Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) has observed broad copper oxide and sulphide mineralisation at shallow depths in the first seven drill holes at Big One Deposit within the core Mt Oxide Project in northwest Queensland.
These intersections containing malachite and chalcocite mineralisation are wide, ranging from 9 metres to 13 metres.
Samples, which have been sent to the laboratory for expedited analysis, should potentially confirm there are extensions to known copper mineralisation at depth.
Verifying the presence of copper sulphide mineralisation enhances the potential scalability of the Big One Deposit, which is within the prolific the Mt Isa copper-belt district.
Castillo Copper’s managing director Simon Paull said: “Hitting visible copper oxide and sulphide mineralisation at shallow depths in the first phase of an extensive drilling campaign is exceptional.
"More encouraging, however, is the indicative size of the intercepts at Big One Deposit which range from 9 metres to 13 metres in work undertaken to date.
"The board is delighted with this early success and looks forward to receiving the assay results.
"More importantly, however, with a further 28 drill-holes to complete, there is still significant exploration upside ahead.”
After reviewing the findings more closely, CCZ’s geology team determined the following:
- With chalcocite and malachite present, hole DH_211 is within the supergene/transitional zone below the oxide layer and relatively close to historic workings;
- In addition, with chalcocite, pyrite and haematite observed, hole DH_207 is likely to be in the transitional zone; and
- Identifying haematite and quartz alteration is significant, since large regional deposits of the Mt Isa Block are known to have haematisation and silicification linked with copper mineralisation.
Subject to assay results, which are being expedited, initial observations potentially extend known copper mineralisation at depth and indicate there are underlying sulphides in the transitional/supergene zone.
Further, the remainder of the drilling campaign will be reorientated and optimised to factor into account the underlying mineralisation believed to be more steeply aligned than initially modelled.
“Off to flying start”
Castillo Copper’s UK-based director Ged Hall said: “Our team is off to a flying start, especially hitting copper sulphide mineralisation at this early stage of the campaign.
"This is a lead indicator which highlights the potential scalability of the Big One Deposit as our knowledge of the underlying ore body expands in tandem with the drilling campaign’s progress.”
The company’s next steps at the Mt Oxide pillar are:
- Review and report on assays results, once they have been received from the laboratory; and
- Continue to progress the RC drilling campaign at Big One Deposit then move on to Arya Prospect.