Firetail Resources Uncovers 800m Copper Trend at Skyline Project

Striking Copper Potential: Earl's Target Reveals 800m Mineralization Trend at Skyline

Firetail Resources (ASX: FTL) has identified an 800-metre strike trend of copper mineralisation at its Earl's Target within the Skyline Copper Project in Newfoundland, Canada. This significant Firetail Resources copper discovery points toward potential Cyprus-style copper deposits—a model that has produced some of the world's oldest and richest copper mines.

Cyprus-Style Copper Potential Emerges at Skyline

The newly identified Earl's Target showcases high-grade copper mineralisation with rock chip samples returning values up to 18.19% copper. What makes this discovery particularly significant is the absence of zinc and other base metals that are typically found in the nearby York Harbour Mine sequence. This copper-only signature strongly supports a Cyprus-style deposit model—a specific type of volcanic massive sulphide (VMS) deposit that has been mined since 5,000 BC.

Cyprus-style deposits are known for their exceptional grades and size, with the Mavrovouni deposit in Cyprus historically producing 17 million tonnes at 4.5% copper. Importantly, Firetail has confirmed that Skyline's stratigraphic sequence is identical to the Troodos ophiolite sequence in Cyprus, which hosts Mavrovouni and more than 30 historical mines.

"The identification of the Earl's Target Zone – which sits outside of any area previously covered by geophysics – is a testament to the outstanding untapped exploration potential of the Skyline Project," said Glenn Poole, Managing Director of Firetail Resources. "Exploration to date has really only focused in on the York Harbour Mine Zone."

Historical Workings Hint at Untapped Potential

The discovery includes previously undocumented historical adits (mine entrances) and waste dumps, indicating past mining activity targeting high-grade copper mineralisation. Remarkably, this area has never been subject to modern geophysical exploration techniques like magnetic, induced polarization (IP), or electromagnetic surveys—essential tools for identifying sulphide bodies beneath the surface.

Highlights from rock chip sampling include:

Exploration Programme Accelerates

Firetail is moving quickly to leverage this discovery, with several key exploration initiatives already underway:

• A high-resolution 3D induced polarization (3DIP) survey has commenced across the Governor's Target
• A UAV magnetic survey will be conducted across the entire ophiolite sequence (8km by 2.5km) in early July
• Petrophysical analysis of mineralisation samples is underway to determine optimal geophysical targeting methods

These surveys are crucial for identifying additional targets along the 8km strike of the ophiolite sequence, particularly "blind" deposits that don't outcrop at surface but could contain significant mineralisation.

Understanding Cyprus-Style Deposits

Cyprus-style deposits represent a specific type of VMS deposit formed in mafic (basaltic) volcanic settings, typically associated with ophiolite sequences—slivers of ancient oceanic crust now exposed on land. These deposits formed on the ancient seafloor where hydrothermal fluids, heated by underlying magma, deposited metal sulphides.

What makes Cyprus-style deposits particularly valuable is their typically high copper grades and relatively simple metallurgy compared to other VMS deposits. They tend to be copper-dominant with minimal zinc, lead, or other metals that can complicate processing.

The world's oldest copper mines were developed on such deposits in Cyprus, with modern production from the Cyprus region totalling 72 million tonnes of massive sulphide ore.

Formation of Cyprus-Style Deposits

Cyprus-style VMS deposits form through a specific geological process:

1. Oceanic Crust Setting: These deposits develop within oceanic crust at or near mid-ocean ridges.

2. Hydrothermal Circulation: Seawater penetrates the oceanic crust through fractures and becomes heated by underlying magma chambers.

3. Metal Leaching: The heated seawater leaches metals (primarily copper) from the surrounding basaltic rocks.

4. Mineral Precipitation: As the metal-rich fluids rise and encounter cooler seawater near the seafloor, they precipitate metal sulphides, forming massive sulphide lenses.

5. Preservation: These deposits are later preserved when portions of oceanic crust (ophiolites) are obducted onto continental margins through tectonic processes.

The distinctive characteristics of Cyprus-style deposits include:

• Dominant Copper Mineralisation: Primarily chalcopyrite with lesser amounts of other sulphides
• Simple Mineralogy: Fewer complex minerals compared to other VMS types
• Stratigraphic Position: Typically occur within or at the top of pillow basalt sequences
• Associated Alteration: Distinctive chlorite and quartz alteration halos

Expanding the North American Portfolio

While advancing the Skyline Copper Project, Firetail is also conducting due diligence on recently announced gold project acquisitions in the United States:

• Excelsior Springs Gold Project (Nevada): Reprocessing of geophysical data and 3D modelling is underway to facilitate drill targeting
• Bella Gold Project (South Dakota): Data acquisition and modelling continues to refine exploration targets

These acquisitions, expected to close in late July, will diversify Firetail's portfolio with high-grade gold assets in established mining jurisdictions.

Why Investors Should Take Notice

Firetail's Skyline Project represents a compelling investment opportunity for several reasons:

1. High-grade copper potential: With samples up to 18.19% copper, the project demonstrates exceptional grade potential in a copper market facing long-term supply constraints

2. Proven geological model: The Cyprus-style deposit model has produced numerous commercial mines over thousands of years, with the geological setting at Skyline matching that of prolific copper districts

3. Untapped exploration potential: The 8km by 2.5km ophiolite belt has seen minimal modern exploration, with most historical work focused on a small area around the York Harbour Mine

4. Strategic timing: As copper demand grows with the global electrification trend, new copper discoveries are becoming increasingly valuable

5. Diversified growth: The pending acquisition of gold projects in the United States provides additional exposure to precious metals while maintaining focus on the Firetail Resources copper discovery at Skyline

As Firetail advances its geophysical surveys and prepares for future drilling, the Earl's Target discovery marks an important milestone in establishing the company's copper credentials in North America.

Ready to Invest in the Next Major Copper Discovery?

Discover the full potential of Firetail Resources' promising Skyline Copper Project, featuring high-grade copper samples up to 18.19% and an 800-metre mineralisation trend at the newly identified Earl's Target. To learn more about this compelling investment opportunity in the Cyprus-style copper deposits of Newfoundland and Firetail's expanding North American portfolio, visit Firetail Resources' website today.