Rio2 initiates large-scale drilling program at Peruvian copper mine

Meanwhile, at Rio2’s Fenix Gold project in Chile, surface drilling has been put on hold due to adverse weather, worker safety considerations and contractor standby costs. The company plans to fire up the remainder of the program in January 2027, taking advantage of Chile’s warmer summer conditions.

Before the suspension, the company had completed 43 drill holes for 14,669m of a planned 21,880m campaign. The program used a combination of reverse circulation (RC) and diamond drilling/tailing, designed to increase geological confidence in resources beneath the existing reserve pit.

Rio2 says 60 per cent of the samples from the completed drilling have been assayed and it expects to receive all analytical results within the next two months. The company is aiming to deliver an updated mineral resource estimate for the Fenix mine in 2027.

Rounding out the multi-pronged exploration update, Rio2 has also made material progress at its revitalised Kalzas tungsten project in Canada’s Yukon. During 2026, the company advanced the project through technical studies, fieldwork, permitting and community engagement and has since secured a class one exploration permit for detailed exploration and mapping of its interpreted intrusion-related tungsten system.

With the groundwork laid, Rio2 now plans to carry out an initial 2000m scout core drilling program during the 2027 summer field season, with an estimated budget of US$1.5 million (A$2.2 million).