C3 Metals Inc (TSX-V:CCCM, OTC:CARCF) has revealed that a hybrid controlled source audio-magnetotelluric survey (hybrid CSAMT) was carried out at its flagship Jasperoide project in Peru last month, which has indicated the potential for a copper-gold porphyry system at depth.
The company said it was now expanding the survey to cover the entire permitted area, which is expected to take a month to complete, while a larger drill rig is expected in early February to test these deeper targets.
This will replace a smaller rig, which is currently drilling on the Montaña de Cobre zone at the project to further extend the shallower oxide copper-gold deposit, which has been delineated so far.
"Our 2021 program demonstrated the potential for high-grade, copper-gold deposits at Jasperoide. Now, with the oversubscribed +$19 million financing recently in hand, we have the treasury to not only expand the known high-grade deposit but to drill for the "elephant", a potential billion ton porphyry copper deposit," said Kevin Tomlinson, CEO of C3 Metals, in a statement.
READ: C3 Metals says continued drilling at Jasperoide copper-gold project shows porphyry potential
"The combination of a growing near surface high-grade, copper-gold oxide skarn deposit and multiple large-scale porphyry copper targets provides C3 Metals with a compelling opportunity to grow an exciting new mid-tier copper company."
Steve Hughes, the vice-president of exploration added that Hybrid CSAMT was "recognized by the industry as an excellent geophysics tool to identify structures that mineralizing fluids systems exploit, and can provide reliable data to a depth of over 1,500 meters or more".
"This trial survey has been immensely successful at delineating deep-seated, large-scale feeder structures at Jasperoide," he said.
C3 noted that data from the latest survey has outlined "regionally important structures," which appeared to relate to large, nearby copper deposits at Constancia and Las Bambas.
It added that the larger drill rig, when it arrives, will test multiple porphyry targets identified by the survey at both the Montaña de Cobre and the Cresta Verde zones, including sub-vertical resistive features which represent high potential targets for sizeable epithermal gold-copper systems.
As well as the 57 square kilometre (sq km) Jasperoide project, C3 Metals also holds a 100% interest in five licenses covering 207 sq km of highly prospective copper-gold terrain in Jamaica, and a 100% interest in two porphyry copper-gold properties, with one under option to Tocvan Ventures, covering 304 sq km within the Cascade Magmatic Arc in southwestern British Columbia.
Contact the writer at giles@proactiveinvestors.com