TIDMCCZ
RNS Number : 3050P
Castillo Copper Limited
18 October 2021
18 October 2021
CASTILLO COPPER LIMITED
("Castillo" or "CCZ" the "Company")
Drilling commences at Arya Copper Prospect
Castillo Copper Limited ("CCZ"), a base metal explorer primarily
focused on copper across Australia and Zambia, is pleased to
announce that following the largest mobilisation effort in CCZ's
history, drilling has now commenced at the Arya Copper Prospect,
located in the Mt Isa copper-belt of Queensland, Australia.
Highlights
-- The inaugural drilling campaign at the Arya Copper Prospect
is now underway, after a massive logistical effort to prepare the
drill-pads and heli-lift the rig and all supporting equipment to
site
-- After reconciling the geochemical and geophysics data(1) ,
the Board decided to orchestrate a strategic "proof of concept"
campaign, comprising five initial RC drill-holes
-- Key focus remains to drill-test the three targets identified
by BHP in the mid-1990s including EG01, EG02 and EG10(1,2) :
o Of these, EG01 has been interpreted as a potential massive
sulphide bedrock conductor 130m thick, 1,500m long and 450m wide at
a revised 100-200m depth(1,2)
-- If initial observations and findings from the drilling are
encouraging, the campaign will be expanded to fully-test the extent
of any underlying system
-- Concurrently, the geology team will undertake a 200m-by-200m
mapping / rock chip sampling campaign which is designed to extend
the known surface anomaly to the south
Simon Paull, Managing Director of Castillo Copper, commented:
"We are delighted to have commenced drilling at our Arya prospect.
Of the 22 targets that we have across the tenure in the Mt Isa
region, the Arya Copper Prospect has generated the most intrigue
and interest among stakeholders. The geochemistry and geophysical
evidence have all provided compelling evidence the three targets
are potentially among the best within our tenure. As such, the
Board optimistically looks forward to the initial observations as
the campaign progresses."
DRILLING UNDERWAY AT THE ARYA COPPER PROSPECT
Drilling is now underway at the Arya Copper Prospect after the
largest mobilisation effort in CCZ's history. This entailed
heli-lifting the drill-rig, all supporting equipment and personnel
to site due to the rough terrain. After running several scenarios,
heli-lifting all the equipment to site (and between drill pads) was
calculated to be more cost efficient and flexible than building a
reinforced, access road at this initial stage of the campaign.
Furthermore, post reconciling historic geochemical and
geophysical data, the Board decided it was strategically more
prudent to orchestrate a "proof of concept" campaign comprising
five RC drill-holes initially which includes AR04, AR08, AR09, AR13
and AR21. If the first-round observations and geological findings
are encouraging, there is built-in flexibility to expand the
campaign to fully drill-test the extent of any underlying
system.
The focus remains on drill-testing the three main targets that
BHP identified in the mid-1990s comprising EG01, EG02 and EG10.
Significantly, much of the emphasis will be on EG01 which is
interpreted to be a potential massive sulphide bedrock conductor
130m thick, 1,500m long and 450m wide at a revised 100-200m
depth(1,2) .
Additionally, the geology team will undertake a 200m-by-200m
mapping / rock-chip sampling campaign which is aiming to extend the
known historical surface anomaly to the south.
Next steps
In Queensland, the following is set to take place over the
coming weeks:
o Progress reports on drilling at the Arya Copper Prospect.
For the lithium projects:
o Ongoing due diligence for the Picasso and Litchfield Lithium
Projects, including return of assay results for surface sampling
campaigns.
There are several ongoing steps for the Zambia operations,
including:
o Complete the IP survey at the Luanshya & Mkushi Projects
then analyse the results for incremental targets for test-drilling;
and
o Commence work on the inaugural drilling campaign for the Luanshya Project.
In addition to this release, a PDF version of this report with
supplementary information and images can be found on the Company's
website: https://www.castillocopper.com/asx-announcements/
For further information, please contact:
Castillo Copper Limited +61 8 6558 0886
Simon Paull (Australia), Managing Director
Gerrard Hall (UK), Director
SI Capital Limited (Financial Adviser and
Corporate Broker) +44 (0)1483 413500
Nick Emerson
Luther Pendragon (Financial PR) +44 (0)20 7618 9100
Harry Chathli, Alexis Gore, Elsa Darlington
About Castillo Copper
Castillo Copper Limited is an Australian-based explorer
primarily focused on copper across Australia and Zambia. The group
is embarking on a strategic transformation to morph into a mid-tier
copper group underpinned by its core projects:
-- A large footprint in the Mt Isa copper-belt district,
north-west Queensland, which delivers significant exploration
upside through having several high-grade targets and a sizeable
untested anomaly within its boundaries in a copper-rich region.
