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Castillo Copper finalises targets for upcoming inaugural drilling at Mt Oxide pillar

The objective is to determine the scalability of the Arya prospect and Big One deposit, how deep supergene ore mineralisation extends and if this transitions into underlying sulphides at depth.

Castillo Copper Ltd - Castillo Copper announces final drill targets for Mt Oxide Pillar drilling campaign
The tender process for the drilling work is now underway

Castillo Copper Ltd (ASX:CCZ) has determined the final targets for upcoming drilling campaigns at Arya and Big One deposits within the Mt Oxide pillar in northwest Queensland's Mt Isa copper belt.

With Big One targets now finalised, the company has invited several experienced drilling contractors to bid for the work, which will commence at Arya prospect.

The drilling campaign’s overall objective is to verify scalability via targeting to extend known mineralisation.

Castillo Copper managing director Simon Paull said: “Behind the scenes, our team is working at a frenetic pace to ensure all the logistics are in place so that we can move ahead with the inaugural Mt Oxide pillar drilling campaign.

“For the Arya and Big One Deposit, our objective with the upcoming drilling campaign is to extend known mineralisation and determine potential scalability.

“As such, one of the key focuses is to test how far high-grade supergene ore extends from surface along the strike extent and if this transitions into underlying sulphides at depth.”

Arya prospect

Phase one will see the campaign commence at Arya once a drilling contractor has been selected and logistics in place, as all regulatory approvals have been 100% secured.

On July 1, 2020, the company detailed drilling plans for this prospect, which has an interpreted potential massive sulphide geophysical conductor of around 130 metres thick, with dimensions of about 1,500 metres by 450 metres and 426 metres below surface.

Big One Deposit

Phase two of the campaign will then move to the Big One Deposit, but this is contingent on final specific approval ratifications from the regulator, which are expected shortly.

Plans for this deposit include:

  • A proposed 4,385-metre RC drilling campaign, over 35 holes, which will focus on a strike zone (around 580 metres by 120 metres) to test for mineralisation from about 26 metres up to 190 metres below surface; and
  • An incremental 160-metre diamond drilling campaign, targeting two drill-holes that are testing primarily for shallow mineralisation from around 26 metres up to 52 metres below surface.

The historical RC drill-holes are displayed overtop of any locations proposed to be duplicated by Castillo’s proposed Big One drilling campaign

Expanding historic drill results

In mid-January 2020, Castillo reported assay results from previously listed West Australian Metals.

WME completed a 27-hole (1,673 metres) RC drilling campaign which delivered excellent economic copper intercepts up to 28.4% copper and intersected shallow high-grade supergene copper ore.

The best high-grade intercepts included:

  • 3 metres at 12.25% copper 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; and
  • 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.

Next steps

Concerns over global supply chains have propelled the copper price up more than 30% since March, which Castillo considers extremely timely as it commences its maiden drilling campaigns in the renowned Mt Isa copper belt.

The next steps for the company include:

  • An update on the drilling tender process and logistical support;
  • An update on the final regulatory approval to drill the Big One deposit, which is expected shortly;
  • Plans for a pre-drill site visit to reaffirm the drill targets and undertake localised sampling to reaffirm surface anomalism; and
  • Progressing desktop reviews on the Valparaisa and El Dorado prospects.

Quick facts: Castillo Copper Ltd

Price: 0.043 AUD

Market: ASX
Market Cap: $43.43 m

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