Firetail Resources up 60% in first month of ASX debut

Firetail Resources (ASX:FTL) is up 60% in its first month as a fresh faced entrant onto the Australian bourse, listed on 13 April 2022. 

Since listing at 36.5cps, the share price has climbed to 42cps, giving Firetail a market cap of $25m. 

Firetail is exploring for both gold and lithium at projects located in Western Australia and Queensland. Its major asset portfolio is located in WA, with a package of over forty tenements that the company has rights to. 

Within that package of forty tenements are six WA exploration licences 100% owned by Firetail. The company, through its predecessors, has already entered into agreements with relevant Aboriginal Corporations and other stakeholders. 

Map detailing Firetail's proximity to other operations at Paterson

Four key assets underpin Firetail’s operations

Firetail Resources is the owner of the Paterson Project in Western Australia nearby the historical Kintyre gold mine in the East Pilbara. It sits over attractive known copper-gold prospects, including the Wanderer copper-gold-molybdenum prospect. 

The area was explored by CRA Exploration in the 1980’s which first identified copper-gold molybdenum less than 100m from the surface. Historical drilling by Firefly, the predecessor to Firetail, has found 17m @ 1.6% Cu including 9m @ 2.6% from 84m. 

The company also holds the Yalgoo Gold Project located in the Murichson region of WA some 500km north-northeast of Perth. The Yalgoo project is prospective for both gold and lithium. 

Additionally, Firetail has the rights to lithium pegmatite deposits in two of three tenements that form the Dalgaranga Gold Project in E59/2150 and E59/2053. The project is owned by Krakatoa Resources (ASX:KTA) and adjoins Aldoro Resources’ (ASX:ARN) Niobe lithium project.

Acquisition of Marlborough project in QLD 

As part of its acquisition of Super Cruser Proprietary Limited, the company is set to acquire 100% of the Marlborough Project in Queensland, a project exploring for nickel-copper in Northeast QLD nearby Rockhampton. 

Upon completion of the acquisition of Super Cruser, Firetail will thus have a project portfolio in two high-impact regions of Australia across the west and east coasts. 

Paterson and Yalgoo first on Firetail’s radar 

Firetail is to move ahead in 2022 with testing exploration targets on its project areas it feels have not been sufficiently examined; namely those present onsite the Paterson Copper-Gold and Yalgoo Gold Project(s) respectively. 

Firetail is also to continue surveying the market for acquisition targets, getting straight to work as its shares go live on the market. 

Firetail's performance since listing compared to the All Ords