-- Four high-quality prospective assets across Zambia's
copper-belt which is the second largest copper producer in
Africa.
-- A large tenure footprint proximal to Broken Hill's
world-class deposit that is prospective for
zinc-silver-lead-copper-gold.
-- Cangai Copper Mine in northern New South Wales, which is one
of Australia's highest grading historic copper mines.
The group is listed on the LSE and ASX under the ticker
"CCZ."
References
1. BHP Minerals Pty Ltd, 1998. EPM 11383 (Alsace Camp), 11452
(Epsilon), Combined Annual/Final Report for the Period
Ending 19/12/98. QDEX Report: 30750; BHP Minerals Pty Ltd, 1997.
EPM 11383 (Alsace Camp), 11452 (Epsilon),
Combined Annual Report for the Period Ending 19/12/97. QDEX
Report: 29762; and CCZ ASX Release - 10 June 2020 and 13 April
2021
2. CCZ ASX Release - 10 August & 14 September 2021
Competent Person Statement
The information in this report that relates to Exploration
Results for "Big One Deposit" is based on information compiled or
reviewed by Mr Mark Biggs. Mr Biggs is both a shareholder and
director of ROM Resources, a company which is a shareholder of
Castillo Copper Limited. ROM Resources provides ad hoc geological
consultancy services to Castillo Copper Limited. Mr Biggs is a
member of the Australian Institute of Mining and Metallurgy (member
#107188) and has sufficient experience of relevance to the styles
of mineralisation and types of deposits under consideration, and to
the activities undertaken, to qualify as a Competent Person as
defined in the 2012 Edition of the Joint Ore Reserves Committee
(JORC) Australasian Code for Reporting of Exploration Results, and
Mineral Resources. Mr Biggs holds an AusIMM Online Course
Certificate in 2012 JORC Code Reporting. Mr Biggs also consents to
the inclusion in this report of the matters based on information in
the form and context in which it appears.
The London Stock Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of this release.
APPIX A: JORC Code, 2012 Edition - Table 1 Arya Geochem and EM
Interpretation
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Three (3) entities completed rock chip sampling
random chips, or specific specialised industry methods over at least four (4) separate surface
standard measurement tools appropriate to the sampling campaigns and are described in the current
minerals under investigation, such as down hole gamma ASX Release, a generalised description of rock chip
sondes, or handheld XRF instruments, etc). These sample collection is presented here.
examples should not be taken as limiting the broad
meaning of sampling.
* Rock Chip Samples - were collected up to
approximately a 5m radius around the recorded
* Include reference to measures taken to ensure sample co-ordinate location. The rock chip fragments that
representivity and the appropriate calibration of any were collected to make up the sample included a
measurement tools or systems used. typical fragment size that approximately ranged from
2-5cm.
* Aspects of the determination of mineralisation that
are Material to the Public Report. * Sub-sampling occurred as described in the section
'Sub-sampling techniques and sample preparation' in
Section 1 of the current Table 1.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples * The surface sample results described in this ASX
from which 3 kg was pulverised to produce a 30 g Release are suitable for the reporting 'exploration
charge for fire assay'). In other cases more results' for mineral prospectivity, additional
explanation may be required, such as where there is exploration work would have to be completed to
coarse gold that has inherent sampling problems. geologically model and then estimate a mineral
Unusual commodities or mineralisation types (eg resource.
submarine nodules) may warrant disclosure of detailed
information.
============================================================ ===========================================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-h * There are no historical drillholes in the Ayra -Sansa
ole prospect area.
hammer, rotary air blast, auger, Bangka, sonic,
etc)
and details (eg core diameter, triple or standar
d
tube, depth of diamond tails, face-sampling bit
or
other type, whether core is oriented and if so,
by
what method, etc).
============================================================ ===========================================================================
Drill sample * No new drillholes samples were taken.
recovery * Method of recording and assessing core and chip
sample recoveries and results assessed.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
============================================================ ===========================================================================
Logging
* Whether core and chip samples have been geologically * No geological logging took place as no new holes were
and geotechnically logged to a level of detail to drilled.
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
============================================================ ===========================================================================
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * All surface samples were collected dry.
and sample half or all core taken.
preparation
* BHP Minerals rock chip samples -sample location and
* If non-core, whether riffled, tube sampled, rotary assay data were extracted from an Appendix of the
split, etc and whether sampled wet or dry. QDEX report using Optical Character Recognition, then
underwent a correction or data QA/QC process to
ensure that subsequent data extracted was "as
* For all sample types, the nature, quality and reported".
appropriateness of the sample preparation technique.
