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Castillo Copper identifies 10th copper prospect at Mt Oxide, with gold to boot

“The geological review has provided us with an encyclopedia on various types of copper mineralisation prevalent across the Mt Oxide Project,” said UK director Ged Hall.

Castillo Copper Ltd - Castillo Copper identifies 10th copper prospect at Mt Oxide, with gold to boot
Eldorado is the 10th viable target that builds on Mt Oxide’s cumulative exploration upside

Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) has completed a geological review of Mt Oxide Project in northwest Queensland, identifying a 10th target, Eldorado, which is prospective for structurally controlled copper mineralisation.

In analysing historical assayed soil samples, the company’s geology team has interpreted that Eldorado is primarily prospective for non-coincident structurally controlled copper as well as gold.

There are several anomalous geochemical zones within two well-defined soil grids – Grid A and Eldorado – that have elevated non-coincident copper-gold readings requiring follow-up.

To determine if the interpretation is valid, the geology team will undertake a site visit to Eldorado, which is around 4 kilometres southeast from Arya prospect.

Pipeline of exploration

Managing director Simon Paull said the geological review had provided the company with invaluable insights into 10 viable targets across the Mt Oxide Project in the Mt Isa copper-belt of northwest Queensland.

He said: "Furthermore, this clearly delivers a significant pipeline of exploratory work ahead, on top of the targeted drilling campaign which is slated to get underway at the Big One Deposit and Arya Prospect shortly.”

Prospects across the Mt Oxide Pillar.

In Grid A soil sampling identified a 200 by 500-metre area with anomalous copper values up to 310 ppm copper while rock chips returned up to 5,400 ppm copper within a 320 by 600-metre area.

This area is around 650 metres southeast of the historic Eldorado copper workings.

The anomalous copper values could potentially be associated with a significant NNE trending fault.

Anomalous gold

At the Eldorado grid, there is a 200 by 500-metre area with anomalous gold up to 20 ppb gold that was identified from soil samples.

Rock chip sampling returned anomalous gold up to 35 ppm which is slightly to the west of the Eldorado soil grid boundary.

Completion of the Mt Oxide Project geological review has provided insights into 10 prospects and highlighted an array of differing copper mineralisation styles.

“Positive backdrop”

Castillo Copper’s UK director Ged Hall said: “Without question, the geological review has provided us with an encyclopedia on various types of copper mineralisation prevalent across the Mt Oxide Project.

"Encouragingly, as the macro environment for copper remains buoyant, this provides a positive backdrop on the eve of development work ramping up.”

Site visits

The next phase of the exploration plan, outside drilling Big One deposit and Arya prospect, will be site visits to reconcile desk top findings, undertake sampling and determine geophysics programs.

With the next Big One and Arya work, Depco Drilling and third-party service providers are on track to mobilise to site to begin work on the inaugural Mt Oxide drilling campaign.

Castillo expects this to get underway in mid-October.

Mt Oxide project relative to regional peers.

Next steps

The company’s next work in its strategy to become a mid-tier copper producer includes:

  • Commencing the drilling program at Mt Oxide Project;
  • Broken Hill update;
  • Update on Mkushi Project in Zambia; and
  • Cangai update.

Quick facts: Castillo Copper Ltd

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