Perpetua Resources (Nasdaq: PPTA; TSX: PPTA) has discovered gold and antimony mineralization near a planned open pit at its Stibnite project in central Idaho, opening another exploration target as construction advances.
Discovery hole SB633 at the Fiddle target cut 109.7 metres grading 3.2 grams gold per tonne and 1.1% antimony from 189 metres depth, about 750 metres south of the permitted Yellow Pine pit, the company said in a Wednesday announcement.
“At Fiddle, our initial hole returned broad, continuous mineralization at significant gold and antimony grades which confirm it as an important new discovery,” CEO Jon Cherry said.
The discovery offers potential to expand the gold and antimony inventory near planned mining infrastructure. However, Fiddle has yet to become a defined mineral resource, and development outside the approved project would be subject to environmental review and permitting requirements.
Exploration results
Perpetua completed more than 16,000 metres of core drilling across Stibnite this season. The program tested new targets and extensions to known mineralization, while seeking to upgrade inferred resources within and near planned pits.
Fiddle lies along the Meadow Creek fault zone, which also runs through the Yellow Pine and Hangar Flats deposits. Follow-up hole SB637 extended mineralization 110 metres north of the discovery hole, cutting 37.4 metres grading 0.7 gram gold and 0.1% antimony from 93.8 metres depth.
Another 21 holes were drilled along the Fiddle trend. Results remain pending from two holes south of SB633, designated SB665 and SB671. Geologists observed similar mineralization in their core, but visual observations cannot establish whether they contain comparable grades or widths, Perpetua cautioned.
At the Clark Tunnel fault zone, drilling returned 25.4 metres grading 4.5 grams gold from 12.6 metres depth in hole SB606, and 25 metres at 2.3 grams from 18 metres depth in SB605. Antimony and tungsten assays remain pending.
The Clark Tunnel target lies partly within the permitted Yellow Pine pit and could supplement production during the project’s early years, the company said. The reported intersections are drill lengths rather than established true widths.
Construction advances
Stibnite’s estimated initial capital cost is $2.6 billion (C$3.6 billion), including contingency and before pre-production revenue, according to Perpetua’s updated project figures. The plan forecasts average annual gold production of 463,000 oz. during the first four years, compared with a stated life-of-mine annual average of 296,000 ounces.
Probable reserves total 104.6 million tonnes grading 1.43 grams gold and 0.064% antimony, containing about 4.8 million oz. gold and 149 million lb. antimony, as of last December, according to the company’s annual filing.
Stibnite holds the only identified U.S. antimony reserve, according to Perpetua. The metal has defence, energy and manufacturing applications.
Early works and construction of critical infrastructure have included the access road, worker housing and power infrastructure, Perpetua said in its September update. The U.S. Forest Service issued its principal project approval in January 2025, before President Donald Trump returned to office, followed by clearance to begin construction that October.
Perpetua shares were 8.6% stronger at $18.19 in Nasdaq trading on Friday morning, valuing the company at about $2.3 billion. The shares have traded between $15.66 and $37.37 over the past year.
Source: www.northernminer.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
