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Castillo Copper to fully develop deposit in Mt Isa copper belt

Published by , 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.


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.”

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Australian mining news Copper mining news