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Castillo Copper pegs sites with approvals and logistics in place for drilling at Big One

Big One is one of a number of highly prospective copper targets at Mt Oxide pillar within the Mt Isa copper belt of northwest Queensland.

Castillo Copper Ltd - Castillo Copper pegs sites with approvals and logistics in place for drilling at Big One
Pegging drill sites at the Big One deposit within the Mt Oxide pillar

Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) has pegged drill sites, secured approvals and has logistics in place ahead of its first drilling campaign at the highly prospective Big One deposit within the Mt Oxide pillar in northwest Queensland.

The company’s geology team has pegged 35 drill sites in readiness for the upcoming drill campaign.

In addition, the team found visual evidence of supergene and massive sulphide mineralisation at surface and potential linkages lending credence that Big One could potentially be part of a larger IOCG system.

Access track complete

Logistically, the access track to site is now complete and all key government regulatory approvals have been secured.

An extensive tender process has been undertaken to find a suitable drilling contractor and, after a thorough review by the board, the field has been narrowed to two short-listed candidates.

The extensive tender process to find a suitable drilling contractor has been narrowed down to two short-listed candidates.

Across logistics and approvals

Castillo Copper’s managing director Simon Paull said: “Thanks to the dedicated hard work of our geology team, we are now clearly across logistics and regulatory approvals.

“Importantly, we are now fully prepared to move forward with our planned drilling campaign at the Big One deposit.

“Moreover, the fresh geological insights the field team observed at site are extremely encouraging, especially finding high-grade supergene and massive sulphide mineralisation at surface.”

Shares up 20%

Shares have been up as much as 20% this morning to A$0.049, which is equal to a new high of almost two years.

Castillo's geology team spent considerable time canvassing the Big One deposit, studying historic workings, assessing the upside potential as well as pegging the drill sites.

Visual evidence

The team collected some spectacular rock chip samples from the deposit which illustrated supergene oxide (malachite) and massive sulphide (chalcocite) mineralisation.

These samples included high-grade mineralisation veins comprising:

  • Hematite-sulphide (primary massive hematite-chalcopyrite) occurring on rock piles as supergene mineralisation (which is evidence of a potential link to a larger IOCG mineralised system); and
  • Malachite in strongly argillically altered felsic porphyritic dyke rock where the phenocrysts have been replaced by sulphide (chalcopyrite in the primary zone), chalcocite (in the supergene zone) and malachite (in the oxide zone).

These malachite and chalcocite samples were on remnant ore stockpiles.

Overall, 24 rock chip samples were collected for laboratory analysis from the historic stockpiles and pits 1-4 which were previously mined.

The geology team visually confirmed that copper mineralisation occurs within a strongly altered trachytic porphyritic dyke, with massive sulphide veins and disseminated sulphides apparent.

This team also closely studied outcrop in pit walls, which provided the best insights into the underlying geology and ratified the potential presence of high-grade copper mineralisation across the Big One deposit.

“Highly prospective target”

Castillo Copper’s UK director Ged Hall said: “The insights the geology team were able to gather at site are outstanding, especially visual evidence there is high-grade copper mineralisation across the Big One deposit.

“This is clearly a highly prospective target and our UK investors are very much looking forward to the drilling campaign getting underway.”

Arya next in line

The geology team’s next task is to peg the Arya prospect then undertake a closer review of the surface geology, as part of the process to progress concurrent drilling campaigns.

Castillo is also reviewing the Valparaisa and Eldorado prospects within the Mt Oxide Pillar.

Mt Oxide is one of three pillars the company is focusing on as it aims to become a mid-tier copper producer with the others being Cangai in northern NSW and projects on Zambia’s prolific copper belt.

Quick facts: Castillo Copper Ltd

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ASX:CCZ
Market: ASX
Market Cap: $50.6 m
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Castillo Copper: Shareholders' Q&A session

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