Nov 4, 2024

Firetail Resources Hits 16.07m @ 1.58% Cu, 2.55% Zn & 5.52g/t Ag at Skyline Copper Project, Canada

Introduction:

Firetail Resources Limited (ASX: FTL) has reported significant assay results from its maiden drilling program at the Skyline Copper Project in Newfoundland, Canada, highlighted by 16.07m @ 1.58% Cu, 2.55% Zn & 5.52g/t Ag from 152.0m.

Drill Results:

16.07m @ 1.58% Cu, 2.55% Zn & 5.52g/t Ag from 152.0m (including 3.50m @ 6.74% Cu, 10.61% Zn, & 23.87g/t Ag from 153m) (YH24-123)
28.53m @ 1.41% Cu from 185.66m (including 5.45m @ 3.29% Cu from 195.15m and 2.36m @ 4.24% Cu from 206.24m) (YH24-123)

Project Overview:

The Skyline Copper Project is located in Newfoundland, Canada. The project area comprises 16km of prospective geological strike. Drilling is focused on testing a 75m wide mineralized corridor which hosts enriched sulphide and VMS zones identified by historic drilling results.

The project is situated in Newfoundland, a Tier 1 mining jurisdiction. Historic production at the York Harbour Copper-Zinc-Silver VMS Project, which Firetail has an option to acquire up to 80% of, totaled 100,000 tonnes at grades of 3-12% Cu, 7% Zn and 1-3oz/t Ag.

Program Details:

Firetail has commenced a 5,000m maiden diamond drilling program at Skyline. The current program aims to expand upon previous drilling by testing the extensional potential of mineralization updip, downdip and along strike of existing drill-defined mineralization. Drilling is systematically evaluating a 600m strike length. In addition, a high-resolution airborne EM survey is planned across the initial project area to identify potential blind massive sulphide targets.

Understanding These Results:

The reported intersections confirm the presence of at least two distinctive high-grade trends within the mineralized corridor. The hangingwall massive sulphide zone shows consistent copper grades with supporting zinc and silver values and very low arsenic. The footwall zone represents a broader, copper-dominated mineralizing event with internal higher-grade zones.

The intercepts remain open updip and downdip, highlighting potential for expansion. The 16.07m intersection grading 1.58% Cu, 2.55% Zn & 5.52g/t Ag represents significant massive copper-zinc-silver sulphide mineralization in the hanging wall horizon. The 28.53m @ 1.41% Cu intercept demonstrates a substantial down-dip extension to the footwall horizon.

Management Commentary:

Glenn Poole, Managing Director and CEO of Firetail Resources, stated:

"The rate of progress from starting drilling to having results inside of the first month is a testimony to the high calibre of the exploration team. We are looking forward to continuing the rapid rate of exploration and newsflow to deliver shareholder value.

“The assays received from the first drill hole of our maiden drill program highlight the potential of the mineralised system we have at the Skyline Copper Project. We believe we have identified two very distinct zones of mineralisation indicating multiple mineralising episodes with the currently identified 75m wide "mineralised corridor".

“The hangingwall massive sulphide zone are consistent copper grades, with supporting zinc and silver grades and very low arsenic. The second zone is a much broader, copper dominated mineralising event with internal higher-grade zones.

“As the drill program progresses we now have a steady flow of samples in the lab and look forward to keeping shareholders updated as results are returned in the coming weeks. We are excited for the weeks and months ahead as the drill bit continues to define and grow the potential of this system. In addition we eagerly await the results of the project wide airborne EM survey which has the potential of identifying further blind massive sulphide targets.”

Next Steps & Catalysts:

Assays are pending for drilling completed up and downdip of drill hole YH24-123, with drilling continuing along strike. The company expects a steady flow of samples to the lab in the coming weeks.

Firetail is eagerly awaiting results from the project-wide airborne EM survey, which has the potential to identify further blind massive sulphide targets. The company plans to rank and potentially drill test any EM targets defined from this program.

Commodity Outlook:

Copper remains a critical metal for the green energy transition, with demand expected to grow significantly in coming years. The Skyline project's location in Newfoundland, Canada provides a stable jurisdiction for resource development with established mining infrastructure and supportive regulations.

Conclusion:

The initial results from Firetail's maiden drilling program at Skyline demonstrate significant potential for a substantial copper-zinc-silver system. With mineralization remaining open in multiple directions and a large prospective strike length yet to be tested, the project shows promise for continued resource growth. Upcoming assay results and geophysical survey data will be key catalysts as Firetail works to rapidly advance the Skyline Copper Project.

Sources:

FTL Drill Results Announcement

Additional Figures:

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Nov 5, 2024