Firetail Resources Unveils New Porphyry Target at Picha Project with BHP Backing
Firetail Resources has identified a promising new porphyry-style copper target at its Picha Project in Peru, accelerating exploration with support from BHP’s Xplor program. Drill permitting for the high-grade Ichucollo target is progressing, setting the stage for a pivotal phase in the project’s development.
- New porphyry-style copper target identified through lithology and alteration mapping
- Property-wide gravity survey initiated to define mineralisation potential
- Drill permitting advancing for Ichucollo target with significant copper channel sample grades
- BHP Xplor program provides US$500,000 grant plus technical mentorship
- New mineral claim staked to secure expanded target area
Exploration Momentum Builds at Picha Project
Firetail Resources (ASX: FTL) has announced a significant step forward in its exploration campaign at the Picha Project in Peru, unveiling a newly identified porphyry-style copper target. This development follows detailed reconnaissance lithology and alteration mapping, which has highlighted a high-priority area in the northern part of the project tenure. The discovery is timely, coinciding with Firetail’s recent inclusion in BHP’s prestigious Xplor 2025 program, which provides both financial and technical support.
The Picha Project, where Firetail holds a 70% stake alongside Thunderbird Resources’ 30%, is now benefiting from a one-off, non-dilutive grant of up to US$500,000 from BHP. Beyond funding, the program offers in-kind services, mentorship, and access to a network of industry experts, which Firetail’s Managing Director Glenn Poole credits with catalyzing a “significant step change” in exploration strategy and execution.
Strategic Expansion and Geophysical Surveys
To fully capture the potential of the new target, Firetail has staked an adjacent mineral claim, expanding its landholding to encompass the entire prospective area. Complementing this, a property-wide gravity survey is underway to delineate porphyry-related mineralisation and support the development of a structural model that could reveal controls on mineralisation across the project.
These geophysical efforts build on previous work, including spectral and geochemical data collected since 2021, and are designed to refine target zones ahead of drilling. The integration of drone magnetics and induced polarization (IP) surveys has already reinforced the priority of the Ichucollo target, where channel sampling has returned encouraging copper grades such as 24 meters at 1.08% Cu and 13.1 meters at 1.38% Cu.
Drill Permitting and Forward Outlook
Firetail is progressing drill permitting for Ichucollo, with approvals expected in the June quarter of 2025. The company’s confidence is buoyed by the broad surface mineralisation and the potential scale of the deposit, which could position Picha as a significant copper resource in the region. The upcoming maiden soil sampling program, geochronology, and geochemistry mapping will further inform exploration targeting.
Firetail’s approach reflects a broader trend in copper exploration, where leveraging advanced geophysical techniques and strategic partnerships accelerates discovery potential. The Picha Project’s location within Peru’s prolific Tertiary volcanic belt, near established high-sulfidation and skarn-porphyry systems, adds geological weight to the company’s optimism.
As Firetail advances its exploration programs both in Peru and at its Skyline Copper Project in Canada, the company is positioning itself to unlock value across multiple fronts. The integration of BHP’s expertise and funding through the Xplor program could prove pivotal in translating early-stage targets into drill-ready prospects and, ultimately, resource delineation.
Bottom Line?
Firetail’s strategic exploration acceleration at Picha, backed by BHP, sets the stage for a potentially transformative copper discovery.
Questions in the middle?
- Will drill results from Ichucollo confirm the scale and grade suggested by surface sampling?
- How will the gravity survey reshape the understanding of mineralisation controls across Picha?
- What timeline and budget will Firetail allocate to follow-up drilling and resource definition?
