Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) has confirmed the strong potential of its Big One Deposit within Mt Oxide Project in northwest Queensland’s Mt Isa Copper Belt amidst a strong copper market with assays returning shallow copper mineralisation of up to 4.14%.
The assays from four holes have returned economic intercepts and have supported the observations made from the core with best results of:
- 7 metres at 1.37% copper from 57 metres including 3 metres at 2.18% from 58 metres;
- 1-metre at 4.14% from 65 metres;
- 7 metres at 0.54% from 55 metres including 2 metres at 1.35% from 60 metres; and
- 4 metres at 0.43% from 85 metres including 2 metres at 1.03% from 85 metres.
Assay results for the full seven drill-holes completed are being finalised and are expected to be returned shortly.
Castillo managing director Simon Paull said: “With the copper price near a seven-year high, coupled with favourable global fundamentals moving forward, the board’s strategic intent to transform CCZ into a mid-tier copper group is gaining momentum.
“Consequently, we are delighted with the initial assay results from the Big One Deposit which highlight that our drilling team has intersected shallow copper mineralisation.
“We have a busy forward agenda which will generate significant forward news flow over the balance of the year.”
The company considers intersecting oxide-sulphide, shallow copper mineralisation at this stage of the drilling campaign encouraging, as there are still 28 drill-holes to complete along the 600 metres strike which delivers incremental exploration potential.
Drilling targets along strike at Big One Deposit
Building on previous results
The new assays build on results from an earlier program which produced intercepts of up to 28.4% copper, including:
- 3 metres at 12.25% from 42 metres including 2 metres at 17.87% from 43 metres, and 1-metre at 28.4% from 44 metres;
- 8 metres at 2.33% from 44 metres including 6 metres at 3% from 45 metres, and 5 metres at 3.28% from 45 metres;
- 4 metres at 2.20% from 44 metres including 2 metres at 3.19% from 46 metres and 1-metre at 3.63% from 47 metres;
- 6 metres at 1.55% from 66 metres including 5 metres at 1.79% from 66 metres and 2 metres at 2.08% from 66 metres;
- 4 metres at 1.45% from 36 metres including 1-metre at 2.48% from 37 metres; and
- 3 metres at 1.36% from 73 metres including 2 metres at 2.29% from 73 metres and 1-metre at 1.02% from 74 metres.
“Hit the sweet spot”
Castillo’s UK-based director Ged Hall said: “The hard work identifying the Big One Deposit as a viable prospect has paid off, as the first batch of assay results hit the sweet spot.
“Our UK investors are looking forward to further news flow as by the conclusion of the current drilling campaign, we’ll have an excellent understanding of the potential scalability the Big One Deposit can deliver.”
The company believe that the results from the four holes likely intersected mineralisation in the transitional zone between the oxide and sulphide domains.
This is consistent with earlier observations that confirmed visible malachite (oxide) and chalcocite (sulphide) in RC chips1, but further data points are required.
The company has re-oriented the remainder of the drilling campaign to maximise the exploration potential.