* Mount Isa Mines - the sample location and assay data
* Quality control procedures adopted for all were extracted from QDEX report as .dat files.
sub-sampling stages to maximise representivity of
samples.
* Mount Isa Mines - Typically for surface samples there
were brief descriptions of the lithology etc is
* Measures taken to ensure that the sampling is recorded within sample ledgers/registers.
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling. * Mount Isa Metals - sample location and assay data
were extracted from an Appendix of the QDEX report
using Optical Character Recognition, then underwent a
* Whether sample sizes are appropriate to the grain correction or data QA/QC process to ensure that
size of the material being sampled. subsequent data extracted was "as reported".
* The surface sample results described in this ASX
Release are suitable for the reporting 'exploration
results' for mineral prospectivity, additional
exploration work would have to be completed in order
to geologically model and then estimate a mineral
resource.
============================================================ ===========================================================================
Quality
of assay * The nature, quality and appropriateness of the * The rock chip samples were dispatched for Assay to
data and assaying and laboratory procedures used and whether Amdel Analytical Laboratories at Mt Isa.
laboratory the technique is considered partial or total.
tests
* The samples were digested by Aqua Regia and elemental
* For geophysical tools, spectrometers, handheld XRF analysis completed by Direct Optical Emission ICP:
instruments, etc, the parameters used in determining under Amdel Analytical Laboratory test method IC3E.
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc. * Elements analysed by this method IC3E included Cu, Pb,
Zn, Ag, As, Ba, Bi, Cd, Ci, Co, Fe, K, La, Mn, Mo, Na,
Ni, Sn, Ta. Tl, and W. Not all batches, however,
* Nature of quality control procedures adopted (eg appear to have been analysed for all elements.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established. * Mount Isa Mines rock chip samples: o Elements
analysed by this method could include Cu, Pb, Zn, Ag,
As, Ba, Bi, Cd, Ci, Co, Fe, K, La, Mn, Mo, Na, Ni, Sn,
Ta. Tl, and W. Not all batches, however, appear to
have been analysed for all elements.
* Gold was assessed by sampling techniques in the field
then assayed by method GI 142 which is a cyanidation
technique (BCL or Bulk Cyanide Leach) bottle roll
which had detection limits as low as 0.05 ppb Au.
* Rock chips were collected by taking a series of chips
approximately 2 to 5cm in diameter across approx. a
3m radius of the outcrop being sampled. The sample
was then crushed and analysed for a base metal suite
by method GA 140.
* Rock chips analysed for gold included for some
batches suite GG 326 comprising of a 30-gram charged
fire assay fusion with carbon rod finish with
detection limits down to 0.001 ppm Au. Some indicator
element and whole rock analysis was undertaken by
ICP-MS at Analabs.
* The Analabs analytical methods changed from March
1994, yet the same collection method appears to be
comparable to earlier years:
* Analabs Assay methods employed for rock chip, soil,
and stream sediment additionally included (for some
campaigns):
* Method GI 142 (ICP) for elements Cu, Pb, Zn, Fe, Mn,
Co, P, & As.
* Method GX401 (pressed powder XRF trace determination)
for Ba; and Method GG334 (aqua regia with carbon rod
finish) for Au.
* Detection limits across any year were suitable for
detecting 'Trace Elements'. 'Ore grade' testing
occurred when either, visible base metal minerals
were present and/or were Cu, Pb, or Zn, exceeded
10,000ppm of the respective element.
* Mt Isa Metals rock chip samples were processed at a
Commercial Laboratory, information in the QDEX report
indicates that this was Analabs Townsville (which
later fell under SGS ownership). Elemental Analysis
for the assay results returned from the commercial
laboratory were Cu, Pb, Zn, Ba, Co, and Au. It is
assumed that the analytical testing suite is
comparable to those reported for Mount Isa Mines
Analabs suite.
============================================================ ===========================================================================
Verification
of sampling * The verification of significant intersections by * Mount Isa Mines rock chip samples:
and assaying either independent or alternative company personnel.
o Independent verification of surface samples
* The use of twinned holes. had been completed for selected gold assay
values.
o Analabs Townsville Assays checked against
* Documentation of primary data, data entry procedures, ALS Townsville Assays when high Au values were
data verification, data storage (physical and returned for stream sediment samples. The two
electronic) protocols. sets of assay results generally showed an acceptable
correlation, and this matched observations
historically reported by Mount Isa Mines.
* Discuss any adjustment to assay data. * BHP Minerals and Mount Isa Metals rock chip samples
do not appear to have had any independent laboratory
testing of the samples across different laboratories.
* The surface sample results described in this ASX
Release are suitable for the reporting 'exploration
results' for mineral prospectivity, additional
exploration work would have to be completed to
geologically model and then estimate a mineral
resource.
