C29 Metals (ASX:C29) updates the market on developments across its copper assets

Highlights

• C29 Metals (ASX:C29) has initiated a project-wide aeromagnetic and radiometric survey at its Stadlers Project.
• C29 states that it is making progress on the Stadlers soil geochemical sampling program’s design.
• The company has also announced its intention to conduct a reverse circulation drilling campaign focussing on key targets of the Sampsons Tank Project.

ASX-listed copper explorer C29 Metals Limited (ASX:C29) has announced an important update regarding its Sampsons Tank and Stadler’s projects located in New South Wales and Western Australia (WA), respectively. C29 Metals has apprised the market on the status of current and planned activities proposed for the projects.

Aeromagnetic and radiometric survey at Stadlers Project

C29 Metals has announced that it is kicking off a project-wide aeromagnetic and radiometric survey of its WA assets lying in the Ashburton Basin, which is considered to be highly prospective for structurally controlled epithermal copper deposits.

Source: Company website

The company believes that these surveys will greatly enhance its knowledge and understanding of the relationship between Stadlers’ structure and mineralisation, thus leading to the identification of new targets for exploration.

Along with these surveys, the company’s exploration team is also working on finalising the designs for a soil geochemical sampling program at Stadlers on a tenement-scale basis.

The restriction of limited scope and other constraints exists with previous soil geochemical work. However, as per the company, the new survey will have a broader approach and look to identify new exploration targets in previously untested areas.

RC drilling campaign focusing on Sampsons Tank’s key targets

C29 Metals is now planning to develop and execute a prioritised reverse circulation (RC) drilling program at key targets identified by interpreting airborne versatile time domain electromagnetic (VTEM) survey data and the results of extensional and infill soil geochemical sampling.

The (RC) drilling program will commence once the land is dry enough and the landowner has completed his cropping – expected to be complete in the first quarter of 2023, as per C29 Metals.

The company will also be undertaking downhole electromagnetic surveys of every hole, to refine any larger conductors that could contain sulphide minerals. C29 has noted that its previous exploration plans (before the VTEM survey) witnessed delays due to weather conditions and the availability of a helicopter to carry out the survey. However, as per C29 these minor delays are not material to the project. The company is committed to continuing its intended exploration activities at the project.

Sampsons Tank Project insights: The project is located within the Girilambone district of the Lachlan Fold Belt, hosting several crucial deformed and remobilised Besshi-type volcanic associated massive sulphide deposits.

Source: Company website

A few of the deposits and discoveries made by other companies in this region are Aeris Resources’ (ASX:AIS) Tritton copper-gold mine and Locksley Resources’ (ASX:LKY) Tottenham copper-gold deposit.

The project is ~20 km from the Helix Resources’ (ASX:HLX) Collerina discovery and 15 km from the Tottenham deposit.

C29 shares were noted at AU$0.135 apiece and the market capitalisation stood at AU$5.31 million on 14 October 2022.