Highlights:
- Binding Possibility Settlement executed for the acquisition of as much as 80% of York Harbour Challenge through a staged earn-in (Acquisition).
- York Harbour is a Cyprus-style volcanogenic large sulphide (VMS) exploration venture, situated 180km west-south-west of FireFly Metals Ltd (ASX:FFM) Inexperienced Bay Copper Challenge.
- Small scale historic underground manufacturing between 1898 and 1913 resulted in 100,000 tonnes mined at 3-12% Cu, 7% Zn and 1-3oz/t Ag.
- Solely shallow exploration (<300m depth) accomplished, with historic exploration restricted to 2 key areas, the outdated York Harbour mine and the Quantity 4 Pond goal with a number of important intercepts embody:
- 29.0m at 5.25% Cu, 9g/t Ag from 147m (YH21-24 H Zone)
- Together with 3.24m at 9.54% Cu, 3.5% Zn, 10g/t Ag from 167.8m
- 24.3m at 2.77% Cu 9.3% Zn, 18g/t Ag from 93m (YH21-18 D Zone)
- 22.56m at 4.34% Cu from 68.88m (Y-8)
- 24.54m at 2.14% Cu, 12.78% Zn from 21.03m (LU133)
- 14.88m at 3.08% Cu from 30.88m (LU120)
- 13.58m at 2.98% Cu, 7.23% Zn, 21g/t Ag from 115.34m (YH22-61)
- 6.8m at 6.34% Cu, 7.45% Zn from 82.51m (4-48)
- 8.97m at 4.73% Cu, 10.19% Zn, 23g/t Ag from 124.13m (YH22-107)
- 7.17m at 6.56% Cu from 42.21m (LU136)
- Together with 2.29m at 15.88% Cu from 42.21m
- 6.71m at 4.16% Cu, 10.5% Zn from 76.2m (4-44)
- 9.87m at 2.50% Cu, 14.41% Zn from 22.22m (LU100)
- 20.06m at 2.50% Cu, 6.33% Zn from 107.9m (YH21-20)
- 11.86m at 4.83% Cu, 5.57% Zn from 18.04m (LU96)
- 11.25m at 2.67% Cu, 9.12% Zn, 20g/t Ag from 111.78m (YH22-82)
- Together with 4m at 4.76% Cu, 2.17% Zn and 25g/t Ag from 115.78m
- 19.38m at 1.76% Cu, 12.46% Zn, 19g/t Ag from 166.62m (YH21-22 H Zone)
- Together with 7.14m at 2.39% Cu, 29.09% Zn and 47g/t Ag from 166.62m
- 29.0m at 5.25% Cu, 9g/t Ag from 147m (YH21-24 H Zone)
- No property-wide Airborne EM survey ever flown throughout York Harbour, offers instant potential for figuring out related VMS style-systems inside the 47.25km2 contiguous land package deal.
- In reference to the Acquisition, FTL proposes to boost roughly $1.57m (earlier than prices) by the use of a placement to strategic buyers along with a non-renounceable entitlement difficulty to present eligible shareholders.
Determine 1: York Harbour Challenge Regional Location Plan, Newfoundland, Canada
Additional to the above, Firetail Possession has elevated to 70% of the Picha and Charaque Copper Tasks, by way of acquisition of Kiwanda S.A.C.
- Picha Copper Challenge, Peru (“Picha”): completion of maiden ~5,000m diamond drill (“DD”) program with assay outcomes from the final holes nonetheless pending.
- Outcomes included 13m @ 2.81% Cu and 27.1g/t Ag from 2m (cut-off 0.1% Cu), and 15.5m @ 0.72% Cu, 130g/t Ag 1.92% Pb and 0.16% Zn from 3.25m. Firetail confirmed the mineralised construction extends over 170m in strike size and is open in all instructions.
- Vesting Circumstances for the Firm’s acquisition of a further 10% of the issued share capital of Kiwanda S.A.C. now glad with the Stage 1 Efficiency Milestone being achieved.
Government Chairman, Brett Grosvenor, commented:
“The Firetail Board started a strategic course of over 12 months in the past of figuring out alternatives in a rising copper market. The fruits of this course of is the acquisition of the York Harbour Challenge, which we imagine offers an distinctive alternative to create worth for our shareholders.
“Our intention was to seek out strategic copper belongings in world class places, which might be complementary to our present portfolio of battery metals tasks. We see York Harbour ticking all of those packing containers. This acquisition broadens our copper publicity to enhance the early-stage copper venture we’re at the moment exploring in Peru.
“York Harbour presents a complicated brownfield alternative in a confirmed district for copper mineralisation. The near-term potential to outline a mineral useful resource and broaden the footprint is evident from our due diligence, and our group could be very excited to get on the bottom and begin the exploration program.
“Along side the York Harbour acquisition, we have now achieved a big milestone on the Picha Copper Challenge. 5,000m of drilling has been safely executed with out incident and the end result of the drilling has met our expectations. To have grades of two.8% Cu over a 13m down gap interval signifies the potential of this asset. We’ll now give attention to the interpretation of the info, geological modelling and decide one of the simplest ways to unlock the potential at Picha. The following part of this system might be to take the learnings from the maiden drill program and use this to assist plan the following part of exploration work.”
Non-Government Director, Simon Lawson, commented:
“The York Harbour Challenge is situated inside Newfoundland, a district with a well-established mining trade, prolific steel endowment and a supportive group. The Challenge is situated 180km west- south-west of the high-profile high-grade Inexperienced Bay Copper Challenge, at the moment below growth by fellow ASX-listed Firefly Metals (ASX:FFM).
“The Challenge is a complicated high-grade copper-focussed alternative for Firetail to become involved in at simply the precise time. The earlier historical past of copper mining on the venture and plenty of present important copper-zinc-silver drill hits makes this a “walk-up” venture of wonderful exploration potential.
The historic drill intercepts are all shallow, high-grade, differ in width and most significantly are large to disseminated base steel sulphides in simply the precise rocks! The earlier drilling, restricted floor outcrop mapping and historic mining data offers us with the premise of a focusing on mannequin to get on-ground and quickly drill check the extents of present high-grade copper mineralisation, in addition to seek for new large sulphide positions and probably make new discoveries!
“Extremely the Challenge has not had a property-wide airborne electromagnetic (“EM”) survey performed up to now. Sometimes large sulphide, notably copper tasks like this, have already been extensively examined with EM and all the precedence targets drill-tested. This isn’t the case at York Harbour and represents a significant alternative for Firetail to be the primary to conduct a contemporary high-resolution airborne EM survey. This EM survey will profile present targets and intention to determine new targets throughout the property. Targets might be assessed and ranked based mostly on their signature, dimension, place, and total geological advantage and be prioritised for fast drill testing!
“This acquisition offers shareholders with publicity to drill-proven high-grade copper-zinc-silver mineralisation inside a district of considerable base and valuable metals mineralisation. That is an thrilling superior high-potential alternative in an amazing jurisdiction, and we stay up for offering our shareholders with additional exploration updates put up completion of the transaction.”
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