Castillo Copper working on next phase of exploration for the flagship Mt Oxide Project
Castillo Copper (LON:CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, gave an operational update on its exploration plans as the price of copper reached new highs last week.
In a statement from managing director, Simon Paull, outlined the company’s ongoing work in securing the next phase of its operations.
“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,” Paull said.
“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.”
Castillo‘s main priority is to extend known mineralisation discovered at the Big One Deposit. At present, a team is “at site” conducting a geophysical survey along the line of lode, according to the company’s statement. Once the geophysical results are interpreted and new targets formulated, Castillo’s 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,” Paull said.
“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.”
Castillo is largely weighted towards the world copper market, and so the news comes in a timely fashion. The price of copper reached a record high last Friday as part of a wider rally in commodity markets, as economies across the world reopen and demand for minerals grows on amid the world’s transition to green energy.
“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,” said Castillo Copper.
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