08:29 AM EST, 01/17/2025 (MT Newswires) -- Coppernico Metals ( CPPMF ) on Friday said that this year it aims to initiate phase 2 drilling at the Ccascabamba target area, which would bring total drilling at the project to 11,500 meters.

The company said that last year it received all required drilling permits within the Ccascabamba target area, as well as completing 5,203 meters of drilling. Drill highlights include 19 meters of 0.50% copper and 27 meters of 0.21% copper.

During 2024, Coppernico also commenced trading on the TSX, raised $19.37 million in financing including a 9.9% equity investment from Teck Resources (TECK-A.TO, TECK-B.TO) to advance the Sombrero project in Peru.

"Coppernico remains confident in its strategy and ability to deliver shareholder value through disciplined exploration and is actively evaluating additional projects to strengthen and diversify its portfolio," the company said.

Coppernico's share price gained 2.0% on Thursday to $0.25 on the TSX.