Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) shares surged as much as 29% higher intra-day after drilling intersected significant visible copper mineralisation at the Big One Deposit in Mt Isa’s copper-belt, Queensland.
Drill-hole BO_318RC intersected visible copper mineralisation in two distinctive zones – 11 metres from 89-100 metres and 34 metres from 153-187 metres (apparent thickness).
Notably, massive copper sulphide mineralisation – chalcopyrite and chalcocite – was clearly observed.
More significantly, all seven drill-holes completed in the campaign so far, through visual inspection, have appeared to intersect copper mineralisation – the best intercepts are shown in Figure 1 below.
Reconciling these new data points with the geological modelling completed to date, clearly verifies material extensions to known mineralisation and potentially a larger underlying system than initially envisaged.
A key feature behind the success of the current campaign has been the significantly improved targeting, resulting from the effective utilisation of geophysical insights to refine and reshape the drilling program to boost the collective exploration potential.
“Clear evidence that known copper mineralisation has been extended”
Castillo managing director Simon Paull said: “Hitting copper mineralisation seven times from seven starts is an outstanding way to progress the drilling campaign at the Big One Deposit.
“Moreover, the result from drill-hole 318RC is excellent, throwing off two zones of visible mineralisation totalling 45m and confirms massive copper sulphides are apparent.
“In addition, the Board is delighted there is clear evidence that known copper mineralisation has been extended and looks forward to releasing interpreted insights from upcoming assays results.”
There are several ongoing steps, including:
- Assay results for BO_315RC-317RC are due back from the laboratory imminently;
- Samples for BO_318RC-321RC have been dispatched for follow up analysi;
- The drilling campaign continues at Big One Deposit with a further 19 drill-holes to complete; and
- Finalise logistics, access, cultural heritage, and targets for the drilling campaign at the Arya Prospect.