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- Castillo Copper (CCZ) has reported a further extension to known mineralisation at the Big One copper deposit within its Mt Oxide Project in Queensland
- The company’s geology consultant has assessed historical assays from a shallow drilling campaign completed by Forsayth Minerals Exploration
- The results, along with final assays from Castillo’s 2020 drilling campaign, extended the Big One deposit, which remains open in all directions
- Castillo is finalising a regional induced polarisation survey, which will cover around 3000-line metres
- The company’s geology consultant has also begun preliminary modelling of a JORC-compliant inferred mineral resource
- Shares have been trading 3.1 per cent lower at 6.2 cents
Castillo Copper (CCZ) has reported a further extension to known mineralisation at the Big One copper deposit within its Mt Oxide Project.
The Australian-based mineral explorer is primarily focused on its copper assets in Zambia and Australia, including the Mt Oxide Project, which is situated in Queensland’s Mt Isa copper-belt district.
The company’s geology consultant ROM Resources has found and assessed historical assays from a shallow drilling campaign completed by formerly-listed Forsayth Minerals Exploration.
While the results are not able to be included in a JORC compliant resource, the exploration work did not overlap other drilling programs at the deposit and as such will inform future drilling.
Best intercepts from the historical program include 34 metres at 1.51 per cent copper from surface, including a higher grade one-metre intercept at 9.4 per cent from nine metres.
“Discovering FME’s assays was a windfall, as we can now optimistically assert that Big One Deposit is a high-grade copper system,” said Castillo Copper Managing Director Simon Paull.
The results complement final assays from Castillo’s 2020 dilling campaign such as 12 metres at 0.40 per cent copper from 14 metres including one metre at 1.23 per cent from 23 metres.
“All systems are go as we accelerate developing Big One Deposit, especially aiming to extend known mineralisation further and identify new test-drill targets. Our two new initiatives are now taking shape, with an upcoming IP survey being planned and JORC modelling now underway,” added Paul.
Castillo is finalising the regional induced polarisation survey, which will cover approximately 3000-line metres. Meanwhile, ROM Resources is modelling a JORC compliant inferred mineral resource.
Shares have been trading 3.1 per cent lower at 6.2 cents at 10:10 am AEDT.
