Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) has been granted a trading halt pending the release of an announcement relating to material exploration results.
The halt will remain in place until the start of regular trading on Thursday, July 15, or until an announcement is released to the market, whichever occurs earliest.
Big One intepretations
The company was highly encouraged by observations from reverse circulation drilling at the key Big One Deposit within the flagship Mt Oxide Project in northwest Queensland.
For the first three holes drilled at Big One mineralisation intersections ranged from 7 to 17.5 metres, according to field geologist estimates.
In addition, preliminary down-hole electromagnetic (DHEM) survey results from holes BO_315RC, BO_316RC and BO_317RC, as well as eight 2020 drill holes, suggest the density of copper mineralisation intersected is potentially higher than initial expectations.
Geophysical campaign in Zambia
Earlier this month, the company announced the launch of a comprehensive induced polarisation (IP) survey across the key Luanshya and Mkushi projects in Zambia’s copper belt.
Given the scale of the campaign, the explorer expects it will take 6-8 weeks to complete and fully analyse the results.
To accelerate identifying targets that can be drill tested, CCZ has engaged Geophex Surveys (GS) to undertake the survey.
Reconciling findings with known anomalous areas at the surface should identify priority targets to drill.