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- Castillo Copper (CCZ) receives latest assay results from the Big One Deposit within the Mt Oxide project in Queensland, extending the known mineralisation
- The latest results come from the first four of 20 reverse circulation drill holes completed with best intercepts including grades up to 9.2 per cent copper
- Castillo says the results are in line with those from the first round of drilling and are assisting the geology team in understanding the underlying system
- Moving forward, the third campaign will include 22 drill holes targeting several prime areas
- Shares are trading 5.56 per cent lower at 3.4 cents at 2:56pm AEST
Castillo Copper (CCZ) has received the results from the second drilling campaign completed at the Big One Deposit within the Mt Oxide North Project in Queensland.
Mt Oxide is a historic copper deposit with mining operations at Big One, reportedly producing 9.4 tonnes of copper between 1914-15.
Castillo believes the project has the potential to deliver material exploration upside with 22 viable targets prospective for copper mineralisation.
The second round of drilling at the Big One deposit comprised 20 reverse circulation drill-holes totalling 2632 metres with one including a HQ diameter diamond-core tail for 32 metres.
The program was designed to extend known mineralisation and test the halo south of the dacite dyke.
Of the holes drilled, the first four reportedly extended known mineralisation, being proximal to the dacite dyke.
CCZ said the best intercepts comprised nine metres at 1.4 per cent copper from 88 metres including four metres at three per cent copper from 92 metres and one metre at 9.2 per cent copper from 92 metres.
The results are reportedly in line with those from the first drilling campaign which was completed in late 2020 and included 40 metres at 1.6 per cent copper from surface, including 11 metres at 4.4 per cent copper from 24 metres.
The company’s geology team is said to be better equipped in understanding the underlying system at the deposit with the latest results at hand.
Moving forward, the third campaign is planned to hit priority targets north of the line of lode, which CCZ said included a “sizeable” bedrock conductor.
Managing Director Simon Paull said extending the mineralisation was encouraging and while the third program got under way, the company was looking forward to starting work at the Arya Prospect within the project.
A logistics team is reportedly on site preparing the helipad and drill-pads in preparation for the arrival of equipment.
Shares were trading 5.56 per cent lower at 3.4 cents at 2:56pm AEST.