============================================================ ===========================================================================
Location
of data * Accuracy and quality of surveys used to locate drill * For rock chip samples positions were recorded by
points holes (collar and down-hole surveys), trenches, mine handheld GPS with areas highlighting anomalies
workings and other locations used in Mineral Resource sometimes returned to for additional sampling and
estimation. locations checked by handheld GPS.
* Specification of the grid system used. * Locational Data for BHP Minerals was in AMG66 and
Mount Isa Mines was recorded in local grid and/or
AMG84 zone 54 Easting (mE) and Northing (mN). There
* Quality and adequacy of topographic control. was no topographical control used for some locations.
* Locational Data for Mount Isa Metals was recorded in
local grid and/or MGA94 zone 54 Easting (mE) and
Northing (mN).
* The Arya rock chip sample dataset is anticipated on
average to have up to a +/-20m horizontal level of
accuracy in sample locations and range up to a +/-10m
of accuracy in sample locations for vertical
accuracy.
* Surface sample and assay data had been prepared and
compiled into Manifold GIS System and all data
converted to GDA94-Zone 54.
============================================================ ===========================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * For the Ayra surface sampling modelling for copper,
distribution the average RMS sample-to-sample spacing was as
follows:
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource o Stream sediments 67m
and Ore Reserve estimation procedure(s) and o Soil 48m
classifications applied. o Rock chip 233m
* Whether sample compositing has been applied.
============================================================ ===========================================================================
Orientation
of data * Whether the orientation of sampling achieves unbiased * In general, the strike of the Surprise Creek
in relation sampling of possible structures and the extent to Formation is east-northeast to east, dipping
to which this is known, considering the deposit type. moderately to the north.
geological
structure
* If the relationship between the drilling orientation * For 'Arya' rock chips there was no fixed orientation
and the orientation of key mineralised structures is as these methods were used in the first instance to
considered to have introduced a sampling bias, this define distinct areas of anomalisms, based on areas
should be assessed and reported if material. of observed surface mineralisation.
* For 'Arya' rock chips that produced significant
anomalous values appear to be associated with the
mapped fault, fault bounded breccia, and the Surprise
Creek Formation 'PLrd' rock unit ('Prd' historical)
that dominates the 'Arya' prospect to the south of
the fault.
============================================================ ===========================================================================
Sample
security * The measures taken to ensure sample security. * There is no detailed record of sample security
methods were employed in the field or by transport to
the laboratory and measures taken in the laboratory
by earlier explorers.
* Given the provenance of the data from historical
explorers and the remoteness of the location,
historical sample security is deemed adequate for the
reporting of surface assay grades and trends.
============================================================ ===========================================================================
Audits or No external reviews or audits have been undertaken,
reviews * The results of any audits or reviews of sampling except for the Independent Geologists Report
techniques and data. by SRK in 2019 for the LSE Listing and a review
of the airborne and ground geophysics by the
GeoDiscovery Group.
Note, the reference is: Nelson K., Review of
open file EM and magnetic geophysical data
at Ayra Prospect, GeoDiscovery Group, unpublished
confidential report to Castillo Copper Limited,
June 2021, 16pp.
============================================================ ===========================================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section.)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/number, location and ownership * The following mineral tenures are held 100% by
and land including agreements or material issues with third subsidiaries of Castillo Copper Limited, totalling an
tenure status parties such as joint ventures, partnerships, area of approximately 961km(2) in the "Mt Oxide North
overriding royalties, native title interests, project":
historical sites, wilderness or national park and
environmental settings.
* EPM 26574 (Valparaisa North) - encompasses the Big
One historical mineral resource, Holder Total
* The security of the tenure held at the time of Minerals Pty Ltd, granted 12-June-2018 for a 5-year
reporting along with any known impediments to period over 100 sub-blocks (323.3Km2), Expires
obtaining a licence to operate in the area. 11-June-2023.
* EPM 26462 (Big Oxide North) - encompasses the
'Boomerang' historical mine and the 'Big One'
historical mine, Holder: QLD Commodities Pty Ltd,
granted: 29-Aug-2017 for a 5-year period over 67
sub-blocks (216.5Km(2) ), Expires: 28-Aug-2022.
* EPM 26525 (Hill of Grace) - encompasses the Arya
significant aeromagnetic anomaly, Holder: Total
Minerals Pty Ltd for a 5-year period over 38
sub-blocks (128.8Km2), Granted: 12-June 2018,
Expires: 11-June-2023.
* EPM 26513 (Torpedo Creek/Alpha Project) - Granted
13-Aug 2018 for a 5-year period over 23 sub-blocks
(74.2Km2), Expires 12-Aug-2023; and
* EPM 27440 (The Wall) - An application was lodged on
the 12-Dec2019 over 70 sub-blocks (215Km(2) ) by
Castillo Copper Limited. The tenure was granted on
the 7(th) March 2021.
