Coyote Copper Mines Inc. (TSXV: CCMM) announced that Phase 1 drill permits have been issued for its Copper Springs Project in Arizona. The permits cover 37 drill locations and allow a three‑year drilling schedule.
The company has staked 111 new claims, expanding the project’s footprint from 63.33 km² to 72.36 km². The upcoming campaign will test both shallow oxide and deeper sulphide copper targets, with Phase 2 permitting to follow shortly.
Geophysical work has identified a subsurface anomaly measuring roughly 3 km × 3 km × 1.4 km. Surface and near‑surface sampling returned copper concentrations up to 1,000 ppm (0.1%). Phase 1 of a 2‑D induced‑polarization survey, spanning 17 line‑kilometres, is underway, and a combined CSEM‑MT and SIP survey is slated to begin around September 21.
Coyote Copper also disclosed details of warrant acceleration. A total of 16,501,296 warrants, priced between $0.14 and $0.20, will accelerate if exercised by October 15, potentially generating $3,143,386.58 in proceeds. The accelerated tranche includes 5,874,870 warrants at $0.15, 10,574,274 at $0.20 and 1,052,152 finder’s warrants at $0.14. An additional 17,176,742 warrants issued in May and June carry a $0.50 exercise price and are not subject to acceleration.
CEO Dan Weir said several major mining companies have visited the project, some on multiple occasions, underscoring industry interest in the copper potential of the area.
