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Castillo Copper returns up to 9% copper in Big One Deposit assays

Castillo Copper share price well down during morning session

Castillo Copper Limited (LON:CCZ) confirmed on Monday that the initial assays for drill-holes BO_315-317RC returned up to 9.19% Cu and verified extensions to known mineralisation at the Big One Deposit in Mt Isa’s copper-belt.

Additionally, visual inspection of samples from drill-holes BO_322-27RC identified further copper mineralisation, with the best intercept of 26m found in BO_326RC. 

The Castillo Copper share price is down by 8.37% during the morning session on Monday following the announcement.

Highlights

  • Initial assays for drill-holes BO_315-317RC verify up to 9.19% Cu and clearly extends known mineralisation – the best intercepts are summarised below: 
    • 9m @ 1.42% Cu from 88m including 4m @ 3.06% Cu from 92m & 1m @ 9.19% Cu from 92m (BO_317RC) 
    • 5m @ 1.06% Cu from 141m (BO_316RC) 
    • 3m @ 1.22% Cu from 65m (BO_315RC)  

Encouragingly, visual inspection shows new drill-holes have potentially intersected copper mineralisation up to 26m – the best intercepts are shown in Figure 1: 

Figure 1: Best Intercepted Mineralisation

Borehole From (m)To (m)Apparent Thickness (m)
BO_322RC5773.516.5
BO_323RC829715.0
BO_324RC415312.0
BO_326RC13416026.0
BO_327RC60688.0
BO_327RC81908.0
BO_327RC90999.0

Assays for samples from priority drill-holes BO_318RC1 & BO_326RC, which exhibited visual copper intercepts up to 34m & 26m respectively, should be back shortly as the laboratory is fast-tracking the analysis 

  • Holistically, a closer examination of the initial assay results by Castillo’s geology team, highlights the following interpretations:  
    • Factoring the new data points into the preliminary geological model for the Big One Deposit suggests the underlying system is larger than initially envisaged;  
    • There is now increasing evidence that copper mineralisation is potentially structural as it extends beyond the trachyte/dacite dyke; and  
    • Using geophysics has enabled significantly better targeting and, in turn, optimised the results of the drilling campaign so far 
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Simon Paull, Managing Director of Castillo Copper, said: “It is encouraging there is a strong correlation between visual mineralisation and the assays, as the Board optimistically looks forward to receiving further results. Otherwise, the progress of the drilling campaign is taking shape, especially verification the underlying copper system at the Big One Deposit is likely to be larger than our geology team’s initial expectations.”  

Castillo Copper is an Australian-based explorer, primarily focused on copper across Australia and Zambia.

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