Castillo Copper provides strategic update for Australia project

The premise of scheduled works is in alignment with Castillo Copper’s previously announced surface sampling campaign strategy.

Highlights:

• Last Quarter, Castillo Copper formulated a comprehensive surface sampling campaign concentrated on areas with historical anomalous surface copper and/or high conductivity zones at the Big One Deposit.
• To carry out these works, the Company has appointed geological consultant Global Ore Discovery, a leading minerals and energy exploration consultancy.
• The exploration campaign will commence with a comprehensive surface sampling programme which, when reconciled with known geophysical anomalies, should identify fresh targets to test-drill that could extend known mineralisation.
  • Subject to securing approvals and access, the Board expects work to commence this week.
  • The Big One Deposit has a JORC 2012 compliant inferred Mineral Resource Estimate (MRE) of 2.1 million t @ 1.1% Cu for 21 886 t contained copper metal, making it a key area of focus within the project.
• Progressing development work at the Big One Deposit is timely, as the Queensland government has committed to injecting funds into the region stemming from the new AUS$30 million Mount Isa Mining Acceleration Programme.
• The Board’s strategy to wait for the right partner to unlock value from selling non-core assets is starting to bear fruit:
  • The 13.4 million shares in Rimfire Pacific Mining that Castillo received in return for selling the BHA West Project4 (two tenements) in Broken Hill is now valued at more than AUS$700 000.
• The Board is optimistic this performance can be replicated with the remaining non-core assets – including the Cangai Copper Mine and BHA East Project in NSW plus the Mkushi Copper Project in Zambia – once the right partners are secured.

Ged Hall, Chairman, commented: “The Board is delighted to appoint Global Ore Discovery as the lead geological consultant to spearhead our exploration efforts at the Big One Deposit.

“The first priority is to complete a surface sampling campaign that should, once analysed and reconciled with known geophysical anomalies, identify targets for test drilling that can potentially extend known mineralisation.

“Having successfully unlocked value from selling the BHA West Project to RIM, the Board is optimistic that once the right partners are secured, this can be repeated with the remaining three non-core assets in NSW & Zambia.”

Read the article online at: https://www.globalminingreview.com/exploration-development/14082024/castillo-copper-provides-strategic-update-for-australia-project/