================================================================= =======================================================================
Exploration
done by * Acknowledgment and appraisal of exploration by other * A selection of historical QDEX / mineral exploration
other parties parties. reports has been reviewed for historical tenures that
cover or partially cover the Project Area in this
announcement. Federal and State Government reports
supplement the historical mineral exploration
reporting (QDEX open file exploration records).
* Most explorers were searching for Cu-Au-U and/or
Pb-Zn-Ag, and, proving satellite deposit style
extensions to the several small sub-economic copper
deposits (e.g., Big Oxide and Josephine).
* With the Mt Oxide Project in regional proximity to Mt
Isa and numerous historical and active mines, the
Project area has seen the historical mineral tenures
subject to various styles of surface sampling, with
selected locations typically targeted at specific
locations within the Mt Oxide Pillar by shallow
drilling (Total hole depth is typically less than
75m).
* The Mt Oxide project tenure package has a significant
opportunity to be reviewed and explored by modern
exploration methods in a coherent package of EPM's,
with three of these forming a contiguous tenure
package.
* Various Holders and related parties of the 'Big One'
historical mining tenure (ML8451) completed a range
of mining activities and exploration activities on
what is now the 'Big One' prospect for EPM 26574. The
following unpublished work is acknowledged in
previous ASX reports:
o West Australian Metals NL, 1994. Drill Programme
at the "Big One" Copper Deposit, North Queensland
for West Australian Metals NL.
o Wilson, D., 2011. 'Big One' Copper Mine Lease
5481 Memorandum - dated 7 May 2011.
o Wilson, D., 2015. 'Big One' Mining Lease
Memorandum - dated
o 25 May 2015: and
o Csar, M, 1996. Big One & Mt Storm Copper
Deposits.
o Unpublished Xplore Resources field report
Aug 2020.
* Arya prospect - the five (5) historical exploration
reports generated by various explorers that
contributed information and data to this ASX Release
are detailed in the References section of the main
body.
================================================================= =======================================================================
Geology
* Deposit type, geological setting and style of * The Mt Oxide North project is located within the Mt
mineralisation. Isa Inlier of western Queensland, a large, exposed
section of Proterozoic (2.5 billion- to
540-million-year-old) crustal rocks. The inlier
records a long history of tectonic evolution, now
thought to be like that of the Broken Hill Block in
western New South Wales.
* The Mt Oxide project lies within the Mt Oxide Domain,
straddling the Lawn Hill Platform and Leichhardt
River Fault Trough. The geology of the tenement is
principally comprised of rocks of the Surprise Creek
and Quilalar Formations which include feldspathic
quartzites, conglomerates, arkosic grits, shales,
siltstones and minor dolomites and limestones.
* The Mt Oxide Pillar project area is cut by a major
fault zone, trending north-northeast to
south-southwest across the permits. This fault is
associated with major folding, forming several tight
syncline and anticline structures along its length.
* The desktop studies commissioned by CCZ on the
granted mineral tenures described four main styles of
mineralisation account for most mineral resources
within the rocks of the Mt Isa Province (after
Withnall & Cranfield, 2013).
* Sediment hosted silver-lead-zinc - occurs mainly
within fine grained sedimentary rocks of the Isa
Super basin within the
* Western Fold Belt. Deposits include Black Star (Mount
Isa PbZn), Century, George Fisher North, George
Fisher South (Hilton) and Lady Loretta deposits.
* Brecciated sediment hosted copper - occurs dominantly
within the Leichhardt, Calvert, and Isa Super basin
of the Western Fold Belt, hosted in brecciated
dolomitic, carbonaceous and pyritic sediments or
brecciated rocks proximal to major fault/shear zones.
Includes the Mount Isa copper orebodies and the
Esperanza/Mammoth mineralisation.
* Iron-oxide-copper-gold ("IOCG") - predominantly
chalcopyrite, pyrite magnetite/hematite
mineralisation within high grade metamorphic rocks of
the Eastern Fold Belt. Deposits of this style include
Ernest Henry, Osborne, and Selwyn; and
* Broken Hill type silver-lead-zinc - occur within the
high-grade metamorphic rocks of the Eastern Fold
Belt. Cannington is the major example, but several
smaller currently sub-economic deposits are known.
* Gold is primarily found associated with copper within
the IOCG deposits of the Eastern Fold Belt. However,
a significant exception is noted at Tick Hill where
high grade gold mineralisation was produced, between
1991 and 1995 by Carpentaria Gold Pty Ltd, some 700
000 tonnes of ore was mined at an average grade of
22.5 g/t Au, producing 15 900 kg Au. The Tick Hill
deposit style is poorly understood (Withnall &
Cranfield, 2013).
