viewCastillo Copper Ltd

Castillo Copper confirms four IOCG targets at Mt Oxide Project

Combining historical geochemical and current geophysical data for the Pancake prospect has identified preliminary targets for test drilling.

Castillo Copper Ltd - Castillo Copper confirms four IOCG targets at Mt Oxide Project
The Mt Oxide project in the rich Mt Isa copper-belt district

Castillo Copper Ltd (ASX:CCZ) has revealed a new target with iron oxide copper-gold (IOCG) potential within the Mt Oxide project, north-west Queensland.

Factoring in the newly identified Pancake prospect, there are now four IOCG targets within the Mt Oxide pillar including the Arya, Crescent and Flapjack prospects.

Castillo Copper managing director Simon Paull said: “The board’s overriding strategic objective remains developing the three pillars and transforming CCZ into a mid-tier copper group.

“Consequently, now having four IOCG targets within the Mt Oxide pillar as a result of reviewing the historic data on the Pancake prospect is an excellent outcome, as it materially enhances the upside potential.”

Pancake potential

Work undertaken historically at the Pancake prospect included aerial GEOTEM and ground electromagnetic surveys which uncovered two sub-surface anomalies: a shallow source adjacent to mapped north-west trending faults, with the other modelled as moderate depth source dipping to the east.

Other than IOCG potential, the initial work on Pancake verified it was prospective for Mt Isa style mineralisation based on alteration characteristics and high-grade surface results.

These included soil samples up to 670 parts per million copper, 1,320 parts per million lead and 4,600 parts per million zinc and rock chips up to 433 parts per million copper, 2,460 parts per million lead and  7,140 parts per million zinc.

Preliminary drill targets

Analysing the historical geochemical data resulted in a sizeable (circa 950 metres east-west by 150 metres north-south) zinc-lead-copper anomalous zone being defined.

Reconciling the geochemical findings with the geophysics results has facilitated identifying preliminary targets to drill-test.

Castillo will now continue further drilled down analysis on the remaining prospects within the Mt Oxide pillar and finalise preliminary drill targets.

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.

Dual listing granted

The Financial Conduct Authority in the UK has advised that CCZ had passed eligibility to dual list on the Standard Board of the London Stock Exchange.

However, due to the current dislocation in global financial markets attributable to the coronavirus crises, CCZ’s Board has decided to defer progressing the LSE listing until exogenous events stabilise.

In the interim, CCZ, working closely with its London-based corporate adviser, SI Capital, will monitor financial markets closely.

Castillo Copper London-based director Gerrard Hall said: “Uncovering another IOCG target is outstanding news that continues to highlight the upside potential the Mt Oxide pillar delivers.

“Meanwhile, passing eligibility to dual list on the London Stock Exchange is another significant milestone which we will progress at the appropriate time.”

Quick facts: Castillo Copper Ltd

Price: 0.024 AUD

Market: ASX
Market Cap: $20.76 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,...

on 28/4/20

3 min read