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Castillo Copper has drill spinning in new campaign at Mt Oxide’s Big One Deposit

The core objective of the drilling campaign is to build on results from an earlier program which delivered economic copper intercepts up to 28.4% copper.

Castillo Copper Ltd - Castillo Copper has drill spinning in new campaign at Mt Oxide’s Big One Deposit
Drilling begins at Big One Deposit within Queensland’s prolific Mt Isa Copper-belt.

Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) has the drill spinning in a new campaign at Big One Deposit within the Mt Oxide Project in northwest Queensland’s Mt Isa Copper-belt.

This program will comprise a 35-hole reverse circulation campaign for 4,385 metres and incremental diamond drilling of two holes for 160 metres.

Core objective

The core objective is to build on results from an earlier program which delivered economic intercepts up to 28.4% copper as well as shallow high-grade supergene copper ore.

After completing the program at Big One, the drill team will move to the Arya Prospect.

Castillo Copper’s managing director Simon Paull said: “After considerable hard work from all stakeholders, the board is delighted that drilling has now commenced at the Big One Deposit in our core Mt Oxide Project.”

Focus of drilling

The RC drilling will focus on a strike zone of around 580 metres by 120 metres.

Proposed total drill hole depths range from about 50 metres up to 250 metres, which equates to vertical depth drilling targets between approximately 26 metres to 190 metres below surface.

Incrementally, the diamond drill program will focus on shallow supergene mineralisation targets at vertical depths ranging from around 26 metres to 52 metres.

The configuration of the planned drill-holes, within the strike zone, ranges from around 20 metres up to 100 metres apart.

Castillo Copper’s overall objective with the drilling is to verify scalability via the extension of known mineralisation, especially how deep high-grade supergene mineralisation extends from surface and if this transitions into underlying sulphides at depth.

Previous results

The best high-grade economic intercept in previous drilling was 3 metres at 12.25% copper from 42 metres including 2 metres at 17.87% from 43 metres and 1-metre at 28.4% from 44 metres.

Notably, this drilling intersected shallow high-grade supergene copper ore.

Upon completion of the current campaign, CCZ should have considerable insights about the scalability of the Big One Deposit by targeting an incremental parallel structure from known mineralisation.

Paull added: “As the geology team will be sending samples for analysis at regular intervals, we will be providing regular updates on findings over the course of the campaign.”

Core project

Mt Oxide is one of the core projects that underpin CCZ’s strategic transformation to morph into a mid-tier copper group.

This project delivers strong exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a proven, copper-rich region.

The company also has four high-quality prospective assets across Zambia’s copper-belt which is the second-largest copper producer in Africa.

In New South Wales, CCZ has the Cangai Copper Mine, which is one of Australia’s highest grading historic copper mines, and also has a large tenure footprint in proximity to Broken Hill’s world-class deposit that is prospective for zinc-silver-lead-copper-gold.

Quick facts: Castillo Copper Ltd

Price: 0.048 AUD

ASX:CCZ
Market: ASX
Market Cap: $48.6 m
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Castillo Copper: Shareholders' Q&A session

Castillo Copper's Simon Paull answers shareholders' questions with Proactive London's Katie Pilbeam. Questions from investors range from the age of the boxed archives that were digitised from Mt Oxide and whether or not drilling is imminent there. The presentation can be viewed here:...

on 16/10/20

3 min read