* ROM Resources had noted in a series of recent reports
for CCZ on the granted tenures, that cover the known
mineralisation styles including:
o Stratabound copper mineralisation within
ferruginous sandstones and siltstones of the
Surprise Creek Formation.
o Disseminated copper associated with trachyte
dykes.
o Copper-rich iron stones (possible IOCG) in
E-W fault zones; and
o possible Mississippi Valley Type ("MVT")
stockwork sulphide mineralisation carrying
anomalous copper-lead-zinc and silver.
* The Mt Oxide and Mt Gordon occurrences are thought to
be breccia and replacement zones with interconnecting
faults. The Mt Gordon/Mammoth deposit is hosted by
brittle quartzites, and Esperanza by carbonaceous
shales. Mineralisation has been related to the Isan
Orogeny (1,590 - 1,500 Ma).
* Mineralisation at all deposits is primarily
chalcopyrite-pyrite-chalcocite, typically as massive
sulphide within breccias.
* At the Big One prospect, West Australian Metals NL
described the mineralisation as (as sourced from the
document "West Australian Metals NL, 1994. Drill
Programme at the "Big One" Copper Deposit, North
Queensland for West Australian Metals NL."):
* The targeted lode / mineralised dyke is observable on
the surface. The mineralisation targeted in the 1993
drilling programmed is a supergene copper
mineralisation that includes malachite, azurite,
cuprite, and tenorite, all associated with a NE
trending fault (062o to 242o) that is intruded by a
porphyry dyke.
* The mineralised porphyry dyke is vertical to near
vertical (85o), with the 'true width' dimensions
reaching up to 7m at surface. o At least 600m in
strike length, with strong Malachite staining
observed along the entire strike length, with
historical open pits having targeted approximately
200m of this strike. Exact depth of mining below the
original ground surface is not clear in the
historical documents, given the pits are not battered
it is anticipated that excavations have reached 5m to
10m beneath the original ground surface.
* Associated with the porphyry dyke are zones of
fractured and/or sheared rock, the siltstones are
described as brecciated, and sandstones around the
shear as carbonaceous.
* The known mineralisation from the exploration
activities to date had identified shallow supergene
mineralisation, with a few drillholes targeting
deeper mineralisation in and around the 200m of
strike historical open A strongly altered hanging
wall that contained malachite and cuprite nodules.
Chalcocite mineralization has been identified but it
is unclear on the prevalence of the Chalcocite; and
The mineralisation was amenable to high grade open
pit mining methods of the oxide mineralization (as
indicated by numerous historical open pit shallow
workings into the shear zone).
* Desktop studies commissioned by CCZ and completed by
ROM Resources and SRK Exploration have determined
that the Big One prospect is prospective for Cuco,
and Ag.
* Desktop studies commissioned by CCZ have determined
the Boomerang prospect contains:
* Secondary copper staining over 800m of strike
length.
* Associated with a major east-west trending fault that
juxtaposes the upper Surprise Creek Formation
sediments against both the underlying Bigie Formation
and the upper Quilalar Formation units.
* At the 'Flapjack' prospect there is the potential
for:
o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu
from replacement carbonate mineralisation,
particularly the Quilalar Formation.
o Thermal Gold Auroele mineralisation is a
potential model due to the high silica alteration
in thermal aureole with contact of A-Type Weberra
Granite - related to the Au mineralisation;
and/or
o IOCG mineralisation related to chloride-rich
fluids.
* At the 'Crescent' prospect there is the potential
for:
o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu
from replacement carbonate mineralisation,
particularly the Quilalar Formation; and/or
o Thermal Gold Auroele mineralisation is a
potential model due to the high silica alteration
in thermal aureole with contact of A-Type Weberra
Granite - related to the Au mineralisation;
and
o IOCG mineralisation related to potassic rich
fluids.
* At the 'Arya' prospect there is the potential for:
o Supergene mineralisation forming at the surface
along the fault, fault breccia, and the Surprise
Creek Formation 'PLrd' rock unit
o ('Prd' historical).
o Epigenetic replacement mineralisation for
Cu (with minor components of other base metals
and gold) from replacement carbonate mineralisation,
particularly the Surprise Creek Formation.
o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu
from replacement carbonate mineralisation,
particularly the Surprised Creek Formation;
and/or
o IOCG mineralisation related to chloride rich
fluids.
* A selection of publicly available QDEX documents /
historical exploration reports have been reviewed,
refer to Section 2, sub-section "Further Work" for
both actions in progress and proposed future actions.
