TIDMCCZ
RNS Number : 0325R
Castillo Copper Limited
24 October 2023
24 October 2023
CASTILLO COPPER LIMITED
("Castillo" or the "Company")
NWQ Copper Project Earmarked Core Asset
Castillo Copper Limited (LSE and ASX: CCZ), a base metal
explorer primarily focused on copper across Australia and Zambia,
is pleased to announce that NWQ Copper Project, which is located in
Mount Isa's copper-belt (Appendix A), has been classified as a core
asset. As such, the Board will be embarking on a campaign to deepen
its understanding of the 20+ prospects across the tenure (excluding
the Big One Deposit) ahead of engaging with potential strategic
partners.
HIGHLIGHTS:
-- The Board has endorsed the geology team's recommendation to
classify the NWQ Copper Project in Mt Isa's copper-belt (Appendix
A) as a core asset. The status of Cangai Copper Mine, BHA Project
and Zambia is still under review
-- With over 20 prospects across the tenure, a key focal point
has been to deepen the Board's understanding of their prospectivity
(excluding the Big One Deposit which has been drilled) in readiness
of engaging potential strategic partners
-- As part of this process, the geology team recently conducted
field trips to the Boomerang and Josephine Prospects (structurally
controlled copper mineralisation potential)(1-4) to identify future
exploration targets:
o Assayed rock chip samples returned anomalous surface readings
up to 0.46% Cu at the Boomerang Prospect (Appendix B)
Ged Hall, Chairman of Castillo Copper, commented: "With over 20
prospects across the NWQ Copper Project, which is now earmarked as
a core asset, the geology team has considerable work ahead to fully
assess the collective exploration potential. This is critical
information to have mapped out as the Board channels its efforts
into aligning with a strategic development partner."
NWQ COPPER PROJECT - CORE ASSET
Members of the geology team recently visited the Boomerang and
Josephine Prospects to assess the exploration potential, as both
are interpreted to be prospective for structurally controlled
copper mineralisation.
To recap, the key historical highlights of these two prospects
are as follows:
Boomerang Prospect (1-4)
-- Mineralisation is hosted in the Surprise Creek Formation and
is thought to be associated with secondary faulting related to the
Mt Gordon Fault, a regional NE trending structure.
-- In 1975, Dampier Mining conducted an exploration campaign
that included geological mapping, rock sampling and drilling nine
RAB holes, delineating a sandstone hosted copper oxide
mineralisation over an 800m strike length. Secondary copper
staining has been observed along the strike length.
Josephine Prospect (1-4)
-- Occurs within a fault-bounded block of middle-lower Surprise
Creek Formation. Thie host rocks consists of buff, brown and grey
thin bedded fine feldspathic and labile sandstone, ferruginous
sandstone, and micaceous siltstone.
Field trip and rock chip sampling
The field trip included a small program of rock chip sampling
(refer Figure 1 & 2) taken across various geological
formations. This preliminary work was undertaken to determine the
prospectivity for copper mineralisation and facilitate the next
phase of a more systematic exploration campaign if suitable targets
are determined.
From the Boomerang Prospect 21 rock-chip samples were taken from
the exposed sections of the Surprise Creek Formation. In addition,
13 rock-chip samples were obtained from the outcrops of the
Gunpowder Formation, Paradise Creek Formation, and Surprise Creek
Formation at the Josephine Prospect.
The rock-chip samples were sent to ALS Brisbane for
multi-element analysis, with assay results identifying elevated
levels of copper up to 0.46% Cu at the Boomerang Prospect (refer
Appendix B).
FIGURE 1: SAMPLE CCZ05985 (E.339397 FIGURE 2: SAMPLE CCZ05986 (E. 339321
N.7864042) N. 7864037)
Source: CCZ Geology Team Source: CCZ Geology Team
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
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 announcement that relates to exploration
results is based on and fairly represents information compiled by
Jeremy Clark, a competent person who is a member of the AusIMM.
Jeremy Clark is the sole director of Lily Valley International Pty
Ltd. Jeremy Clark has sufficient experience that is relevant to the
style of mineralisation and type of deposits under consideration
and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 edition of the Australasian Code of
Report of Exploration Results, Mineral Resources and Ore Reserves.
Jeremey Clark consents to the inclusion in this announcement of the
matters based on his work in the form and context in which is
appears.
