Firetail’s Nevada Expansion Raises Questions on Project Scale and Resource Potential

Strategic Land Expansion in Nevada

Firetail Resources Limited (ASX – FTL) has announced a significant increase in its landholding at the Excelsior Gold Project, located in Nevada’s prolific Walker Lane gold belt. The company has staked an additional 115 mining claims adjoining its existing project area, bringing the total to 341 claims covering approximately 2,459 hectares. This expansion strategically enhances Firetail’s exposure to a region known for substantial gold production, including nearby mines operated by major gold producers.

Undocumented Workings and Promising Copper Results

The newly acquired ground includes multiple small-scale historical workings, shafts, adits, and pits, that had not been documented in detail before. Firetail’s staking crew identified six previously unrecognised workings, including a notably large adit, which adds new dimensions to the project’s exploration potential. Rock chip sampling from these areas has returned encouraging copper grades up to 5.2% Cu, alongside significant silver assays reaching 6,630 g/t Ag near the Blue Dick Mine area. These results hint at a broader precious metal system beyond the known gold mineralisation.

Gold Mineralisation and Geological Potential

The Excelsior Project hosts a variety of mineralisation styles, with historical drilling intercepts revealing high-grade gold zones such as 51.8 meters at 4.00 g/t Au and 33.5 meters at 5.35 g/t Au. The expanded land package includes multiple felsic intrusive bodies, which regional geology suggests are prime hosts for gold mineralisation. Firetail’s Managing Director, Glenn Poole, emphasised the project’s complex structural settings and the presence of multiple mineralised trends, some of which have been historically overlooked.

Ongoing Exploration and Upcoming Drilling

Firetail is actively conducting detailed field mapping, geochemical sampling, and underground surveying to refine its geological understanding. These efforts are complemented by geophysical data interpretation and drill planning. The company aims to commence initial diamond drilling in August, targeting extensions of previously identified high-grade gold zones. This drilling campaign will be critical to validating the significance of the newly acquired claims and the multiple mineralised trends identified.

Strategic Partnership and Project Ownership

Firetail holds an exclusive option to acquire up to an 80% interest in the Excelsior Gold Project from Athena Gold Corporation, which retains a 20% free carried interest until a definitive feasibility study is completed. Firetail is committed to spending US$5 million over five years to earn its stake. The newly staked claims are unpatented and fully owned by Athena, with no pre-existing royalties, simplifying future development considerations.