viewCastillo Copper Ltd

Castillo Copper at 2-year high as pre-drilling site visit confirms visible copper at Mt Oxide Pillar

As part of pre-drilling formalities, CCZ’s geology team recently visited the high-grade Big One Deposit and confirmed a surface outcrop with visible copper mineralisation.

Castillo Copper Ltd - Castillo Copper pre-drilling site visit confirms visible copper at Mt Oxide Pillar
Malachite (green) and Azurite (blue) as staining and fracture fill in this case, in fault brecciated siltstone

Castillo Copper Ltd (ASX:CCZ) is fully funded to ramp-up exploration efforts around the Big One deposit and Arya prospect at Mt Oxide Pillar within the Mt Isa copper-belt in Queensland

As part of pre-drilling formalities, the company’s geology team recently visited Big One and verified a prominent shear zone and surface outcrop with visible copper mineralisation and also confirmed the location of three pits with visible copper mineralisation.

Shares have opened higher on the news, up more than 4% to a new 2-year high of 4.9 cents.

Castillo Copper UK director Ged Hall said: “As preparations for the drilling campaign ramp up, our geology team has been delighted with the amount of outcropping and visible mineralisation at surface around the Big One Deposit.

“In short, the prominent shear zone, coupled with surface outcrops deliver clear demonstrable targets, which is excellent news during our maiden week trading on the LSE.”

“Extending known mineralisation”

The upcoming drilling at Big One will build on results from an earlier RC drilling campaign, which intersected up to 28.4% copper at shallow depths.

It will also aim to extend exploration drilling along the known mineralised 600 metres strike zone, parallel to this mineralised zone.

Castillo Copper managing director Simon Paull said: “We soon intend to commence drilling tier-one copper targets at the Mt Oxide Pillar which is a pivotal moment in CCZ’s evolution.

“Our objective is to extend known high-grade copper mineralisation at the Big One deposit and test drill the enormous 130 metres thick interpreted potential massive sulphide target at the Arya prospect.

“Thereafter, the focus shifts to eight additional prospects within the Mt Oxide Pillar, which reflects the substantial exploration upside this asset delivers.”

RC results

Previous RC results at Big One which reflect the potential upside of the deposit include:

  • 3 metres at 12.25% copper from 42 metres, including 2 metres at 17.87% copper from 43 metres and 1 metre at 28.4% copper from 44 metres;
  • 8 metres at 2.33% copper from 44 metres, including 6 metres at 3% copper from 45 metres and 5 metres at 3.28% copper from 45 metres;
  • 4 metres at 2.20% copper from 44 metres, including 2 metres at 3.19% copper from 46 metres and 1 metre at 3.63% copper from 47 metres; and
  • 6 metres at 1.55% copper from 66 metres, including 5 metres at 1.79% copper from 66 metres and 2 metres at 2.08% copper from 66 metres.

Drill targets at the Arya prospect.

Arya prospect

The objective of the drilling campaign at the Arya prospect is to test for potential shallow supergene copper mineralisation and potential massive sulphides at depth.

The primary drill target (EG01) is an interpreted potential massive sulphide geophysical conductor around 130 metres thick, with dimensions of about 1,500 metres by 450 metres and sits around 426 metres below surface.

Complementing this are two secondary drill targets (EG02 & EG10) that could be supergene copper mineralisation.

Next steps

The company expects to have further clarity on the timeline once the drilling contractor is appointed, which is expected shortly as the tender evaluation process is nearing completion.

Reviews on the Valparaisa and Eldorado prospects within the Mt Oxide Pillar will also be conducted in the near term.

Quick facts: Castillo Copper Ltd

Price: 0.045 AUD

Market: ASX
Market Cap: $45.45 m

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