References
(1) CCZ London Listing Prospectus - 28 July 2020
(2) CCZ ASX Announcement - 17 October 2023
(3) CCZ ASZ Announcement - 23 January 2023
(4) Nowland, M. L. (2020-22). EPM 26462 Big Oxide North Annual
Report for period 29th August 2021 to 28th August 2022. Prepared by
ROM Resources for Castillo Copper Limited
APPIX A: PROSPECTS WITHIN THE NORTH-WEST QUEENSLAND COPPER
PROJECT
Source: CCZ geology team
APPIX B: ROCK CHIP ASSAY RESULTS
Sample ID Site_ID Easting (GDA94/z54) Northing (GDA94/z54) Cu (ppm)
CCZ05981 BMG_SM_03 339386 7864168 21.6
CCZ05982 BMG_SM_04 339452 7864076 580
CCZ05983 BMG_SM_05 339408 7864044 117
CCZ05984 BMG_SM_06 339399 7864048 2360
CCZ05985 BMG_SM_07 339397 7864042 641
CCZ05986 BMG_SM_08 339321 7864037 4590
CCZ05987 BMG_SM_09 339507 7863970 4000
CCZ05988 BMG_SM_10 339588 7863946 1170
CCZ05989 BMG_SM_11 339604 7863943 3390
CCZ05990 BMG_SM_12 339668 7863919 746
CCZ05991 BMG_SM_13 339729 7863877 1445
CCZ05992 BMG_SM_14 339770 7863757 1575
CCZ05993 BMG_SM_15 339763 7863704 1060
CCZ05994 BMG_SM_16 339731 7863620 94.2
CCZ05995 BMG_SM_17 339375 7864108 536
CCZ05996 BMG_SM_18 339354 7864237 11.3
CCZ05997 BMG_SM_19 339263 7864192 28.2
CCZ05998 BMG_SM_20 339130 7864191 15.6
CCZ05999 BMG_SM_21 338986 7864124 28.9
CCZ06000 BMG_SM_22 338197 7861004 41.5
CCZ06001 BMG_SM_23 338235 7860956 50.6
Source: ALS Brisbane
Sample_ID Site_ID Easting (GDA94/z54) Northing (GDA94/z54) Cu (ppm)
CCZ06002 JSP_SM_01 335611 7857091 5.3
CCZ06003 JSP_SM_02 335594 7857095 25
CCZ06004 JSP_SM_03 335365 7857061 18
CCZ06005 JSP_SM_04 335343 7857067 80.9
CCZ06006 JSP_SM_05 335321 7857067 4
CCZ06007 JSP_SM_06 335275 7857130 110.5
CCZ06008 JSP_SM_07 335276 7857130 48.9
CCZ06009 JSP_SM_08 335220 7857212 8.2
CCZ06010 JSP_SM_09 335161 7857197 6.8
CCZ06011 JSP_SM_10 335139 7857193 283
CCZ06012 JSP_SM_11 334940 7856936 26
CCZ06013 JSP_SM_12 334857 7856937 5.6
CCZ06014 JSP_SM_13 334587 7857031 40.9
Source: ALS Brisbane
APPIX C: JORC TABLE
JORC Code, 2012 Edition - Table 1 Reporting - Rock Chip
Program
Section 1 - Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections).
Criteria Commentary
Sampling -- Thirty four (34) rock chip samples were collected from
techniques prospective outcropping lithologies in the field using a
steel geological hammer.
-- Samples were collected by experienced geologists and samples
collected were based on geological observations and availability
of material.
-- Samples are not representative of the deposits. Further
exploration is required.
-- Sample weights ranged between 0.09kg and 0.49kg.
-- The sample size is considered representative of the material
sampled.
-- Samples were placed in individually numbered calico bags.
-- Samples were submitted to the independent, international
accredited Australian Laboratory Services (ALS) Brisbane
facility for assay.
-- The sampling technique used is deemed appropriate for
the style of mineralization and exploration undertaken.
Drilling -- Drilling results are not included in this announcement.
techniques
Drill sample -- Drilling results are not included in this announcement.
recovery
Logging -- A description of the sample site, including GPS co-ordinates
(GDA94/z54), the rock-type sampled, and the date and time
samples were collected were recorded at time of sampling.
-- Logging is qualitative in data.
-- Sample sites and rock specimens were photographed.
Sub-sampling -- Samples were prepared and analysed at ALS Brisbane's facilities.
techniques -- ALS have internal QA/QC procedures to ensure a representative
and sample sample is assayed.
preparation -- Samples were crushed so that each sample has a nominal
85% passing <75um.
-- Based on information provided, sample sizes and the sampling
preparation technique is considered appropriate for rock
chip sampling and to correctly represent interpreted mineralisation
given the status of the projects and allow an assessment
of exploration potential.
-- Industry standard QAQC was utilised included standards
and blanks.
Quality -- The assay techniques employed included mixed acid digestion
of assay with ICP-OES, ICP-AES, ICP-MS and AAS finishes. These methods
data and are considered appropriate for the targeted mineralisation
laboratory and regarded as a 'near total' digestion technique with resistive
tests phases not expected to affect copper analysis using the ME-MS61R
method.
-- ALS provided their own routine quality controls within
their own practices as per international ISO Standards, including
the insertion of standard and blanks. The company has not
included QAQC given the type of sampling.
-- No QAQC issues were noted.
-- No geophysical surveys were undertaken at this time.
