Castillo Copper to fully develop deposit in Mt Isa copper belt
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Castillo Copper Limited, a base metal explorer primarily focused on copper across Australia and Zambia, has announced that it will be undertaking a comprehensive soil sampling campaign at its Big One deposit – situated within the NWQ Project in Mt Isa, Australia.
This is following reconciliation of highly prospective historical exploration findings, a recent revival of the copper market and bullish forecasts from leading investment banks.
Highlights:
Copper Market Update
- Copper price in midst of a significant upcycle.
- Investment Bank Goldman Sachs has revised previous forecasting of commodity price, now estimated to reach US$12 000/t in 2024, up from US$10 000.
Big One Deposit a Focus for Development
- Castillo’s new Board will channel resources into developing the Big One Deposit in the world-class Mt Isa copper belt.
- Located within Castillo’s prime NWQ Copper Project, the Big One Deposit has a JORC 2012 compliant Mineral Resource Estimate (MRE) of 2.1 Mt @ 1.1% Cu for 21 886 t contained metal, which includes the following high-grade drilling results:
- 40 m @ 1.64% from surface incl: 11 m @ 4.40% from 24 m, 5 m @ 7.34% from 28 m & 1 m @ 16.65% from 29 m (BO_303RC).
- 44 m @ 1.19% Cu from surface incl: 14 m @ 3.55% from 27 m, 3m @ 10.88% from 37 m & 1 m @ 12.6% from 37 m (BO_301RC).
- Once approvals are secured, Castillo’s geology team will undertake soil and rock chip sampling at an area north of the known orebody where there is a sizeable, untested, bedrock conductor:
- Previous work confirmed the known orebody commences from surface though is not fully defined as it is open to the north, east and down dip.
- Upon receipt of surface sampling campaign assay results, the geology team believes there will be sufficient data to formulate a drilling campaign to test key targets and extend known mineralisation.
Strategic Asset Portfolio Review – Additional Resolutions
- The Board is committed to advancing the NWQ Copper Project, which has >20 known copper prospects.
- Castillo is actively looking to align with partners to develop the remaining assets in NSW and Zambia.
Ged Hall, Chairman, commented: “Following our strategic asset review in 2023, the new Board plans to fully develop the Big One Deposit, commencing with a comprehensive surface sampling campaign north of the known orebody.
“Further, with the current upcycle rekindling significant interest in the world-class Mt Isa copper belt, the Board has decided to prioritise the advancement of the NWQ Copper Project and seek development partners for the remaining assets in NSW and Zambia.”
Read the article online at: https://www.globalminingreview.com/mining/15052024/castillo-copper-to-fully-develop-deposit-in-mt-isa-copper-belt/
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