Castillo Copper Ltd (CCZ) has outlined its strategic intent for Big One Deposit, within the Mt Oxide Project in Queensland’s copper-belt, due to favourable forecast global demand-supply dynamics for copper.
The prevailing solid outlook for the global copper market has prompted CCZ’s Board to re-shape its strategic intent for Big One Deposit to capitalise on this prevailing opportunity. In addition, the Board is cognisant of the improving fundamentals for the global cobalt market, as the recent drilling campaign verified there is ore grade cobalt mineralisation apparent at Big One Deposit too.
The starting point is to firm up plans to apply for a new mining lease, ahead of CCZ’s geology consultant releasing an inaugural JORC compliant resource.
The arguments in favour of taking this assertive stance are compelling, as Big One Deposit already has several high-quality fundamental strengths, including:
- A known high-grade shallow copper system that was mined in 1997 – producing 4400 t supergene ore, averaging 3.5% copper (Cu) – via several opencast.
- Recent and historical drilling campaigns that have produced exceptional high-grade intercepts, including:
- 303RC: 40 m at 1.64% from surface including 11 m at 4.40% from 24 m, 5 m at 7.34% from 28 m and 1 m at 16.65% from 29 m.
- 301RC: 44 m at 1.19% Cu from surface including 14 m at 3.55% from 27 m, 3 m at 10.88% from 37 m and 1 m at 12.6% from 37 m.
- BO017: 34 m at 1.51% Cu from surface including 21 m at 2.25% Cu from surface, 12 m at 3.44% Cu from 3 m, 6 m at 4.79% Cu from 3 m and 1 m at 9.4% from 9 m.
- B07: 3 m at 12.25% Cu from 42 m including 2 m at 17.87% Cu from 43 m and 1 m at 28.4% Cu from 44 m.
- B05: 8 m at 2.33% Cu from 44 m including 6 m at 3.00% Cu from 45 m and 5 m at 3.28% Cu from 45 m.
- B06: 4 m at 2.20% Cu from 44 m including 2 m at 3.19% Cu from 46 m and 1 m at 3.63% Cu from 47 m.
- BO015: 18 m at 0.86% Cu from 11 m including 6 m at 1.85% Cu from 20 m, 3 m at 2.98% Cu from 20 m and 1 m at 8% from 20 m.
- 213RC: 12 m at 0.79% Cu from 52 m including 8 m at 1.06% Cu from 57 m, 3 m at 2.03% Cu from 58 m, 1 m at 4.27% Cu from 59 m and 1 m at 1.46% Cu fm 62 m.
- Excellent location in the world-class Mt Isa copper-belt, which is a well-established mining region with solid infrastructure and ready access to a skilled labour pool.
- Moreover, there are several third-party processors in the region with excess milling capacity that CCZ’s management team are now actively canvassing.
Castillo Copper’s Managing Director, Simon Paull, commented: “Buoyant global demand for copper has been a key catalyst for the Board to sharpen its strategic intent for Big One Deposit. With outstanding assays, the Board is highly optimistic further planned exploratory work has the potential to extend known mineralisation. Consequently, the Board believes it is prudent to start preparing the ground-work to potentially recommence mining operations.”
Moving forward, further work is planned to extend known mineralisation and Big One Deposit’s potential scale, starting with an induced polarisation survey to identify incremental test-drill targets.
In addition, once ground conditions improve, post the wet-season, drilling will resume at Big One Deposit then move to Arya Prospect which has an interpreted 130 m thick potential massive sulfide anomaly (1500 m by 450 m) that is highly prospective for copper mineralization.
Read the article online at: https://www.globalminingreview.com/exploration-development/04032021/castillo-copper-to-recommence-mining-at-big-one-deposit/