leadf
logo-loader
viewCastillo Copper Ltd

Castillo Copper awaits Big One assays at the start of what shapes as “transformative” year

During the fourth quarter of 2020, the drilling contractor completed 20 drill-holes at Big One Deposit in the Mt Isa Copperbelt and the company is eagerly awaiting assay results.

Castillo Copper Ltd - Castillo Copper awaits Big One assays at the start of what shapes as “transformative” year
Night drilling at Big One Deposit within the Mt Oxide Copper Project in northwest Queensland.

Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) is eagerly awaiting assay results from Big One Deposit of the Mt Oxide Copper Project in northwest Queensland that are expected to provide an entree for a "transformative" year in 2021.

During the fourth quarter of 2020, the drilling contractor completed 20 drill-holes at Big One and the board is targeting to shortly release complete drill logs and relevant observations for all 20 drill-holes in two to three batches.

The company's optimism is supported by observations from core including:

  • Six drill-holes for the 200 series with partial assays for visible copper confirming up to 4.1% copper; and
  • Fourteen drill-holes for the 300 series with visible copper mineralisation.

“Optimistic for a transformative year”

Castillo Copper’s managing director Simon Paull said: “Having completed 20 drill-holes of the current drilling campaign, the board is delighted about the potential of the Big One Deposit.

“Further, the board is optimistic 2021 will be a transformative year and that significant value can be created for shareholders as the Mt Oxide Project is developed.”

In line with the positive start to 2021 and a strong copper market outlook, the company's shares have been as much as 12% higher today to A$0.039.

Ramping up exploration

With geological interpretations of current and historic data suggesting a shallow, high-grade scalable copper system apparent at Big One Deposit, the company has prioritised forward plans for the first half of 2021 which include:

  • Undertaking a comprehensive geophysical survey to identify potential massive sulphide bedrock conductors that would extend known mineralisation and provide incremental test-drill targets along with the strike extent;
  • Finish the current RC drilling campaign as soon as practical then move onto the Arya Prospect; and
  • Start work on modelling up a JORC-compliant resource at Big One Deposit and then, subject to the results of modelling, apply for a fresh mining lease.

Overall, the company is delighted with the progress of the drilling campaign to date.

Quick facts: Castillo Copper Ltd

Price: 0.049 AUD

ASX:CCZ
Market: ASX
Market Cap: $49.93 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Castillo Copper Ltd named herein, including the promotion by the Company of Castillo Copper Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

SI Capital 'nice looking near surface copper oxide project' at the Big One...

Mining specialist Charlie Stephenson from SI Capital talks through the latest results for Castillo Copper Ltd (ASX:CCZ).  The company has further extended the large copper discovery at the Big One Deposit within the Mt Oxide Project in Queensland’s Mt Isa copper-belt.  This...

2 weeks, 3 days ago

2 min read