C29 Metals’ (ASX:C29) June quarter marked by addition of new project and licences - Kalkine Media

Highlights

• In the June quarter, C29 Metals exercised its option agreement to acquire 100% interest in Mayfield Cu-Au Project.
• Drilling at Reedy Creek Au-Cu-b-Zn-Ag Project led to the identification of skarn mineralisation.
• Further exploration activities are planned over Reedy Creek and all the other projects in the upcoming quarters.
• At the end of 30 June 2022, C29 reported a cash position of AU$3.1 million.

C29 Metals Limited (ASX:C29) reported action packed June 2022 quarter as the company continued exploring and developing prospective copper, gold, uranium and base metal assets. C29 projects are spread across Tier-1 mining jurisdictions of Australia.

The June quarter marked an important development for the company as it exercised its option agreement to acquire Mayfield Copper-Gold Project in Queensland. The acquisition complements C29’s project portfolio and further strengthens it.

C29 had entered into an option agreement in February 2022 with Isa Tenements Pty Ltd and GBM Resources for the acquisition of the Mayfield Project. As soon as the previous owners got the exploration licence renewed for the next three years, C29 proceeded with the execution of the agreement.

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According to C29, the project lies in a mineral jurisdiction that has become an exploration hot spot in Australia, and numerous discoveries have been made recently. The company is confident that the project would provide the potential for discovering substantial mineralisation.

Location map of Mayfield Project (Image source: C29 update, 27 July 2022)

C29 is planning to undertake a field reconnaissance trip over the project tenure. Sub-Audio Magnetics (SAM) survey is also being planned as the geophysical survey has recorded success in the region. SAM will help in geological interpretation and drill-targeting on the tenure. Once the initial fieldwork is complete, the company will proceed with target ranking and prioritisation across the project area.

Drilling at Reedy Creek identifies skarn mineralisation

C29 undertook a diamond drilling campaign over the Reedy Creek Project located in the NSW region. A total of seven holes were drilled for a total depth of 1,060m during the March quarter. The assay results started coming from the beginning of the June quarter.

The drilling program confirmed the significant historical high-grade zones of copper, lead, zinc and manganese, silver and gold. It also established the extension in mineralisation between the Reedy Creek Mine and Endeavour 1 prospect.

C29 believes that the magnetic and structural complexity of the project corresponds to known mineralisation and has been designated as a priority target. The planning for the next phase of exploration on the project is on.

VTEM survey flown over the Sampsons Project

During the reporting period, VTEM survey was undertaken over C29’s Sampsons Project in the NSW region. The project has two identified surface geochemical anomalies P-47 and P-54.

To identify potential conductors within the outcropping and covered areas of the tenement, C29 carried out a 507-line kilometre VTEM^TM Max Survey over the project tenement.

Data interpretation of the survey is currently under process. C29 plans to collaborate the data from the soil geochemical survey and VTEM survey results to plan the future course of action on the project.

Map showing the VTEM flight lines on the project (Image source: C29 update, 27 July 2022)

C29 granted two exploration licence in Torrens Cu-Au-U Projects

Recently, the company added a couple of more copper projects to its asset portfolio and announced the granting of two exploration licences in South Australia. The company had applied for five and secured two licences, while three still remain in the application phase.

The two granted licences include EL6740 (Carriewerloo) and EL6741 (Torrens North). Both the licences reside within the renowned Olympic Dam IOCG province.

Image source: C29 update, 5 July 2022

Within the granted License EL6741 Torrens North area, copper and uranium prospects are known, some of which include historical diggings and rock chips up to 8.7% Cu from the West Mount prospects and significant uranium at the Seaham prospect.

Torrens North has the following four prospects:

• Airport Claypan (Cu, Au, Ag, Pd),
• West Mount (Cu, Au),
• Ok Mine (Cu) and
• Seaham (U)

C29 Metals is currently carrying out regulatory preparation to undertake field reconnaissance activities over two granted tenements.

Title transfer for Stadlers Project completed

During the quarter, the transfer of Stadlers Cu-Au Project, located in WA was completed. The project is believed to be highly prospective and has several targets which are not adequately tested. Historical rock chip sampling result shows the presence of high-grade copper and gold in the project.

C29 plans to commence field operations on the project during the current quarter.

Cash on books

C29 reported a cash balance of AU$3.14 million at the end of 31 June 2022.