- XXIX Metal (TSXV:XXIX) has kicked off its maiden 20,000-metre drilling campaign at its Thierry project near Pickle Lake, Ontario, keen to further delineate the province’s largest primary copper resource.
- XXIX Metal is one of Eastern Canada’s largest copper developers.
- XXIX Metal stock (TSXV:XXIX) last traded at C$0.10 and has added 5 per cent year-over-year.
XXIX Metal (TSXV:XXIX) has kicked off its maiden 20,000-metre drilling campaign at its Thierry project near Pickle Lake, Ontario, representing the first systematic exploration on the property in more than 40 years, which produced 5.8 million tons grading 1.13 per cent copper between 1976 and 1982 under the direction of UMEX Inc.
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The campaign will home in on the near-surface, bulk-tonnage K1 deposit, Ontario’s largest primary copper resource, with the goals of validating scale, continuity and grade potential. The royalty-free, 100-per-cent-owned Thierry also includes the higher-grade K2 deposit where past production took place, backing up the company’s ambitions with existing infrastructure, including all-season road access, power and water, nearby rail, plus an airport a short 20 km drive away.
Thierry K1 deposit inferred mineral resource estimate (2021)
| Tons (Mt) | Cu (%) | Ni (%) | Au (g/t) | Pt (g/t) | Pd (g/t) | Ag (g/t) |
| 53.6 | 0.38 | 0.10 | 0.10 | 0.07 | 0.21 | 1.8 |
Ongoing exploration follows two years of reinterpreting Thierry’s more than 210,000 metres of historical diamond drilling, plus wide-ranging historical geological and geophysical surveys, revealing K1’s untapped potential as a near-surface bulk-tonnage copper-PGE system amenable to open-pit mining. The deposit currently hosts 1.4 km of strike, measuring 250 m wide and up to 400 m deep, with grade believed to increase with depth, where the deposit remains open.
The company also delivered a 73.5 line-kilometre induced polarization survey that identified a 75-125 m wide anomaly measuring more than 2.5 km between K1 and K2, supporting a potential mineralized corridor worth looking into. Broad conductive corridors east of K1 and west of K2 further support the 7,907-hectare Thierry’s district-scale potential.
Thierry K2 deposit inferred mineral resource estimate (2021)
| | Tons (Mt) | Cu (%) | Ni (%) | Au (g/t) | Pt (g/t) | Pd (g/t) | Ag (g/t) |
| M&I | 8.8 | 1.66 | 0.19 | 0.05 | 0.04 | 0.13 | 4.0 |
| Inf. | 14.9 | 1.64 | 0.16 | 0.10 | 0.07 | 0.21 | 6.4 |
Leadership plans to release an updated resource estimate for K1, contingent on exploration results, which would benefit from a higher copper price compared to the US$3.75 base case used in the 2021 estimates.
The company is fully funded through 2026 to carry out work at Thierry, as well as its Opemiska project in Quebec – one of the highest-grade open-pit copper deposits in Canada – currently holding C$19 million in cash and about C$24 million in working capital.
Leadership commentary
“With drilling now underway at Thierry, XXIX has moved from reinterpretation to execution,” Guy Le Bel, Chief Executive Officer of XXIX Metal, said in Monday’s news release. “Over the past two years, our team rebuilt more than 210,000 metres of historical drilling into a modern geological model and developed a new bulk-tonnage interpretation at K1. This program is designed to test that interpretation in the ground and begin unlocking what we believe is one of Canada’s most compelling copper growth opportunities.”
About XXIX Metal
XXIX Metal is one of Eastern Canada’s largest copper developers.
XXIX Metal stock (TSXV:XXIX) last traded at C$0.10 and has added 5 per cent year-over-year.
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