Coyote Copper Mines (CCMM.V) received full approval for its Phase 1 drill permits at its Copper Springs project located in Arizona, US, following completion of its plan of operations, it said in a statement on Tuesday.
The company is now authorized a total of 37 drill locations, each capable of hosting multiple drill holes, it said. Coyote Copper Mines has three years to complete drilling and reclamation activities.
The company said the Phase 1 drilling campaign will test both shallow oxide and deeper sulphide copper targets across the project. Additional soil sampling, channel sampling, and new geophysical work are underway to refine drill targeting, it added.
Permitting for Phase 2 drilling will begin shortly, the company said. Coyote Copper is also expanding its land position with the staking of 111 new claims, increasing the project's footprint to 17,880 acres from 15,649 acres.
Its board approved to accelerate some warrants, upon receipt of the Phase 1 drill permits.
Shares of the company were last seen down 16% at CA$0.55 on the TSX Venture Exchange.
Price: $0.55, Change: $-0.11, Percent Change: -16.67%