TIDMCCZ
RNS Number : 3850U
Castillo Copper Limited
28 March 2023
28 March 2023
CASTILLO COPPER LIMITED
("Castillo", or the "Company")
Advancing copper projects with key appointment
Castillo Copper Limited (LSE and ASX: CCZ), a base metal
explorer primarily focused on copper across Australia and Zambia,
is pleased to announce that it has appointed a service provider to
progress development work at the Big One Deposit, and that the
Castillo geology team is progressing work to update and enhance the
confidence in the 2017 inferred JORC Mineral Resource Estimate
("MRE") for Cangai Copper Mine.
HIGHLIGHTS:
-- With the long-term demand outlook for copper remaining
positive, especially with the transition to green energy gaining
increased traction, there is likely to be persistent upward
pressure on the price and greater exploration to establish new
supply chains
-- With this positive backdrop, the Board has been progressing
plans to expedite developing the copper assets, with the following
service provider appointment as well as work conducted on the
Cangai resource by the Castillo geology team:
-- Entech Mining(1) will undertake a pit optimisation and mine
design study for the Big One Deposit (NWQ Copper Project Mt Isa
copper belt), which has an inferred JORC MRE at 2.1Mt @ 1.1% Cu for
21,886t(2) copper metal:
o If the findings are positive then next steps comprise
determining the optimal path to market and effective use of
third-party processors
o Concurrently, work can focus on capitalising on Big One
Deposit's exploration potential via drill-testing known targets
north of the line of lode
o Interest in the Mt Isa copper belt is significant, as
Castillo's footprint is proximal to ground owned by majors
including Rio Tinto, Anglo America, Teck & Glencore
-- The Castillo geology team will update and enhance the
confidence in the 2017 inferred JORC MRE for Cangai Copper Mine
(northern NSW) - 107,589t contained copper metal (3.2Mt @ 3.35%)(3)
:
o Critically, drilling work post-2017, which includes 34 RC
drill-holes for circa 5,000m(4) , will be factored into the
geological model
o Notably, Cangai Copper Mine still delivers exploration
potential as DHEM surveys(4) in 2018-19 identified several untested
bedrock conductors that are open at depth
Ged Hall, Chairman of Castillo Copper, said: "The Board is well
versed in the current global demand-supply dynamics for copper
which by all accounts suggests explorers, like Castillo Copper with
inferred resources, are potentially prime beneficiaries. Having
recently outlined plans to ramp up advancing the Big One Deposit
and Cangai Copper Mine, the Board is delighted to announce the
appointment of this key service provider to progress development
work."
ADVANCING WORK ON COPPER ASSETS
Big One Deposit, NWQ Copper Project
The Board has appointed Entech Mining(1) - a multi-disciplinary
specialist mining consultant - to undertake a pit optimization and
mine design study for the Big One Deposit (Inferred MRE: 2.1Mt @
1.1% Cu for 21,886t(2) copper metal). Contingent on the study's
findings, next steps potentially comprise detailing effective
processing options and viable path to market.
In addition, there are known targets north of the line of lode,
which deliver exploration potential, that require drill-testing to
extend known mineralisation.
In recent years, interest in the Mt Isa copper belt has grown
significantly. Notably, Castillo's footprint is proximal to ground
owned by major mining groups including Rio Tinto, Anglo American,
Teck and Glencore (Figure 1).
FIGURE 1: NWQ COPPER PROJECT RELATIVE TO PEERS
Source: CCZ geology team
Cangai Copper Mine
For Cangai Copper Mine, the Board has tasked the Castillo
geology team with updating and enhancing the confidence in the 2017
inferred JORC MRE (107,589t copper metal; 3.2Mt @ 3.35%)(3) . A key
feature will be including drilling work post-2017, which includes
34 RC drill-holes for circa 5,000m(4) , into the geological
model.
To re-iterate, Cangai Copper Mine still delivers exploration
potential as DHEM surveys(4) in 2018-19 identified several untested
bedrock conductors that are open at depth (Figure 2).
FIGURE 2: CANGAI COPPER MINE - CONDUCTORS & DRILL-HOLES
Source: CCZ geology team
For further information, please contact:
Castillo Copper Limited +61 8 6558 0886
Dr Dennis Jensen (Australia), Managing Director
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
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:
-- A large footprint 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 and platinoids.
-- 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's Statement
The information in this report that relates to Exploration
Results and Mineral Resource Estimates for "Big One and Cangai
Copper Mines" 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.
References
1) Entech Mining. Available at: https://entechmining.com.au
2) CCZ ASX Release - 28 February 2022 & 20 February 2023
3) CCZ ASX Release - 28 September 2018 (Annual Report 2018), 3
September 2018, 19 February 2020, 28 April 2020 & 9 March
2023
4) CCZ ASX Release - 3 September 2018 & 11 December 2018
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