How has C29 Metals (ASX:C29) performed since its November listing?

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How has C29 Metals (ASX:C29) performed since its November listing?

C29 Metals, C29, Copper exploration
Image source: ID 129060630 © Lcrms7|Megapixl.com

Highlights

  • C29 Metals holds a diverse exploration portfolio spread across premium mining jurisdictions of Australia.
  • C29 was listed on the ASX on 3 November 2021 after an oversubscribed initial public offering (IPO).
  • The Company is embarked on an extensive exploration campaign to unlock the value of its diversified asset portfolio.

Emerging mineral explorer C29 Metals Limited (ASX:C29 was listed on the Australian Securities Exchange (ASX) in November 2021. C29 Metals owns exploration tenements in Tier-1 mining jurisdictions of Australia and it is making some serious strides in the Australian mining space led by experienced Board and Management.

Further, C29 Metals holds drill-ready projects that have good accessibility to infrastructure.

Related read: How is C29 Metals (ASX:C29) positioned to cash in on vibrant copper market?

 C29 Metals, C29, Copper exploration

Project location map (Image source: C29’s website)

Soon after the listing, C29 launched a drilling campaign on its Reedy Creek Project, located in New South Wales. The Company has plans to drill nine diamond holes and it is currently underway on the project tenement. The objective of the drilling operations is to test the polymetallic target and their extension on the tenement area.

C29 Metals, C29, Copper exploration

Image source: C29 update, 9 December 2021

The historical drilling had resulted in intercepts indicating the presence of high-grade zones of copper, lead, zinc, manganese, silver and gold. The ongoing program is designed to test the extensions of the mineralisations between Reedy Creek Mine and Endeavour 1 prospects. C29 has identified the mineralisation zone within a northeast trending structure corridor 150 & 200m wide and extending over a minimum of 1,000m between Reedy Creek Mine and Endeavour 1.

Related read: C29 Metals (ASX:C29) commences drilling at Reedy Creek Project

C29 Metals, C29, Copper exploration

Location of Reedy Creek Mine, Endeavour 1 prospect (Image source: C29 update, 9 December 2021)

Geochemical survey over Sampson’s Tank

Sampson’s Tank Project, located in the world-class Lachlan Fold Belt, is considered highly prospective for Cu-Au deposits. The priority exploration targets are P-47 and P-54 prospects. Historical exploration programs were carried out on the project area for tungsten-tin mineralisation. The exploration company, North Broken Hill Ltd, concentrated its efforts on P-47 and P-54 targets. North Broken carried out ground magnetics, auger soil geochemical grids and drilled two diamond holes.

Related read: C29 Metals (ASX:C29) kicks off geochemical survey at Sampson Tank Project

Furthermore, North Broken identified a 1km long copper-zinc-cobalt soil anomaly at P-47 and anomalous copper soil at P-54. Later, the Company undertook exploration and drilling operations for platinum mineralisation. As a part of the exploration program, reconnaissance ground magnetics and three RAB holes were also drilled. No significant platinum mineralisation was observed, and the area was relinquished.

C29 is focusing its effort on volcanic associated massive sulphide (VAMS) defined Cu-Au mineralisation. The Company will undertake a soil geochemical survey on Sampson’s Tank to extend and infill the historical areas and confirm and define the full extent of the geochemical anomalism.

C29 will reinforce its findings by undertaking a VTEM survey scheduled late in February 2022, followed by drilling in mid-2022.

Related read: Let’s meet the team driving the growth story of C29 Metals (ASX:C29)

Back in November 2021, C29 Metals also updated the shareholders on its exploration application status (ELA) for Torrens Project located in S.A. The project is considered prospective for copper and uranium. C29 has completed the regulatory documentation regarding the ELA and anticipates the licence to be allocated by April 2022.

Since listing, C29 Metals has embarked on a mission to unlock the value of its exploration assets and create significant value for its stakeholders. The demand for copper is expected to remain moderate to high in the near to long term. 

Related read: C29 Metals (AXP:C29) provides an update on Torrens Project exploration licence

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