REG - Castillo Copper Ltd - Chief geologist outlines plans for Big One

Castillo CopperAnnouncement

28/05/2024 07:00

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RNS Number : 9627P  Castillo Copper Limited  28 May 2024

28 May 2024

 

CASTILLO COPPER LIMITED

("Castillo", "CCZ" or the "Company")

 

Chief geologist outlines plans for Big One deposit surface sampling campaign

 

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily
focused on copper across Australia and Zambia, is pleased to announce that
Non-Executive Director and Chief Geologist, Joel Logan, has devised the
geological approach to be taken in the Company's recently announced surface
sampling campaign(1); earmarked for implementation at the Big One Deposit, a
highly prospective target forming part of the greater NWQ Project in Mt Isa.

 

HIGHLIGHTS:

 

·    CCZ's chief geologist, Joel Logan, has formulated a comprehensive,
three-day surface sampling campaign that will concentrate on eight areas
across the Big One Deposit, with historical anomalous surface copper and/or
high conductivity zones.

 

·    Of particular interest for follow up work, are the findings from an
inaugural Induced Polarisation (IP) survey undertaken by the Company in
2020(2), which evidenced the following:

 

o  Significant incremental copper mineralisation located along north-trending
fault structures rather than constrained in the trachyte dyke, and

o  Significant untested bedrock conductor north of the line of lode,
materially larger than the high-grade anomaly drilled in 2020.

 

·    Based on historic surface observations, circa 200m north from the
line of lode there also exists a sizeable, potentially mineralised gossan(3)
that is earmarked for thorough sampling.

 

·    Once geochemical data from the upcoming campaign is reconciled with
historical geophysics and surface observations, high-conviction targets for
test-drilling can be formulated to potentially extend known mineralisation
north of the line of lode.

 

Joel Logan, Non-Executive Director and Chief Geologist, commented: "Our goal
is to undertake a systematic surface sampling campaign that targets the most
conductive IP anomalies north of known mineralisation at the Big One Deposit.

 

"Further, we will re-sample areas with elevated historical copper readings at
surface. In turn, the combined area will be mapped, and structural
measurements collected, with an emphasis on noting haematite-altered and
copper-bearing faulting.

 

"This data should aid in confirming earlier observations from soil and rock
chip sampling, where similar mineralised faulting through the Big One Deposit
trends north directly through the focus area.

 

"In addition, gossans north of the focus area will be assessed for visible
copper minerals and thoroughly sampled. Once the assayed geochemical
information and legacy IP readings are reconciled, a comprehensive drill
strategy can be formulated."

 

 

 

Soil Sampling Campaign Focus Areas

 

The upcoming soil sampling campaign will cover eight highly prospective areas
across the Big One Deposit - north and south of the 1,200m line of lode. The
focus areas were selected from historical anomalous surface copper and/or high
conductivity zones (Figure 1).

 

FIGURE 1: BIG ONE DEPOSIT - LINE OF LODE & EIGHT FOCUS AREAS

Notes:

1.        Source: CCZ geology team. Coordinate system is MGA94-Zone54S

2.        Contours shown from Cu surface rock chip sampling. Image is
IP chargeability at 120m depth. Gossans shown in pink.

 

PURPOSE OF THE CAMPAIGN:

 

The Scope of Work for the upcoming surface sampling campaign has been designed
to progress and/or enable the following developments at the Big One deposit:

·      Detailed geological mapping, including any strike and dip
measurements, across the eight zones,

·      Conduct soil and/or rock chip sampling,

·      Reconnaissance of potential future reverse circulation and
diamond core sites,

·      Magnetic susceptibility and pXRF measurements on any soil or rock
chip samples collected, and

·      Record any other pertinent geological observations whilst in the
field.

 

2020 Geophysics Campaign

 

A previous IP survey undertaken by Castillo Copper in 2020, comprised six
lines ranging from 500-700m long and spaced 200m apart over the 1,200m line of
lode (Figure 2).

