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- Castillo Copper (CCZ) has announced assay results from its Big One Deposit have verified the site’s shallow copper mineralisation
- Best results from the ongoing drilling campaign include one metre at 4.14 per cent copper from 65 metres
- Another 28 holes are being prepared for drilling at the deposit, which is located at the Mt Oxide Project in northwest Queensland
- This campaign follows up on the previous best results of one metre at 28.4 per cent copper from 44 metres
- Following these early results, the remaining drilling campaign is being re-optimised while further assay results are also pending
- Shares in CCZ are currently trading down 18.8 per cent at 3.9 cents each
Castillo Copper (CCZ) has announced early assay results from its Big One Deposit have verified the presence of shallow copper mineralisation.
The base metals explorer announced today that it had intercepted best results of one metre at 4.14 per cent copper from 65 metres.
The results come from the four drill holes at Big One, which is located at Castillo’s Mt Oxide Project in northwest Queensland.
A drilling campaign is currently underway at the deposit, with four drill holes completed and assays recieved.
Another 28 holes are yet to be completed as part of the campaign, which is following up on the previous program which also produced strong results.
These include three metres at 12.25 per cent copper from 42 metres, including two metres at 17.87 per cent copper from 43 metres and one metre at 28.4 per cent copper from 44 metres.
Castillo Copper’s Managing Director Simon Paull said these new results came at an exciting time for the industry.
“With the copper price near a seven-year high, coupled with favourable global
fundamentals moving forward, the board’s strategic intent to transform CCZ
into a mid-tier copper group is gaining momentum,” he said.
“Consequently, we are delighted with the initial assay results from the Big One Deposit, which highlight that our drilling team has intersected shallow copper mineralisation,” he added.
Following these early results, Castillo has decided to re-optimise the remaining drilling campaign to maximise exploration potential.
It’s also awaiting the assay results for the full seven drill-holes which have been completed to date.
Despite the company’s satisfaction with these initial results, it appears some shareholders are less than impressed.
Shares in Castillo Copper hav dropped 18.8 per cent in early trade, currently trading at 3.9 cents at 10:59 am AEDT.
