Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:70R) has begun a comprehensive drilling campaign comprising reverse circulation and diamond drilling across three key prospects at its flagship Mt Oxide Project in Queensland’s Mt Isa Copper-belt.
At Big One deposit, work has begun on 26 drill holes across a 2,828-metre area, with the focus on intersecting new targets off the 1,200-metre strike event to extend known copper mineralisation.
At the Game of Thrones-themed Arya and Sansa deposits, Castillo’s logistics and geology teams are finalising access, program design and site preparation as it seeks to drill several bedrock conductors once work concludes at Big One.
Mid-tier producer strategy
Castillo managing director Simon Paull said: “Over the next few months our core focus is to maximise exploration efforts across our flagship Mt Oxide Project.
“More pointedly, with a plethora of high-quality drillable targets, shored up by ample funding, our strategic intent to transform CCZ into a mid-tier copper group is set to gain considerable momentum.”
The drilling program follows a successful A$11.4 million capital raise, as covered by Proactive, which leaves Castillo with $13.5 million in funding.
“The board now has significantly higher confidence that 2021 will be a transformative year for Castillo Copper,” Paull said at the time.
Mt Oxide Project
The Mt Oxide Project is in the Mt Isa Copper-belt, which has been the subject of renewed interest following increases in the copper price and the upcoming IPO of 29Metals on the ASX – owner of the operating Capricorn Copper Mine around 7 kilometres southwest of the Mt Oxide Project – within the next few weeks.
Castillo 100% owns the copper project, which has the potential to deliver material exploration upside with 22 viable targets, including the major copper discovery at the Big One deposit.
In late May, Castillo said preliminary interpretations by a geophysicist consultant revealed possible extensions to mineralisation at Big One.
Once work at Big One is complete, the drilling team will move across to the Arya and Sansa prospects, where several bedrock conductors have already been identified.
Castillo’s geology team are also assessing the merits of drill-testing the Eldorado and Valparaisa prospects, which were interpreted to be prospective for structurally controlled copper mineralisation.
To optimally manage the exploration program, Castillo has appointed David Drakeley of geology consultancy FieldCrew Group.
– Daniel Paproth