- Junior explorer Castillo Copper (CCZ) has revealed the true potential of Queensland drill targets originally uncovered by BHP
- The mining giant outlined the targets back in the late 1990s but never followed up with any drilling due to low base metal prices at the time
- Castillo says it has reviewed the historical geophysical survey data at the project and found some “off the charts” results
- The primary drilling target is a whopping 130 metres thick and covers a 1500-by-400 metre area roughly 426 metres below surface
- The secondary targets are 25 metres thick and smaller in dimension but are just 25 metres underground
- Castillo is now planning to drill these targets as soon as regulatory approvals are in place
- Shares in Castillo are trading over 15 per cent higher today, currently worth three cents each
Junior explorer Castillo Copper (CCZ) has outlined three major drill targets at its Arya prospect in the Mt Oxide pillar after reviewing some historical geophysical survey data.
The drill targets at the Queensland copper-belt project were initially revealed by BHP in the late 1990s, but the mining giant never followed the targets up after the price of base metals slumped at the time.
Two decades later, Castillo is looking to cash in from the targets. The company first told shareholders it was eyeing out the old BHP prospects in May this year.
Today, Castillo has revealed the true potential of the three targets it wants to drill.
The three targets
The primary target, dubbed EG01, is a 1500-by-400-metre massive sulphide conductor roughly 426 metres below surface.
Importantly, EG01 is a whopping 130 metres thick based on the inferred thickness of the geophysical conductor.
The other two main targets, namely EG02 an EG10, are not quite as thick as the primary target but located much closer to the surface. According to Castillo, EG02 has dimensions of roughly 160-by-50 metres and EG10 270-by-280 metres. Both targets are roughly 25 metres thick and 25 metres underground.
Ged Hall, a London-based Castillo Copper Director, said the thickness and dimensions of the primary EG01 target are “off the charts” compared to anything else ever uncovered at the Mt Oxide pillar.
“With many high-grade supergene copper mineralisation occurrences at surface, there is compelling evidence that supports a sizeable underlying sulphide system,” Ged said.
“Our geology team is readying to move ahead with drill-testing multiple supergene ore and massive sulphide targets across Big One Deposit and Arya prospect once regulatory approval is secured,” he said.
The Big One deposit in the same area was originally targeted by West Australian Metals in 1992.
What’s next?
Castillo is now planning a detailed geological review on one other prospect in the area: the Valparaisa prospect.
The company will review the prospect’s potential to host copper mineralisation.
In the meantime, Castillo is planning to move on to the next phase of exploration work at the Mt Oxide pillar through reverse circulation (RC) drilling.
The drilling will kick off once all necessary regulatory approvals have been locked in.
Shares in Castillo are trading a healthy 15.38 per cent higher today, currently worth three cents each.