TIDMCCZ
RNS Number : 0024Y
Castillo Copper Limited
10 May 2021
10 May 2021
CASTILLO COPPER LIMITED
("Castillo" or the "Company")
Exploration Update
Castillo Copper Limited (LSE and ASX: CCZ), a base metal
explorer primarily focused on copper across Australia and Zambia,
is pleased to provide the following update from Managing Director,
Simon Paull:
"Developing a mid-tier copper group"
"Over the past few months, Castillo's geology and corporate
teams have been working tirelessly behind the scenes on two fronts:
the next phase of exploration for the flagship Mt Oxide Project and
identifying prospective strategic partners to develop our Zambia
and New South Wales assets.
"With the wet season in north-west Queensland now largely over,
we have received approval from the landowner to recommence
exploration activities at the Mt Oxide Project.
"Our first priority is to extend known mineralisation discovered
at the Big One Deposit. Currently, a team is at site conducting a
geophysical survey along the line of lode. Once the geophysical
results are interpreted and new targets formulated, our drilling
team will complete the remainder of the campaign that was designed
in late 2020.
"The drilling crew will then move to the Arya Prospect, where
there are two shallow targets around 25m deep. However, most of the
intrigue is focused on the huge interpreted 130m thick potential
massive sulphide target that is 1.5km long and 450m wide at a depth
of around 430m.
"Contingent on the assays from Big One Deposit and Arya
Prospect, further drilling may be required to build our
understanding of these two primary targets. However, there is no
shortage of exploration potential for the Mt Oxide Project as there
are another 19 targets that warrant investigation.
"With Castillo significantly leveraged to the global copper
market, embarking on a drilling campaign is timely. We are in the
midst of a massive global transformation, thanks to green stimulus
and electric vehicles rapidly gaining traction, that has propelled
the copper price to 10-year highs due to fears of significant
forward supply deficits.
"More significantly, with more investment now expected to be
earmarked for copper exploration, our corporate team has been
extremely busy liaising with prospective strategic partners to
develop our Zambia and New South Wales assets.
"To recap, Castillo has four projects across Zambia's copper
belt, a large footprint in Broken Hill that is prospective for
IOCG-cobalt mineralisation and the high-grade historic Cangai
Copper Mine.
"The Board remains optimistic that 2021 will be a transformative
year as we ramp up our exploration efforts at the Mt Oxide Project,
coupled with working towards successfully optimising our Zambia and
New South Wales assets."
In addition to this release, a PDF version of this report with
supplementary information and photos of the geophysics team at the
Big One Deposit can be found on the Company's website:
https://www.castillocopper.com/asx-announcements/
For further information, please contact:
Castillo Copper Limited +61 8 6558 0886
Simon Paull (Australia), Managing Director
Gerrard Hall (UK), Director
SI Capital Limited (Financial Adviser and
Corporate Broker) +44 (0)1483 413500
Nick Emerson
Luther Pendragon (Financial PR) +44 (0)20 7618 9100
Harry Chathli, Alexis Gore, Joe Quinlan
About Castillo Copper
Castillo Copper Limited is an Australian-based explorer
primarily focused on copper across Australia and Zambia. The group
is embarking on a strategic transformation to morph into a mid-tier
copper group underpinned by its core projects:
-- The Mt Oxide project in the Mt Isa copper-belt district,
north-west Queensland, which delivers significant exploration
upside through having several high-grade targets and a sizeable
untested anomaly within its boundaries in a copper-rich region.
-- Four high-quality prospective assets across Zambia ' s
copper-belt which is the second largest copper producer in
Africa.
-- A large tenure footprint proximal to Broken Hill's
world-class deposit that is prospective for
zinc-silver-lead-copper-gold.
-- Cangai Copper Mine in northern New South Wales, which is one
of Australia ' s highest grading historic copper mines.
The group is listed on the LSE and ASX under the ticker
"CCZ."
Competent Person Statement
The information in this report that relates to Exploration
Results is based on information compiled or reviewed by Mr Mark
Biggs. Mr Biggs is both a shareholder and 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.
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END
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