C29 Metals (ASX:C29) exercises Mayfield Mt Isa Copper-Gold Project Option Agreement

Highlights

• C29 Metals to acquire 100% interest in Mayfield Mt Isa Copper-Gold (IOCG) Project located in Mt Isa Inlier, Queensland.
• The decision to exercise the option follows GBM Resources renewal of the Mayfield Mt Isa’s exploration licence for an additional three years.
• The project tenement area has more than 80% area under thin alluvial cover and has undergone minimal exploration.

Australian-focused copper player C29 Metals Limited (ASX:C29) has agreed to acquire 100% interest in the Mayfield Mt Isa Copper-Gold Project located 150km SE of Mount Isa, within the Mary Kathleen Zone of the Eastern Succession, Queensland.. In February 2022, ASX Listed C29 Metals (ASX:C29) entered into an option agreement with Isa Tenements Pty Ltd, a wholly-owned subsidiary of ASX listed GBM Resources Ltd (ASX:GBM), to acquire the Mayfield Project.

The option agreement was conditional upon renewal of the exploration licence, and with GNB confirming the renewal for additional three years, C29 is advancing on the agreement.

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

Data source: Company update, 15 June 2022

Mayfield Project: Significant untapped potential exists

Mt Isa Inlier is one of Australia’s foremost mineral provinces, which holds world-class base metal projects. The Mayfield Project lies near Trekelano Copper Mine and Tick Hill Gold Mine. There have been some new discoveries too in the region thanks to the implementation of modern exploration techniques – Kalman (20Mt @ 1.8% CuEq) of Hammer Metals and Nil Desperandum / Greater Duchess of Carnaby Resources.

Location of Mayfield Project (Image source: Company update, 15 June 2022)

The highly prospective tenement (EPM19483) covers an area of 91km² and includes a single large tenement and a smaller single block. The tenement area is known to have multiple copper targets adjacent to magnetic highs and at least three mineralisation styles-

• Mylonite-hosted gold only like Tick Hill,
• Ironstone hosted magnetic Cu-Au like the ones in Trekelano and
• Zn-Pb-Ag mineralisation like Delta Maiden Ck prospect.

The regional soil sampling indicates that the magnetic anomalies in the region are associated with copper-gold  or base metal mineralisation along much of their strike length at Mayfield.

Interesting read: How is C29 Metals (ASX:C29) positioned as copper demand improves?

What’s next on Mayfield?

C29 Metals is seeking approval for the transfer of the title of Mayfield to the Company. The Queensland Department of Resources will provide the approval, and once received, settlement will occur.

The project area has witnessed minimal exploration activity with only shallow drilling. The modern exploration methods could delineate targets for advanced exploration expeditions on the project.

In the coming months, a lot of action could be seen on the project tenement, the following are in the pipeline:

• A field reconnaissance trip is planned for July
• A Sub-Audio Magnetics (SAM) survey has been very effective in the region. C29’s geophysical team is designing it for the project.
• Based on the survey results, C29 will process target ranking and prioritisation across the project area.
• Based on the ranking, the advanced stage targets could undergo electromagnetic surveys and drilling operations.
• A follow-up work, including soil sampling, auger drilling and aircore drilling, could be carried out on lesser advanced targets on the project.

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

Share price: Shares of C29 were trading at AU$0.11 apiece on 17 June 2022 with a market cap of AU$4.32 million.