• An expansive UAV magnetics survey supports porphyry potential and intrusive mineralisation architecture at Picha
• Detailed geological and structural mapping of the Anta Q’ilqa target zone is ongoing
• Results from a targeted full-tensor magnetotelluric survey are due in August to map the deep architecture of the system

 

Special report: A UAV magnetics geophysical survey supports Firetail Resources’ working models for porphyry and intrusive-related deposit types across the Picha project in Peru, suggesting a large-scale system could be lurking underneath.

Fieldwork for ongoing multi-disciplinary exploration activities, including magnetic and magnetotellurics geophysical surveys funded through the equity-free BHP Xplor grant, has been completed.

Firetail Resources (ASX:FTL) believes the results paint a detailed picture of the area’s geological structure, rock types and alteration patterns, building a strong case for the presence of a major porphyry system and related intrusive-style deposits.

The company reckons the caldera-like geometry of Picha, along with its centralised low response zone as seen in the reduction-to-pole data, is a potential indicator of an intrusive structure driving hydrothermal processes that destroy magnetite, resulting in the low response.

 

 

A ‘caldera’ deposit typically refers to mineral deposits that form in or around a caldera, a large crater formed by the collapse of a volcano after a major eruption.

While ‘caldera deposit’ isn’t a formal classification of ore deposits (like porphyry or VMS), it’s commonly used to describe mineral systems associated with caldera environments, especially those that host significant hydrothermal activity after collapse.

The broader project area is still geothermally active with a hot spring in the centre of the Picha project indicating that potentially mineralising processes are still active.

 

“First of many, encouraging results”

FTL managing director Glen Poole said the magnetic results the company was seeing further validated the working models of the Picha project and its understanding of the controls on mineralisation.

“We now have a lot more context around what the surface copper expressions and recent drilling results mean for the potential of the area,” he said.

“The results further highlight the potential alteration, fluid pathways and structural controls of the porphyry and intrusive mineralisation potential.

“This is the first of many encouraging, multi-faceted results we expect to see over the coming weeks and months from the work program developed as part of the BHP Xplor program, in conjunction with BHP’s expert technical teams supporting our exploration activities.”

 

More from FTL: Firetail’s maiden exploration targets high-grade Nevada gold

 

Results back on-ground efforts 

Poole said the working model Firetail had for Picha aligned well with what it was seeing in the geophysics and validated all the work completed across the ground to date.

Picha covers 244km2 of Tertiary volcanic belt within the Andean Arc where work has focused on detailed mapping across the Anta Q’ilqa target zone.

Firetail has highlighted the extent of an alteration and potential mineralised footprint of the Anta Q’ilqa target zone, which measures more than 2km long by 1km wide.

“Further interrogation of these results will help to refine the targets and open up the potential for multiple targets across the project area,” Poole added.

“As we await further results, the team will continue to advance our knowledge of the wider target area, with rock chipping and spectral mapping adding further information to guide the next steps for the project.”

 

What’s happening now?

Magnetotelluric data collection is complete and processing is underway with final results expected in August.

Meanwhile, geochemistry results are pending from soil sampling completed over key target areas with geochronology results due in August to support the mineral fertility age.

 

 

This article was developed in collaboration with Firetail Resources, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.