Castillo Copper Ltd (ASX:CCZ) is fully funded to ramp-up exploration efforts around the Big One deposit and Arya prospect at Mt Oxide Pillar within the Mt Isa copper-belt in Queensland
As part of pre-drilling formalities, the companys geology team recently visited Big One and verified a prominent shear zone and surface outcrop with visible copper mineralisation and also confirmed the location of three pits with visible copper mineralisation.
Shares have opened higher on the news, up more than 4% to a new 2-year high of 4.9 cents.
Castillo Copper UK director Ged Hall said: “As preparations for the drilling campaign ramp up, our geology team has been delighted with the amount of outcropping and visible mineralisation at surface around the Big One Deposit.
“In short, the prominent shear zone, coupled with surface outcrops deliver clear demonstrable targets, which is excellent news during our maiden week trading on the LSE.”
“Extending known mineralisation”
The upcoming drilling at Big One will build on results from an earlier RC drilling campaign, which intersected up to 28.4% copper at shallow depths.
It will also aim to extend exploration drilling along the known mineralised 600 metres strike zone, parallel to this mineralised zone.
Castillo Copper managing director Simon Paull said: “We soon intend to commence drilling tier-one copper targets at the Mt Oxide Pillar which is a pivotal moment in CCZs evolution.
“Our objective is to extend known high-grade copper mineralisation at the Big One deposit and test drill the enormous 130 metres thick interpreted potential massive sulphide target at the Arya prospect.
“Thereafter, the focus shifts to eight additional prospects within the Mt Oxide Pillar, which reflects the substantial exploration upside this asset delivers.”
Previous RC results at Big One which reflect the potential upside of the deposit include:
- 3 metres at 12.25% copper from 42 metres, including 2 metres at 17.87% copper from 43 metres and 1 metre at 28.4% copper from 44 metres;
- 8 metres at 2.33% copper from 44 metres, including 6 metres at 3% copper from 45 metres and 5 metres at 3.28% copper from 45 metres;
- 4 metres at 2.20% copper from 44 metres, including 2 metres at 3.19% copper from 46 metres and 1 metre at 3.63% copper from 47 metres; and
- 6 metres at 1.55% copper from 66 metres, including 5 metres at 1.79% copper from 66 metres and 2 metres at 2.08% copper from 66 metres.