================================================================= =======================================================================
Drill hole
Information * A summary of all information material to the * There are no new drillholes completed, although
understanding of the exploration results including a fourteen (14) are planned. There is no historical
tabulation of the following information for all drilling at Ayra.
Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation
above sea level in metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
================================================================= =======================================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * No data aggregation methods are utilised in the
methods techniques, maximum and/or minimum grade truncations current ASX Release, since the sampling types are
(eg cutting of high grades) and cut-off grades are surface samples (for example: rock chip samples).
usually Material and should be stated.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
================================================================= =======================================================================
Relationship
between * These relationships are particularly important in the * The strike of the country rock is northeast to east,
mineralisation reporting of Exploration Results. with the deep Ayra conductor is orientated east -
widths and west. The smaller, shallower conductors strike
intercept north-northeast to northeast. The main faulting
lengths * If the geometry of the mineralisation with respect to trends is northeast.
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
================================================================= =======================================================================
Diagrams
* Appropriate maps and sections (with scales) and * Appropriate diagrams are presented in the body and
tabulations of intercepts should be included for any the Appendices of the current ASX Release. Where
significant discovery being reported These should scales are absent from the diagram, grids have been
include, but not be limited to a plan view of drill included and clearly labelled to act as a scale for
hole collar locations and appropriate sectional distance.
views.
* Maps and Plans presented in the current ASX Release
are in MGA94 Zone 54, Eastings (mN), and Northing
(mN), unless clearly labelled otherwise.
================================================================= =======================================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * All surface sampling and ground and airborne
Results is not practicable, representative reporting geophysical data has been reported, there have been
of both low and high grades and/or widths should be no results withheld.
practiced to avoid misleading reporting of
Exploration Results.
================================================================= =======================================================================
Other GEOTEM & PROTEM:
substantive * Other exploration data, if meaningful and material, * The airborne electromagnetic GEOTEM geophysical
exploration should be reported including (but not limited to): survey undertaken by BHP Minerals in 1997 on
data geological observations; geophysical survey results; historical tenure EPM11383 & EPM1152. A total of
geochemical survey results; bulk samples - size and 726-line kilometres were flown on a SE-NW, flown by
method of treatment; metallurgical test results; bulk 'Geoterrex-Dighem Pty Limited' at a mean height of
density, groundwater, geotechnical and rock approximately 105m above the ground surface (line
characteristics; potential deleterious or spacing 500m apart). Previous interpretations the
contaminating substances. penetration of the GEOTEM method to have an estimated
range of between 200-300m below the ground surface,
this is dependent on conductivity contrasts, size,
and attitude of the subsurface targets. Eleven (11)
anomalies were identified, with four (4) recommended
for follow up, with three (3) of the four (4)
anomalies followed up by ground geophysical at what
CCZ calls the 'Arya' prospect. The BHP Minerals 1997
GEOTEM survey information was extracted from QDEX
Data to accompany the QDEX report information.
* The 'Arya' prospect anomalies are EG01, EG02, EG10,
with the geophysical observations of the body and
Appendices of the current ASX Release, including the
PROTEM observations. The PROTEM observations are
anticipated to have a deeper penetration than the
GEOTEM observations, based on the PROTEM loop, survey
traverse, and/or depth sounding method applied.
QUESTEM & GENIE-EM:
* The airborne electromagnetic GEOTEM geophysical
survey undertaken by Mount Isa Mines in 1991 on
historical tenure EPM7448, EPM7338, and EPM7863. A
total of approximately 600km-line kilometres (exact
line length would need to be extracted from digitised
images) would were flown on a SE-NW, flown by
'Aerodata Holdings Limited' at a mean height of
approximately 120m above the ground surface (line
spacing 400m apart). In a previous ASX release (July
2020) Xplore Resources Pty Ltd interprets the
penetration of the QUESTEM method to have an
estimated range of between 200-300m below the ground
surface, this is dependent on conductivity contrasts,
size, and attitude of the subsurface targets.
Twentynine (29) anomalies were identified across the
three (3) historical tenure, with six (6) recommended
for follow up ground geophysical survey for
historical tenure EPM7448, and one of these L4 near
the Arya prospect.
* Arya prospect anomaly L4 followed up by a ground
electromagnetic traverse by Mount Isa Mines GENIE-EM
is to the west of the EG02 BHP minerals anomaly.
* Queensland Government Data: 'PLrd' rock unit lower
boundary from the Surprise Creek Formation sourced
from QSpatial and aligns with GeoResGlobe - this is
equivalent to the historical tenure reports 'Prd'
rock unit lower boundary from the Surprise Creek
Formation.
