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Castillo Coppers' historical data review confirms IOCG targets at Mt Oxide Project

The company is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by three core pillars, with the first focusing on the Mt Oxide Project in the Mt Isa copper-belt district of north-west Queensland.

Castillo Copper Ltd - Castillo Coppers' historical data review confirms IOCG targets at Mt Oxide Project
The company also expects soil samples results shortly from its Luanshya Project in Zambia

Castillo Copper Ltd (ASX:CCZ) has re-affirmed iron-oxide-copper-gold (IOCG) and Mt Isa style mineralisation targets within the Mt Oxide Project after reviewing 15,000 assay values across 3,000 historic data points.

The company has engaged an independent geology consultant to focus on eight prospects with varying mineralisation styles including:

  • Three IOCG targets: Arya, Crescent and Flapjack;
  • Two Mt Isa style targets: Pancake and The Wall;
  • Two supergene – oxide ore targets: Big One deposit and Boomerang Mine; and
  • Shear-hosted copper target: Johnnies.

Notably, the prospects have the potential to deliver high-grade, near-surface deposits suitable for multiple satellite open-pit operations with each feeding into an onsite or third-party processing facility.

“Walk-up drill targets”

Managing director Simon Paull said: “Ongoing work by CCZ’s independent geology consultant has reaffirmed the Mt Oxide pillar has several scalable IOCG and Mt Isa style mineralisation targets.

“Encouragingly, the vast quantum of data uncovered has enabled preliminary walk-up drill targets to be identified for most of the eight prospects currently in focus.”

“Upside potential”

Non-executive director Gerrard Hall said: “The story out of the Mt Oxide pillar continues to impress, with excellent news on IOCG potential and prospects with drill-test ready targets.

“This new evidence continues to reinforce the Mt Oxide pillar delivers multiple targets with upside potential.”

Due to the significant amount of historic data available, preliminary test-drill targets for most of the prospects have been defined.

As there is a substantial amount of information to report across the eight targets, over the next few weeks a drilled down analysis on each will be released starting with The Wall prospect.

The consultant believes there is potential to extend the anomalous surface mineralisation to the north, south-west and south-east through selective re-sampling.

Modern GIS tools to display the assay data has shown an additional anomalous area of assayed rock chip samples that are currently adjacent to but separate to the soil sample grid.

Utilising modern exploration techniques would provide a greater understanding of the sub-surface geology and provide incremental targets.

However, the immediate priority test-drill is the GEOTEM anomaly coincident with high zinc surface values.

Finalising drill targets and soil samples expected

Drilled down analysis pending on remaining prospects within the Mt Oxide pillar that have not yet been covered in-depth and finalising preliminary drill targets.

An update on the recent soil sampling campaign at the Luanshya project (Zambia pillar) will be released shortly. 

Quick facts: Castillo Copper Ltd

Price: 0.024 AUD

ASX:CCZ
Market: ASX
Market Cap: $19.93 m
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Castillo Copper now has eight 'highly attractive' drilling targets to go...

Castillo Copper Ltd's (ASX:CCZ) Ged Hall tells Proactive they've identified a sizeable IOCG target that further adds to the exploration upside of the Mt Oxide pillar project in northwest Queensland. He says of the four Iron-Oxide Copper Gold (IOCG) targets identified - Crescent, Flapjack,...

4 weeks ago

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