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Castillo Copper provides update

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Global Mining Review,

Castillo Copper’s Managing Director, Simon Paull, has provided an update on the company’s projects.

“Over the past few months, CCZ’s geology and corporate teams have been working tirelessly behind the scenes on two fronts: the next phase of exploration for the flagship Mt Oxide Project and identifying prospective strategic partners to develop our Zambia and New South Wales assets.

“With the wet season in north-west Queensland now largely over, we have received approval from the landowner to recommence exploration activities at the Mt Oxide Project.

“Our first priority is to extend known mineralisation discovered at the Big One Deposit. Currently, a team is at site conducting a geophysical survey along the line of lode. Once the geophysical results are interpreted and new targets formulated, our drilling team will complete the reminder of the campaign that was designed in late 2020.

“The drilling crew will then move to the Arya Prospect, where there are two shallow targets around 25 m deep. However, most of the intrigue is focused on the huge interpreted 130 m thick potential massive sulfide target that is 1.5 km long and 450 m wide at a depth of around 430 m.

“Contingent on the assays from Big One Deposit and Arya Prospect further drilling may be required to build our understanding of these two primary targets. However, there is no shortage of exploration potential for the Mt Oxide Project as there are another 19 targets that warrant investigation.

“With CCZ significantly leveraged to the global copper market, embarking on a drilling campaign is timely. We are in the midst of a massive global transformation, thanks to green stimulus and electric vehicles rapidly gaining traction, that has propelled the copper price to 10-year highs due to fears of significant forward supply deficits.

“More significantly, with more investment now expected to be earmarked for copper exploration, our corporate team has been extremely busy liaising with prospective strategic partners to develop our Zambia and New South Wales assets.

“To recap, CCZ has four projects across Zambia’s copper belt, a large footprint in Broken Hill that is prospective for IOCG-cobalt mineralisation and the high-grade historic Cangai Copper Mine.

“The Board remains optimistic that 2021 will be a transformative year as we ramp up our exploration efforts at the Mt Oxide Project, coupled with, working towards successfully optimising our Zambia and NSW assets.”

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Australian mining news Copper mining news