FIGURE 2: LINE LOCATIONS TRANSVERSING BIG ONE DEPOSIT

Source: CCZ geology team

SURVEY FINDINGS

 

Interpretations of the IP survey from CCZ's then-geophysicist suggested that
there exists a significant untested bedrock conductor north of the line of
lode that is materially larger than the high-grade anomaly drilled in 2020.
(Figure 3).

 

FIGURE 3: LINE 3 - NEWLY IDENTIFIED BEDROCK CONDUCTORS

Source: CCZ geology team

Further, interpretations from surface sampling implied that there was
incremental copper mineralisation along north-trending fault structures,
rather than constrained within the trachyte dyke.

 

Historic Field Report Observations

 

Based on historical surface observations, circa 200m north of the line of lode
is a sizeable, potentially mineralised gossan that needs to be thoroughly
assessed for its underlying copper potential.

 

Gossan formations - resulting from the oxidisation of sulphide materials in an
ore deposit - can act as a 'marker' for subsurface ore deposits and are
generally observed as rock that is intensely oxidised, decomposed or weathered
in appearance.

 

Next Steps: Post-Soil Sampling Campaign

 

All samples from the campaign will be sent to the laboratory for assaying.
Once the full suite of geochemical results is returned and reconciled with
historical surface observations / IP survey, then high conviction test-drill
targets can be devised to potentially extend known mineralisation north of the
line of lode.

 

For further information, please contact:

 

 Castillo Copper Limited                                             +61 8 6558 0886 
 Gerrard Hall (UK), Chairman                                          
                                                                      
 SI Capital Limited (Financial Adviser and Corporate Broker)         +44 (0)1483 413500 
 Nick Emerson                                                          
                                                                       
 Gracechurch Group (Financial PR)                                    +44 (0)20 4582 3500
 Harry Chathli, Alexis Gore, Henry Gamble                             

 

Competent Person's Statement

The information in this report that relates to Exploration Results and Mineral
Resource Estimates for "Chief Geologist Outlines Plans for Big One Deposit
Surface Sampling Campaign" is based on information compiled or reviewed by Mr
Mark Biggs. Mr Biggs is a director of ROM Resources, a company which is a
shareholder of Castillo Copper Limited. ROM Resources provides ad-hoc
geological consultancy services to Castillo Copper Limited. Mr Biggs is a
member of the Australian Institute of Mining and Metallurgy (member #107188)
and has sufficient experience of relevance to the styles of mineralisation and
types of deposits under consideration, and to the activities undertaken, to
qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore
Reserves Committee (JORC) Australasian Code for Reporting of Exploration
Results, and Mineral Resources. Mr Biggs holds an AusIMM Online Course
Certificate in 2012 JORC Code Reporting. Mr Biggs also consents to the
inclusion in this report of the matters based on information in the form and
context in which it appears. The Australian Securities Exchange has not
reviewed and does not accept responsibility for the accuracy or adequacy of
this release.

References

1)           See ASX Announcement dated 14 May 2024

2)           CCZ ASX Release - 20 May 2020

3)           Csar, M, 1996. Big One & Mt Storm Copper Deposits.
Unpublished field report. - CCZ ASX Release 14 January 2020

 

About Castillo Copper

 

Castillo Copper Limited is an Australian-based, Australian-focussed copper
exploration Company with a strategy to develop multi-commodity assets that
demonstrate future potential as an economic mining operation.

Through the application of disciplined and structured exploration and
analysis, Castillo Copper has identified assets deemed core to the Company's
sustained growth and is actively progressing these interests up the value
curve.

Current focus will be on advancing exploration activity at the Company's
wholly owned NWQ Project, situated in the copper-belt district approximately
150km north of Mt Isa in north-west Queensland.

Other interests include the Broken Hill Project in western New South Wales and
the Cangai Copper Mine in north-east New South Wales, as well as exploration
targets in Zambia.

Castillo Copper is listed on the LSE and ASX under the ticker "CCZ".

 

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