Join our daily newsletter At The Bell to receive exclusive market insights
- Castillo Copper (CCZ) has observed widespread copper and sulphide mineralisation at the Big One Deposit within the Mt Oxide Project in Queensland
- Castillo is undertaking a 35-hole drilling program at Big One to test for potential extensions to known mineralisation
- The latest observations come from samples collected from the first seven holes drilled
- The remaining 28 holes are yet to be completed and samples have been sent to the lab for analysis
- Company shares last traded 4.26 per cent higher for 4.9 cents in early morning trade
Castillo Copper (CCZ) has observed shallow copper oxide and sulphide mineralisation at the Big One Deposit which is part of the Mt Oxide Project.
Castillo intersected the widespread mineralisation from samples taken from the first seven holes drilled at Big One.
A 35-hole reverse circulation (RC) drilling program began at the Big One Deposit last month. Drilling is focused on a strike zone of around 580 metres by 120 metres to test for mineralisation up to 190 metres below surface.
While assays are yet to be received for any holes of this current program, the deposit has yielded positive results from previous drilling, including up to 28.4 per cent copper.
“Hitting visible copper oxide and sulphide mineralisation at shallow depths in the first phase of an extensive drilling campaign is exceptional,” Managing Director Simon Paull said.
“The board is delighted with this early success and looks forward to receiving the assay results. More importantly, however, with a further 28 drill-holes to complete, there is still significant exploration upside ahead,” he added.
Importantly, Castillo is encouraged by the fact the mineralisation is wide, ranging from nine metres to 13 metres, as it enhances the potential scale of the Big One Deposit.
Samples have been sent to the lab for analysis, and Castillo expects these may confirm extensions to the known copper mineralisation at depth.
Company shares last traded 4.26 per cent higher for 4.9 cents in early morning trade.
