Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) is eagerly awaiting assay results from Big One Deposit of the Mt Oxide Copper Project in northwest Queensland that are expected to provide an entree for a “transformative” year in 2021.
During the fourth quarter of 2020, the drilling contractor completed 20 drill-holes at Big One and the board is targeting to shortly release complete drill logs and relevant observations for all 20 drill-holes in two to three batches.
The company’s optimism is supported by observations from core including:
- Six drill-holes for the 200 series with partial assays for visible copper confirming up to 4.1% copper; and
- Fourteen drill-holes for the 300 series with visible copper mineralisation.
“Optimistic for a transformative year”
Castillo Copper’s managing director Simon Paull said: “Having completed 20 drill-holes of the current drilling campaign, the board is delighted about the potential of the Big One Deposit.
“Further, the board is optimistic 2021 will be a transformative year and that significant value can be created for shareholders as the Mt Oxide Project is developed.”
In line with the positive start to 2021 and a strong copper market outlook, the company’s shares have been as much as 12% higher today to A$0.039.
Ramping up exploration
With geological interpretations of current and historic data suggesting a shallow, high-grade scalable copper system apparent at Big One Deposit, the company has prioritised forward plans for the first half of 2021 which include:
- Undertaking a comprehensive geophysical survey to identify potential massive sulphide bedrock conductors that would extend known mineralisation and provide incremental test-drill targets along with the strike extent;
- Finish the current RC drilling campaign as soon as practical then move onto the Arya Prospect; and
- Start work on modelling up a JORC-compliant resource at Big One Deposit and then, subject to the results of modelling, apply for a fresh mining lease.
Overall, the company is delighted with the progress of the drilling campaign to date.