Quarterly Activities Report for the Period Ending 31 December 2023

Australian battery minerals explorer, Firetail Resources Limited (“Firetail” or the “Company”) (ASX: FTL) is pleased to provide a summary of its activities for the three month period ending 31 December 2023.

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Highlights

• Picha Copper Project in Peru (“Picha”) maiden diamond drilling (“DD”) program commenced:
  • Assay results from first 62 metres of first drill hole (23PCMD0001) at the Cobremani target received.
  • Best assay result in 23PCMD0001 of 13m @ 2.81% Cu and 27.1g/t Ag from 2m (using a cut-off of 0.1% Cu).
• Subsequent to the end of the quarter further drillholes were completed in the maiden DD program at Picha along with additional assay results:
  • Fundicion Target: Drill hole 23PFND0001 completed, intersected distal indicators of a potential porphyry system from around 250m, including sheeted quartz veins, intervals of phyllic alteration and significant pyrite mineralisation.
  • Cumbre Coya Target: Drill hole 23PCCD0001 completed. Secondary copper mineralisation in the form of malachite and azurite observed within the first 20m, along with sulphides such as galena and chalcopyrite in the following 30m. Follow-up drill hole underway.
  • Cobremani Target: Remaining assay results received for 23PCMD0001 included 1.3m @ 18.6 g/t Ag from 64.10m adding to the previous best result of 13m @ 2.81% Cu and 27.1g/t Ag from 2m (using a cut-off of 0.1% Cu).
• Charaque Project in Peru (“Charaque”): Minera Barrick Perú S.A. has commenced on- ground exploration with geochemical soil sampling, interpretation of remote sensing data sets and ground geophysical surveys completed in Q3 and Q4 2023.
• Yalgoo Lithium Project in Western Australia (“Yalgoo”) analysis of hyperspectral imagery identified numerous potential new lithium-bearing pegmatites.
• Farm-in Agreement completed on Southern Yalgoo Tenement with SensOre (“Sensore”) through its joint-venture subsidiary Exploration Ventures AI Pty (“EXAI”) in partnership with German resource investment group Deutsche Rohstoff AG:
  • EXAI to earn up to 80% of Lithium Rights on E59/E2252 by spending $3.5m in two stages.
• Mt Slopeaway Nickel-Cobalt-Manganese Project in Queensland, Australia (“Mt Slopeaway”): Completion of a preliminary metallurgical test work program, with all four samples demonstrating excellent amenability for nickel and cobalt recovery using commercial leaching techniques.
• Preparations for Phase II drill program at Mt Slopeaway underway, consisting of >60 RC & diamond drilling holes, with ground-truthing of collar locations and access tracks completed.

Commenting on the December Quarter, Firetail's Executive Chairman, Brett Grosvenor, said:

“We have had a very busy quarter here at Firetail, progressing exploration across our projects in Peru and Australia.

“The drill program in Peru is advancing well, and the extremely encouraging results continue to enhance the prospectivity of the project and the potential to host a large mineralised system.

“In Australia, our systematic exploration for critical minerals continues in the under-explored Mid- West region of Western Australia, where we have identified new lithium-bearing pegmatites. Similarly in Queensland, where drilling and testwork has validated the ongoing exploration program.

“We are looking forward to further developing these assets in 2024.”

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This article includes content from Firetail Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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