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Castillo Copper announce first assay results at Big One

Published by
Global Mining Review,


Castillo Copper Ltd, a base metal explorer primarily focused on copper across Australia and Zambia, has announced that initial assay results at the Big One deposit have verified oxide-sulfide, shallow copper mineralisation, up to 4.14% copper (Cu).

The presence of shallow copper mineralisation augments previously recorded intercepts up to 28.4% and is a highly encouraging start to the company’s maiden drilling campaign at the Big One Deposit within the company's 100% owned Mt Oxide Project in the Mt Isa copper-belt district of Queensland, Australia.

Highlights

  • Assay results on visually logged mineralised intersections verified shallow copper mineralisation – up to 4.14% Cu – apparent within four drill-holes at the Big One Deposit, with the best economic intercepts being:
    • RC_213: 7 m at 1.37% Cu from 57 m including: 3 m at 2.18% Cu from 58 m.
    • RC_211: 1 m at 4.14% Cu from 65 m.
    • RC_206: 7 m at 0.54% Cu from 55 m including: 2 m at 1.35% Cu from 60 m.
    • RC_207: 4 m at 0.43% Cu from 85 m including: 2 m at 1.03% Cu from 85 m.
  • This represents a solid start to the current drilling campaign, as there are still 28 drill-holes to complete, and builds on results from an earlier programme which produced significant intercepts, up to 28.4% Cu, including:
    • 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 44m.
    • 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.
    • B25: 6 m at 1.55% Cu from 66 m including: 5 m at 1.79% Cu from 66 m and 2 m at 2.08% Cu from 66 m.
    • B02: 4 m at 1.45% Cu from 36 m including: 1 m at 2.48% Cu from 37 m.
    • B26: 3 m at 1.36% Cu from 73 m including: 2 m at 2.29% Cu from 73 m and 1 m at 1.02% Cu from 74 m.
  • Based on initial interpretations, Castillo’s geology team believe the intercepts from RC_213, RC_211, RC_206 and RC_207 likely intersected mineralisation in the transitional zone between the oxide and sulphide domains:
  • This is consistent with earlier observations that confirmed visible malachite (oxide) and chalcocite (sulfide) in RC chips, but further data points are required.
  • As a result of reconciling these early results with the geological model, the remainder of the drilling campaign has been re-optimised to maximise the exploration potential.

Next steps

  • Assay results for the full seven drill-holes completed are being finalised and are expected to be returned shortly.
  • Complete the drilling campaign at the Big One Deposit and release assay results once they have been finalised from the laboratory.

Castillo Copper’s Managing Director, Simon Paull, commented: “With the copper price near a seven-year high, coupled with favourable global fundamentals moving forward, the Board’s strategic intent to transform Castillo into a mid-tier copper group is gaining momentum. Consequently, we are delighted with the initial assay results from the Big One Deposit, which highlight that our drilling team has intersected shallow copper mineralisation. We have a busy forward agenda which will generate significant forward news flow over the balance of the year.”

Castillo Copper’s UK-based Director, Ged Hall, remarked: “The hard work identifying the Big One Deposit as a viable prospect has paid off, as the first batch of assay results hit the sweet spot. Our UK investors are looking forward to further news flow as by the conclusion of the current drilling campaign, we’ll have an excellent understanding of the potential scalability the Big One Deposit can deliver.”

Read the article online at: https://www.globalminingreview.com/exploration-development/30112020/castillo-copper-announce-first-assay-results-at-big-one/

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This article has been tagged under the following:

Australian mining news Copper mining news