Asset acquisition & multiple exploration programs help C29 Metals report a busy March quarter

Highlights

• C29 Metals successfully completed the drilling campaign over the Reedy Creek Project.
• C29 undertook a VTEM Max survey over the Sampson Tank Project during the March quarter.
• To further increase its copper footprint, C29 entered into an option agreement to acquire Mayfield Cu-Ag (IOCG) Project.
• The Company reported a cash balance of AU$3.6 million at the end of 31 March 2022.

Junior copper explorer, C29 Metals Limited (ASX:C29) recently announced the March quarter update. C29 undertook drilling and geophysical surveys during the quarter and entered into an option agreement to further increase its copper footprint.

The company has made some serious strides on the exploration front on its projects that are spread across Australia since its listing on the ASX on 1 November 2021.

Related read: C29 Metals (ASX:C29) aggressively pursuing copper

C29 holds copper assets in tier-1 mining jurisdictions of Australia. The company’s asset portfolio includes three granted licences and one exploration c application. During the quarter, the company entered into an option agreement to acquire 100% interest in the Mayfield Copper Gold (IOCG) Project in Queensland.

In late February 2022, C29 signed the agreement with Isa Tenement Pty Ltd and GBM Resources Ltd. The company has concluded the due diligence on the project and is currently waiting for the renewal of the licence and transfer formalities to exercise the option. C29 expects all the formalities to get completed by the June quarter.

Related read: C29 Metals up 5% on execution of an option agreement to acquire Mayfield Copper Project

Drilling completed on Reedy Creek Project

During the March quarter, C29 wrapped up its drilling campaign over the Reedy Creek Project. A total of seven diamond core holes were drilled with a plan to further drill three holes in the June quarter. Drilling intersected broad zones of copper, zinc and gold mineralisation.

The drilling program was designed to test the historical high-grade intercepts of Cu, Pb, Ag, Au, Zn and Mn. The program also tested the area between the Reedy Creek Mine and Endeavour 1 prospect.

Recovered core showing repeating bands of silica and sphalerite with quartz-carbonate veining (Image source: Company update, 28 April 2022)

Related read: C29 Metals (ASX:C29) soars 8% on intercepting broad intervals of anomalism at Reedy Creek

The Company has received assay results of four holes to date. Once the pending results from three more holes are received, it will be possible to progress the target generation step at Reedy Creek and the nearby Endeavour 1 prospect.

C29 undertook VTEM Survey on Sampson Tank Project

Image source: ID 10334689 © Slovegrove|Megapixl.com

C29 carried out an airborne VTEM^TM Max Survey (Versatile Time Domain Electromagnetic) over the Sampson Tank Project in early April this year. The survey was done on a 507 line-kilometre to identify potential conductors within the outcropping and covered areas of the tenement.

The survey area hosts magnetic anomalies, supported by surface geochemical anomalies known as P-47 and P-54 exploration targets.

C29 reported that the data gathered during the VTEM survey would undergo processing and interpretation. The results for the same are expected during the June quarter.

Related read: C29 Metals (ASX:C29) wraps up VTEM survey over Sampson Tank Project

Also, C29 undertook an infill and extensional soil geochemical survey over the tenement. The samples are undergoing interpretation currently. The Company will use the geochemical data and VTEM results to delineate targets for the project.

Torrens tenement application progressing toward the granting phase

During the quarter C29’s tenement application for granting of the Torrens Project licence application went through several changes on recommendations of the South Australian Department for Energy and Mining.

Initial tenement application ELA2020/00205 has been separated into four standalone tenement applications. This was done as the distance between each block was not conducive to a single application. A total of 1,960km² area is under the application.

Related read: C29 Metals (ASX:C29) ticks the right boxes to make the best of Australian copper resources

Cash and financial position

C29 reported a cash balance of AU$3.547 million at the end of the March quarter. The Company spent AU$794,474 on exploration and administration during the quarter.