Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) is highly encouraged by initial results from a reverse circulation drilling program underway at the key Big One deposit within the flagship Mt Oxide Project in northwest Queensland.
The base metal explorer has received assays from the first three holes drilled at Big One, with mineralisation intersections ranging from 7 to 17.5 metres, according to field geologist estimates.
The apparent thickness of mineralisation intersected in drill holes BO_315RC-17RC.
In addition, preliminary down-hole electromagnetic (DHEM) survey results from holes BO_315RC, BO_316RC and BO_317RC, as well as eight 2020 drill holes, suggest the density of copper mineralisation intersected is potentially higher than initial expectations.
Compared to last year’s campaign, Castillo’s latest three holes were all drilled deeper, meaning they intersected mineralisation within and external to the trachyte dyke.
Based on early interpretations, the new drill results clearly extend known mineralisation, though proper insights will not be forthcoming until the assays are returned and thoroughly analysed by the geology team.
“Excellent initial results”
Castillo Copper managing director Simon Paull said: “Factoring in the induced polarisation (IP) survey results to our re-designed drilling campaign at the Big One deposit has delivered excellent initial results, with significant mineralisation intersected.
“Moreover, the DHEM survey results now suggest the density of the underlying copper mineralisation is greater than the board initially expected.
“Holistically, the board is delighted with these early results, as our core goal over the course of the campaign is to significantly extend known mineralisation.”
The Castillo copper drilling team at Big One.
Doubling down at Big One
Castillo redesigned its drilling campaign at Big One after the IP survey in a bid to better its chances of intersecting underlying copper mineralisation.
In addition to the IP work, the explorer carried out HDEM surveys across drill holes explored during the 2020 campaign.
Within one of the holes, which intersected copper between 24 and 42 metres, the DHEM survey verified the mineralisation density is possibly higher than Castillo first thought.
The company maintains this is a “major fundamental finding”, as it implies there is potential for significant, incremental extensions to the deposit’s known copper mineralisation.
However, a full interpretation will not be forthcoming for several weeks, as the geophysics team need to complete the campaign then thoroughly analyse the findings.
Twenty-three holes remain to be drilled under Castillo’s current campaign, meaning Big One still holds significant exploration upside.
Castillo also intends to finalise logistics for a drilling campaign at its Arya and Sansa prospects, as well as identify drill targets beyond these tenements.