Verification -- No independent sampling was commissioned by CCZ.
of sampling -- An experienced geologist reviewed the digital assay data.
and assay -- No adjustments have been made to the digital assay data.
-- CCZ finds no reason to question the veracity of the digital
assay data provided and reported in this announcement.
-- ALS provided their own routine quality controls within
their own practices as per international ISO Standards.
-- No QAQC issues were noted.
Location -- The co-ordinates of the sample sites were recorded using
of data points a handheld Garmin GPS.
-- The grid-system used is GDA94 UTM Zone 54.
-- Topographic control is considered adequate.
-- Location accuracy is +/-10m.
-- The approach is considered acceptable for the nature of
the sampling program.
Data spacing -- Sampling was of a reconnaissance nature.
and distribution -- The spacing and location of the sample sites, by the nature
of early exploration are variable.
-- The spacing and location of data is currently only being
considered for exploration purposes and is not sufficient
to determine geological and grade continuity.
-- Due to the early stage of exploration, the spacing and
location of sample sites is not material to the type of reporting
-- No sampling compositing was used.
Orientation -- The twenty one (21) rock chip samples collected at Boomerang
of data in were taken from exposed sections of the Surprise Creek Formation.
relation -- The thirteen (13) rock chip samp les collected at Josephine
to geological were taken from exposed sections of the Gunpowder Creek Formation,
structure Paradise Formation and Surprise Creek Formation.
-- By its nature, the rock chip data is insufficient to confirm
optimal drilling orientation of a possible future drilling
campaign.
Sample security -- CCZ staff and contractors ensured a strict chain of custody
procedures that were adhered to for all thirty four (34)
rock chip samples.
-- All sample bags were pre-numbered and securely closed,
ensuring no material could spill out during transport.
Audits or -- No formal audit has been conducted on the data being reported.
reviews
Section 2 - Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section).
Criteria Commentary
Mineral -- The North-West Queensland (NWQ) Copper Project consists
tenure and of five (5) tenures.
land tenure -- Boomerang and Josephine Prospect Areas are located within
status the same tenure (EPM26462) and on Chidna Station.
-- No joint ventures of royalties are understood to impact
the tenements.
-- No known impediments are understood to occur to allow
for further exploration.
Exploration -- Several generations of drilling and exploration have been
done by other conducted at Boomerang and Josephine Prospect Areas, including
parties geological mapping, geochemical surveys and the drilling
of nine (9) rotary air blast (RAB) holes, drilled at Boomerang
during the early 1970s.
-- Exploration is considered to be at an early stage across
EPM26462.
Geology -- The NWQ Copper Project is located within the Mt Isa Inlier
of western Queensland, a large, exposed section of Proterozoic
(2.5 billion- to 540-million-year-old) crustal rocks. The
inlier records a long history of tectonic evolution, now
thought to be like that of the Broken Hill Block in western
New South Wales.
-- The NWQ Copper Project lies within the Mt Oxide Domain,
straddling the Lawn Hill Platform and Leichhardt River Fault
Trough. The geology of the tenement is principally comprised
of rocks of the Surprise Creek and Quilalar Formations which
include feldspathic quartzites, conglomerates, arkosic grits,
shales, siltstones and minor dolomites and limestones.
-- The NWQ Copper Project area is cut by a major fault zone,
trending north-north east to south-southwest across the permits.
This fault is associated with major folding, forming several
tight syncline and anticline structures along its length.
-- Almost without exception known copper mineralisation around
Boomerang and Josephine Prospect Areas is hosted within the
upper rock units of the Paradise Creek and Surprise Creek
Formation.
-- Major copper orebodies in the area such as Mt. Oxide and
Mt Gordon/Capricorn Copper are manifested as a breccia and
replacement zones associated with interconnecting faults,
especially associated with the Mt Gordon Fault Zone (MGFZ).
-- The MGFZ bisects the Boomerang and Josephine targets.
-- Mineralisation associated with MGFZ is primarily chalcopyrite-pyrite-chalcocite,
typically as massive sulphide within breccias.
Drill hole -- Drilling results are not included in this announcement.
information
Data aggregation -- No weighted averaging techniques of minimum/maximum grade
methods truncations (cut off/top cut) have been applied.
Relationship -- This announcement is for surface samples only.
between mineralisation -- Surface samples do not inform the geometry of mineralisation.
widths and
intercept
widths
Diagrams -- Suitable figures have been included in the body of this
announcement.
Balanced -- Key results have been included in the body of this announcement.
reporting
Other substantive -- Historical exploration data mentioned in this announcement
exploration can be found in previous announcements.
data -- CCZ notes that historical exploration data is available
in the public domain via the GSQ Open Data Portal.
Further -- As part of the Company's strategic review, assay results
work will be used in conjunction with historic exploration data
to define priority exploration targets within the NWQ Copper
Project.
-- Follow up field work is planned, potentially including
a more extensive rock chip sampling program.
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