Central Asia Metals PLC (AIM:CAML, OTC:CAMLF) has secured three rigs to drill up to 70,000 metres at its newly acquired Chibougamau copper-gold project in Québec.
One rig is already on site and the other two are due before the end of November, allowing exploration to continue through the winter.
The miner took ownership of Chibougamau through its acquisition of Cygnus Metals, which it completed on 27 October. Chief executive Gavin Ferrar will open trading in Toronto on Friday to mark the group’s TSX listing.
“This ceremony is timely in that I have just spent a week at our newly-acquired Chibougamau project, where CAML’s senior management has worked with the project team to plan what I believe will be an exciting path for the project and the wider CAML Group,” said chief executive Gavin Ferrar.
Learn more about Central Asia Metals
Read more about Central Asia Metals
He added: “I was particularly impressed with the quality of the project team and the work completed to date, a great foundation on which we will build.”
“Detailed discussions over the past week have reinforced the quality of the Chibougamau project and the exploration potential of the surrounding camp.”
Exploration drilling in the first half of 2027 will feed into an updated resource estimate due in the third quarter. In the second half, the team plans to drill more closely spaced holes at Corner Bay, Golden Eye, Cedar Bay and Devlin to increase confidence in how much metal the deposits contain.
Ausenco will lead an expanded preliminary economic assessment using the existing resource estimate, which includes 6.4 million tonnes in the measured and indicated categories grading 2.3% copper and 0.8 grams of gold per tonne. Central Asia Metals expects to complete the assessment in mid-2027.