GEODISCOVERY REVIEW
The study of Nelson (2021) concluded that:
* Whilst hard copies of the 1997 BHP ground EM data are
available, no digital data is on open file. Hard copy
profiles have been visually interpreted, however due
to lack of digital data it cannot be remodelled. The
historic BHP model results and survey locations have
not been provided and there is uncertainty in the
location of Anomaly E02.
* Magnetic modelling, CDI and LEI of the TEMPEST survey
line indicate the BHP depth estimate of conductive
from the EG01 sounding is likely over estimated.
Depth to main conductive sources appears to be
between around 200m beneath surface (Nelson (2021).
* EG02 appears to be associated with a fault and EG10
appears to be more surficial.
* It is recommended that the LEI of the TEMPEST survey
(most recent AEM data acquired in the region), along
with magnetic model output be used to plan the next
drill campaign (Figure 10 - 12). The current drill
plan could be improved to better test the modelled
conductive sources and structural features.
* If the drill testing of the conductive sources
indicates the presence of prospective lithologies
and/or mineralisation, then consideration should be
given to acquiring detailed ground EM and magnetic
coverage to further assist targeting.
Figures A2-1 to A2-4 illustrate the above conclusions.
================================================================= =======================================================================
Further
work * The nature and scale of planned further work (eg * Further work will consist of a combination of:
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
o Fourteen (14) hole RC drilling Program
o Soil and or Rock chip sampling
* Diagrams clearly highlighting the areas of possible o Ground IP or EM Survey
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
================================================================= =======================================================================
TABLE A2-1: AYRA PROPOSED DRILLING DETAILS
Site ID Order Easting Northing Property Lot Property Name and Assay
2021_AR01 353658 7864556 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
2021_AR02 353576 7864727 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
2021_AR03 353382 7865215 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
Kamilaroi | Zn: 127ppm
2021_AR04 5 353492 7865316 Stanbroke 10SP28770 | TD TBC
====== ======== ========= ============== ========== ==========================
2021_AR05 353238 7865378 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
2021_AR06 353255 7865419 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
2021_AR07 353455 7865843 E Butterworth 2510PH461 Morella
====== ======== ========= ============== ========== ==========================
Kamilaroi |Cu: 97ppm |TD:
2021_AR08 3 352987 7865441 Stanbroke 10SP28770 TBC
====== ======== ========= ============== ========== ==========================
Kamilaroi | Cu: 145ppm
2021_AR09 4 353032 7865535 Stanbroke 10SP28770 | TD: 250m
====== ======== ========= ============== ========== ==========================
2021_AR10 353109 7865718 E Butterworth 2510PH461 Morella
====== ======== ========= ============== ========== ==========================
2021_AR11 353166 7865923 E Butterworth 2510PH461 Morella
====== ======== ========= ============== ========== ==========================
2021_AR12 352753 7865543 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
Kamilaroi | Zn: 108ppm
2021_AR13 2 352768 7865581 Stanbroke 10SP28770 | TD: TBC
====== ======== ========= ============== ========== ==========================
2021_AR14 352508 7865519 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
2021_AR15 352535 7865604 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
2021_AR16 352606 7865843 E Butterworth 2510PH461 Morella
====== ======== ========= ============== ========== ==========================
2021_AR17 352350 7865645 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
2021_AR18 352270 7865784 E Butterworth 2510PH461 Morella
====== ======== ========= ============== ========== ==========================
2021_AR19 352098 7865746 E Butterworth 2510PH461 Morella
====== ======== ========= ============== ========== ==========================
2021_AR20 351797 7865527 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
Kamilaroi | Cu: 128 ppm
2021_AR21 1 351773 7865660 Stanbroke 10SP28770 | TD: 250m
====== ======== ========= ============== ========== ==========================
2021_AR22 351926 7865895 E Butterworth 2510PH461 Morella
====== ======== ========= ============== ========== ==========================
2021_AR23 351576 7865619 Stanbroke 10SP28770 Kamilaroi
====== ======== ========= ============== ========== ==========================
Source: CCZ geology team
FIGURE A2-1: CROS-SECTION THROUGH MAGNETIC SUSCEPTIBILITY MODEL
( Available to view on ASX announcement)
FIGURE A2-2: CROSS-SECTION OF MAGNETIC SUSCEPTIBILITY TAKING
INTO ACCOUNT INDUCED AND REMANENT MAGNETIC FIELD ( Available to
view on ASX announcement)
FIGURE A2-3: EXTRACTED AUSAEM CONDUCTIVITY DEPTH IMAGE AT AYRA
PROJECT ( Available to view on ASX announcement)
FIGURE A2-4: ISOMETRIC VIEW OF CONDUCTIVITY SECTION AND MAGNETIC
ANOMALY, LOOKING NORTHWEST ( Available to view on ASX
announcement)
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END
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