XXIX Announces 20 Hole Drill Program to Follow up on Saddle Zone's Recent 5.94% Copper Equivalent over 11-metre Intersection
Rhea-AI Summary
XXIX Metal Corp announces a 20-hole drill program at the Saddle Zone within the Opemiska open pit, following a significant intersection of 5.94% Copper Equivalent over 11 metres discovered in January 2025. The program aims to expand the project's high-grade copper resource, building upon the 2024 Mineral Resource Estimate which includes Measured & Indicated Resources of 2.09 billion lbs of copper equivalent in 97.5 million tonnes.
The Saddle Zone, located between Perry and Springer Zones, shows potential for resource expansion through converting current waste material into ore. The drilling program is strategically planned before commissioning a Preliminary Economic Assessment (PEA), as results could significantly enhance the project's engineering and economics. The program will investigate a structurally controlled, mineralized envelope within a northwest trending fault, with drilling expected to commence in February 2025.
Positive
- Recent drilling revealed high-grade mineralization of 5.94% Copper Equivalent over 11 metres
- Substantial existing resource base of 2.09 billion lbs of copper equivalent in Measured & Indicated category
- Potential to convert waste material into ore, improving project economics
- Strategic location of Saddle Zone between existing Perry and Springer Zones
Negative
- PEA completion delayed to accommodate additional drilling program
- Results from the new drilling program are uncertain and may not meet expectations
News Market Reaction
On the day this news was published, QCCUF gained 5.75%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Highlights
- XXIX announces a 20-Hole Drill Program at Saddle Zone aiming to expand Opemiska's high-grade copper resource.
5.9% Copper Over 11m Follow-up drilling to extend high-grade mineralization recent hit- Unlocking New Resource Potential - Aims to convert waste to ore, add a minable zone, and increase tonnage.
- Strengthening Opemiska's Economics - Supporting the upcoming PEA with new mineralization data.
Toronto, Ontario--(Newsfile Corp. - February 10, 2025) - XXIX Metal Corp. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") is pleased to announce a 20-hole drill program at the Saddle Zone, a key target within the Opemiska open pit. This program seeks to build on the 2024 Mineral Resource Estimate, which outlines Measured & Indicated Resources: 2.09 billion lbs of copper equivalent * in 97.5 million tonnes, including 1.75 billion lbs of copper, 845,000 ounces of gold, and 5.5 million ounces of silver. And Inferred Resources: 157 million lbs of copper equivalent * in 11.0 million tonnes. This drilling aims to expand high-grade mineralization and further enhance Opemiska's resource potential.
This follow-up drill program at the Saddle Zone building on the success of the initial scout drilling, highlighted an impressive intersection of
While XXIX has completed its internal scoping study for Opemiska, the Company is electing to undertake this additional drill program prior to commissioning its Preliminary Economic Assessment (PEA). The results from this drill program have the potential to expand the current resource model by converting what is currently considered waste material into ore, thus enhancing both the engineering and economics of the project.
Unlocking Additional Resource Potential in the Saddle Zone
The Saddle Zone lies between the Perry and Springer Zones. This drill program aims to investigate the zone's mineralization and its potential for expansion. Should the program be successful, it could increase the overall tonnage, add a new minable zone, and potentially deepen the existing pit. Additionally, the program will provide critical insights into an under-drilled area with several non-interpreted mineralized intervals.
"The follow-up program is an important next step for XXIX," said Charles Beaudry. P.Geo., géo. and Director of XXIX. "Building on the initial discovery of
New Interpretation of the Saddle Zone
Results from this program indicate the presence of a structurally controlled, mineralized envelope entrained into a northwest trending fault. The new interpretation of the mineralization represents upside to Opemiska's current resource model by adding scale and converting previously interpreted waste into ore. Additionally, previous drilling on the Saddle Zone shows mineralization outside of the known vein at the Saddle Zone. Future drilling at the Saddle Zone will assist in interpreting the mineralization in and outside of the vein, ultimately creating additional mineralized envelopes that can positively impact future economics at the Opemiska copper project.
Advancing Toward the PEA
This drill program will provide key data that may be incorporated into Opemiska's resource model ahead of the PEA. Confirming additional mineralization in the Saddle Zone would represent an opportunity to enhance the project's scale and economics by converting previously identified waste into ore.
Drilling is expected to begin this month, with results expected to be released as they become available.
About XXIX Metal Corp.
XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets. The Opemiska Project, Canada's highest-grade copper resource, spans 13,000 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne Smelter. A January 2024 resource update reported a
QP Statement
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director of XXIX Metal, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." For the exploration undertaken by XXIX Metal, all assay batches are accompanied by rigorous Quality Assurance procedures, including the insertion of standards and blanks and verification assays in a secondary laboratory. All the core received from the drill is split in half, bagged and sent to ALS-Global facilities in Val d'Or, Quebec for sample preparation and then the pulps are shipped to AlS-Global's Vancouver laboratory or some other location in the world for analysis using ALS-Global's standardized ISO-compliant methods, all of which are listed in the laboratory certificates provided with the assay results. The remaining half core along with the rejects and the pulps returned from the laboratory are securely stored at QC Copper's facilities in Chapais, Quebec. Quality Control results, including the laboratory's control samples, are evaluated immediately on reception of batch results and corrections are implemented immediately if necessary. All drill collars are surveyed and positioned in UTM coordinates. Collars are oriented using a gyroscopic north-finding system and downhole deviations surveys are done with a single-shot gyroscopic instrument at 30 to 50m intervals.
For further information, please contact:
Stephen Stewart, Chief Executive Officer
Phone: 416.644.1567
Email: info@oregroup.ca
Forward Looking Statements
This news release contains forward-looking statements. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this news release include, but are not limited to, statements pertaining to the commencement of trading of the Common Shares on the TSXV under the new name and new stock ticker. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth above and elsewhere in this news release. The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this news release. The Company does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
(*) CuEq % = Cu % + (Au g/t x 0.54) + (Ag g/t x0.007)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240214
FAQ
What are the key findings from XXIX's recent drilling at the Saddle Zone (QCCUF)?
What is the current resource estimate for XXIX's Opemiska project (QCCUF)?
How many drill holes are planned for XXIX's new Saddle Zone program (QCCUF)?
When will XXIX (QCCUF) begin its new drilling program at the Saddle Zone?
How could the new Saddle Zone drilling affect XXIX's (QCCUF) project economics?
