Brazilian Metals Group (ASX: BMG) is set to turn a drill for the first time at the wholly-owned Treasure Project’s Black Pine – Laxia Prospect in Cyprus, which is prospective for copper-gold mineralisation, with the project covering an exploration area of over 200 square kilometres.
Brazilian Metals completed the acquisition of the Treasure Copper-Gold Project in April and aimed to progress a high-impact maiden drilling campaign.
The program will target a JORC Resource, and will cover 1620 metres across nine holes, with the first assays expected in July.
Brazilian Metals is initially targeting shear hosted copper-gold prospects at Laxia, where previous drilling, adit sampling and trenching returned high grade copper and gold assay results.
The Black Pine area covers around 100 square kilometres with the prospects of Laxia and Pevkos having been identified, with massive sulphide units containing copper, gold, nickel and cobalt exposed at surface - with the company having not explored past these prospect areas.
Highlighting the prospectivity of the area, the fault system which hosts the prospects is interpreted to have a strike length of around 20 kilometres with the potential to delineate resources.
Laxia contains outcrops of copper-gold-rich gossan
The Laxia Prospect within the Black Pine area contains outcrops of copper-gold-rich gossan that extend for 1.4 kilometres.
Historical work at Laxia in the 1950's included excavating narrow tunnels and drilling vertical drill holes to explore the extent of the massive sulphide mineralisation. Some of these adits followed the mineralisation for up to 100 metres.
A$4.4m fully underwritten rights issue
Brazilian Metals completed a A$4.4m fully underwritten rights issue (before costs) in late March to provide funds to complete the acquisition of the Treasure Copper-Gold Project, while funding a maiden drilling program and retiring existing debt.
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