Castillo Copper Ltd (LSE:CCZ, ASX:CCZ) has notched up a maiden JORC 2012-compliant mineral resource estimate (MRE) for the Big One Deposit in northwest Queensland of 2.1 million tonnes at 1.1% copper for 21,886 tonnes of contained metal.
In addition, there is an estimated 2,459 kilograms (2.1 million tonnes at 1.2 g/t silver) of contained silver metal credits that modestly boosts the overall result.
In its calculations, the geology team primarily used data from the 2020-21 reverse circulation and diamond core drilling campaigns to model the final MRE.
The underlying orebody – which commences from surface – is not fully defined, as it remains open to the east, north and down dip.
CCZ’s geology team has already mapped out the next drilling campaign, which will target extending the known orebody.
Next drilling campaign
Castillo Copper CEO Dr Dennis Jensen said: “Encouragingly, with the underlying deposit open to the north, east and down dip the next drilling campaign will focus exclusively on extending the known orebody.
“In addition, the underlying copper orebody commences from surface, which is a significant positive attribute if the project is fully developed.
“Concurrently, against a backdrop of strong global demand for copper, the board is investigating potential routes to market via utilising third party processors and applying for a mining lease.”
Key feature of Big One
A key feature of the Big One Deposit is that the copper orebody commences from surface – a significant positive in the event the prospect is fully developed.
The reporting contains a small-indicated tonnage estimate from ex-mine dump material accurately mapped by drone survey and channel sampling.
However, the full extent of the underlying copper orebody is still undetermined at this stage as it remains open to the east, north and down dip.
As such, CCZ’s geology team have mapped out the next drilling campaign that will specifically target extending the known copper orebody through the following actions:
➢ Infill drilling focused around known high-grade copper mineralisation, which includes drill-holes 301RC, 303RC & 318R2; and
➢ Drill-testing the sizeable bedrock conductor north of the line of lode that is potentially larger than the known orebody along strike.
The timing for the next campaign getting underway is contingent on a significant improvement in ground conditions.
Apply for mining lease
With current plans to fully develop the Big One Deposit’s potential, the board intends to map out optimal routes to market through utilising third-party processors.
Given the strong demand for copper globally, the board will review the requirements to apply for a mining lease.
Next steps
In Queensland:
➢ Reporting of assay results for the Arya Prospect; and
➢ Big One Deposit – drilling campaign to commence once ground conditions allow.
In NSW:
➢ Finalisation of a JORC 2012 compliant MRE for the BHA Project East Zone; and
➢ Review of the Cangai Copper Mine JORC 2012 compliant MRE.
In Zambia:
➢ Complete geophysical report on the Mkushi Project.