Castillo Copper Limited (ASX:CCZ) has unveiled a maiden JORC 2012 compliant MRE for the Big One Deposit of 2.1Mt @ 1.1% Cu for 21,886t contained metal in Queensland, Australia.
CEO, Dr Dennis Jensen, said, in addition, there is an estimated 2,459kg (2.1Mt @ 1.2g/t Ag) of contained silver metal credits that modestly boosts the overall result. In calculating the MRE, the geology team primarily used data from the 2020-21 reverse circulation and diamond core drilling campaigns to model the final MRE.
“The Board is delighted to announce the maiden JORC 2012 compliant mineral resource estimate (MRE) for the Big One Deposit is 2.1Mt @ 1.1% Copper, which translates to 21,886t contained metal,” Dr Jensen said.
“Encouragingly, with the underlying deposit open to the north, east and down dip the next drilling campaign will focus exclusively on extending the known orebody. In addition, the underlying copper orebody commences from surface which is a significant positive attribute if the project is fully developed.
“Concurrently, against a backdrop of strong global demand for copper, the Board is investigating potential routes to market via utilising third party processors and applying for a mining lease.”
Dr Jensen said a key feature of the Big One Deposit is that the copper orebody commences from surface – this is a significant positive in the event the prospect is fully developed.
“The reporting contains a small-indicated tonnage estimate from ex-mine dump material accurately mapped by drone survey and channel sampling. However, the full extent of the underlying copper orebody is still undetermined at this stage as it remains open to the east, north and down dip.”
CCZ’s geology team have mapped out the next drilling campaign that will specifically target extending the known copper orebody through the following actions:
- Infill drilling focused around known high-grade copper mineralisation which includes drill-holes 301RC, 303RC and 318R2; and
- Drill-testing the sizeable bedrock conductor north of the line of lode that is potentially larger than the known orebody along strike.
The timing for the next campaign getting underway is contingent on a significant improvement in ground conditions. With current plans to fully develop the Big One Deposit’s potential, the Board intends to map out optimal routes to market through utilising third party processors.
In addition, the Board will review the key requirements necessary to apply for a mining lease.
Next steps
In Queensland:
• Reporting of assay results for the Arya Prospect; and
• Big One Deposit – drilling campaign to commence once ground conditions allow.
In NSW:
• Finalisation of a JORC 2012 compliant MRE for the BHA Project East Zone; and
• Review of the Cangai Copper Mine JORC 2012 compliant MRE.
In Zambia:
• Complete geophysical report on the Mkushi Project.
For further information please visit: https://castillocopper.com/
