C3 Metals Inc (TSX-V:CCCM, OTC:CUAUF) has announced new drilling results from its Khaleesi copper project in southern Peru, including a 148-metre interval of copper mineralization at depth and higher-grade zones closer to surface.
The company said drill hole KHZ5825-003 intersected 148.05 metres grading 0.42% copper equivalent (0.34% copper) from approximately 275 metres downhole within magnetite-skarn mineralization. This interval included a 114.05-metre section grading 0.48% copper equivalent.
In a separate hole, KHZ5790-001 returned 43.8 metres grading 0.59% copper equivalent from about 40 metres depth. Within that zone, two higher-grade intervals were identified: 3.8 metres grading 1.80% copper equivalent and 1.4 metres grading 5.56% copper equivalent.
According to the company, eight of the 11 newly reported drill holes intersected elevated copper mineralization. The mineralization is primarily hosted in magnetite and garnet-diopside skarns, with additional occurrences in a multiphase intrusive complex.
Exploration at Khaleesi is focused on a contact zone between limestone and the Andahuaylas-Yauri batholith, which extends across the property. The company said drilling is helping define a curved, north-trending magnetite skarn body that remains open at depth and to the north, and may be offset to the south.
C3 Metals noted that at least six intrusive rock types have been identified to date. Based on earlier geochronology work, these intrusions are interpreted to predate the main mineralizing event and may have acted as pathways for mineralizing fluids.
A key objective of the current drill program is to identify a “causative intrusion” linked to mineralization dated at approximately 35.8 million years.
The company described the system as geologically complex, citing the multiphase intrusions, irregular contact zones, and limited surface exposure due to glacial cover.
“The first phase 12-hole, 6,300m program was designed to test a 1,000m by 500m area to a vertical depth of approximately 400m. The goal was to confirm a hydrothermal system of scale,” C3 Metals CEO Dan Symons said in a statement.
“With copper mineralization intersected in all of the first 12 holes drilled at Khaleesi, we view the first phase program for this greenfield project as highly successful.”
Drilling is ongoing, with approximately 11,000 metres completed across 24 holes and two additional holes currently in progress. Assay results have now been reported for 17 holes, with further results expected. The company is also considering additional geophysical surveys, including drone magnetics, 3D induced polarization, and gravity surveys, to help define potential extensions of mineralization.
“The second phase of drilling is focused on vectoring towards the core or 'heat engine' of the system. With a strong treasury and up to 15,000m planned for the second phase drilling, we are well-positioned to continue systematic exploration and vectoring at Khaleesi,” Symons added.
“Separately, drilling is continuing on our porphyry copper and gold prospects in Jamaica."
Additionally, C3 Metals said its board has approved the grant of about 2.8 million stock options to directors, officers, employees, and consultants under its shareholder-approved incentive plan. Of these, about 731,000 options vest immediately, while the remaining approximately 2 million will vest over 12 months, subject to regulatory acceptance.
Each option allows the holder to purchase one common share at a price of C$1.10 and will expire in April 2031. Following the grant, C3 Metals will have about 8.625 million stock options outstanding, representing about 6.88% of its issued and outstanding shares.