Castillo Copper Ltd (ASX:CCZ) has identified drill targets described as being exceptional at Arya prospect within its Mt Oxide pillar in northwest Queensland.
The primary drill target, EG01, is interpreted to be a 130-metre thick massive sulphide of around 1,500 metres by 450 metres and around 426 metres below surface.
Exploration upside boosted[hhmc]
This target substantially boosts the Mt Oxide pillars overall exploration upside for Castillo, which is advancing a three-pillar strategy aimed at becoming a mid-tier copper producer.
A review of historic ground and aerial electromagnetic geophysical survey data also revealed two secondary drill targets (EG02 and EG10) that are likely to be supergene mineralisation.
These are both about 25 metres below surface and are around 25 metres thick with dimensions of approximately 160 metres by 50 metres and 270 metres by 280 metres respectively.
“Significant new exploration project”[hhmc]
Castillo Coppers chairman Rob Scott said: “Castillo Coppers Mt Oxide pillar has emerged as a significant new exploration project in the Mt Isa copper-belt in Queensland.
“Historic ground and aerial electromagnetic geophysical surveys identifying substantial drill targets up to 130 metres thick, provides an exciting opportunity with clear upside for our stakeholders.”
Shares are up more than 15% to 3 cents and have climbed from 0.6 cents at close on March 23.
Drill targets and electromagnetic anomalies at Arya prospect.
EG01 was identified following a comprehensive review and subsequent interpretation of legacy ground and aerial electromagnetic geophysical survey data by CCZs independent geology consultant.
Whilst smaller in size compared to EG01, the secondary geophysical drill targets are compelling given they are relative shallow and around 25 metres thick with an interpreted shallow dip to the north.
Identified by BHP[hhmc]
All three targets were identified by BHP in the late 1990s and earmarked for priority follow-up exploration which never materialised, likely due to weak base metal prices at the time induced by the 1998 Asian financial crises
Complementing its geophysics, BHP undertook rock chip sampling above EG01 and EG02 along a mineralised brecciated fault, with assays confirming high-grade supergene copper mineralisation at surface up to 7,400ppm.
In addition, several other groups completed numerous rock chip sampling programs at Arya, above the bedrock conductors, reporting high-grade assays up to 18,400ppm copper.
Castillo believes this is significant as there is typically a clear nexus between supergene copper mineralisation at surface and massive sulphides at depth.
Drilling planned[hhmc]
Reverse circulation test-drill campaigns for Arya as well as the Big One Deposit, which have been designed to deliver optimal results, are ready to be implemented once regulatory approval is secured.
Read More – Source
[contf]
[contfnew]
Proactiveinvestors
[contfnewc]
[contfnewc]
