the drill-defined high-grade mineralisation.<\/p>\n<p>An electromagnetic survey will also be conducted across the entire property to source out more prospective targets.<\/p>\n<p>FTL exec chair Brett Grosvenor says the intention was to find strategic copper assets in world-class locations, which would be complementary to the company\u2019s existing portfolio of battery metals projects.<\/p>\n<p>\u201cWe see York Harbour ticking all of these boxes,\u201d Grosvenor says.<\/p>\n<p>\u201cYork Harbour presents an advanced brownfield opportunity in a proven district for copper mineralisation.<\/p>\n<p>\u201cThe near-term potential to define a mineral resource and expand the footprint is clear from our due diligence, and our team is very excited to get on the ground and start the exploration program.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Digging deeper in Peru<\/strong><\/h2>\n<p>FTL has also increased its stake in the highly prospective Picha copper project in Peru up to 70% after reaching a Stage 1 farm-in performance milestone \u2013 the completion of a <a href=\"https:\/\/stockhead.com.au\/resources\/open-in-all-directions-firetail-resources-extends-cumbre-coya-copper-target-to-170m-at-picha\/\"><strong>5000m maiden diamond drill program<\/strong><\/a>.<\/p>\n<p>Some results are still pending, however, assays that are in so far are showing significant copper grades of up to 2.81% at the Cumbre Coya prospect.<\/p>\n<p>\u201cWe have achieved a significant milestone at the Picha copper project. 5000m of drilling has been safely executed without incident and the outcome of the drilling has met our expectations,\u201d Grosvenor says.<\/p>\n<p>\u201cTo have grades &gt;2.8% copper over a 13m downhole interval indicates the potential of this asset.<\/p>\n<p>\u201cWe will now focus on the interpretation of the data and geological modelling and determine the best way to unlock the potential at Picha.<\/p>\n<p>\u201cThe next phase of the program will be to take the learnings from the maiden drill program and use this to help plan the next phase of exploration work.\u201d<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Firetail Resources, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p>\u00a0<\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/firetail-spreads-its-wings-into-newfoundland-rich-in-copper-zinc-and-silver-mineralisation\/\">Firetail spreads its wings into Newfoundland, rich in copper, zinc and silver mineralisation<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Firetail Resources has signed a binding option to acquire up to 80% of the York Harbour copper-zinc-silver project Project contains VMS geology and is near <a href=\"https:\/\/economicherald.net\/?p=10594\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10595,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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