TIDMCCZ
RNS Number : 0236Q
Castillo Copper Limited
25 October 2021
25 October 2021
CASTILLO COPPER LIMITED
("Castillo", "CCZ" or the "Company")
Up to 14 drill targets identified at Luanshya Project post-IP
survey
Castillo Copper Limited (LSE and ASX: CCZ), a base metal
explorer primarily focused on copper across Australia and Zambia,
is pleased to announce the completion of the Induced Polarisation
("IP") survey campaign at the Luanshya Project in Zambia's
copper-belt, identifying up to 14 targets for test-drilling which
potentially comprise disseminated copper sulphide
mineralisation.
Highlights
-- Up to 14 chargeable zones identified in the recent IP survey
- within a 6km zone of copper surface anomalism - which represent
excellent drill targets at the Luanshya Project(1)
-- Modelling was undertaken by CCZ's consultant geophysicist,
who interpreted the IP survey results, which covered the 6km long
soil anomaly, which were defined after extensive soil sampling
campaigns
-- Encouragingly, the geophysicist noted there are "several
zones of high chargeability with associated copper anomalism, which
are potential bodies of disseminated copper sulphide
mineralisation(2) "
-- In addition, the geophysicist highlighted the
high-chargeability zones are coincident with a previously
identified NW-SE trendline(2,3) that is 5-10km wide and hosts
historic / current operating mines and deposits (3)
o This is positive as it suggests any underlying mineralisation
could be structurally controlled, with the potential for mafic
sources of copper anomalism in the region(2)
There is now ample data to fully map out an inaugural drilling
campaign for the Luanshya Project to test the identified targets
and commence negotiations with drilling contractors to formalise a
timeline. Meanwhile, the IP survey is now underway at the Mkushi
Project, focusing on areas delineated from previous sampling
campaigns.
Simon Paull, Managing Director of Castillo Copper, commented:
"The geophysicists' interpretations on the Luanshya Project is
welcome news and highlights the exploration potential across this
6km soil anomaly. With the global copper market in the midst a
strong upcycle, due to perceived tight supplies, the Board is
moving forward to expedite developing the Zambia copper assets.
This provides geographic exploration diversity across our copper
asset portfolio, whilst we concurrently progress due diligence on
the Litchfield and Picasso Lithium Projects."
INTERPRETED DRILLABLE TARGETS
The geophysicists' terms of reference were to interpret and map
potential disseminated copper sulphide mineralisation, associated
with observed soil copper geochemical anomalism across the 6km
strike event at the Luanshya Project. Out of the IP survey lines
completed, 11 were selected for closer analysis.
Of these, Lines 3, 5, 7, 9, 11, 13, 14, 16, 18 and 20 had
chargeability linked to copper surface anomalism which identified
up to 14 drillable targets. For Line 1, however, the chargeability
was not associated with copper surface anomalism, rather
anti-formal structures.
Overall, the geophysicist noted in the report there are "
several zones of high chargeability with associated copper
anomalism, which are potential bodies of disseminated copper
sulphide mineralisation(2) ."
A key point highlighted by the geophysicist was the fact all the
chargeability zones are coincident with a previously identified
NW-SE trendline that is 5-10km wide and hosts historic / current
operating mines & deposits(3) .
This is positive as it suggests any underlying mineralisation
could be structurally controlled, with the potential for mafic
sources of copper mineralisation in the region(2) .
Based on the foregoing, there is now ample data to fully map out
an inaugural drilling campaign for the Luanshya Project to test the
identified targets and commence negotiations with drilling
contractors to formalise a timeline.
Next steps
There are several ongoing steps for the Zambia operations,
including:
o IP survey progress updates at the Mkushi Project then analyse
the results for incremental targets for test-drilling; and
o Commence work on the inaugural drilling campaign at the
Luanshya Project.
For the lithium projects:
o Ongoing due diligence for the Picasso and Litchfield Lithium
Projects, including return of assay results for surface sampling
campaigns.
In Queensland, the following is set to take place over the
coming weeks:
o Updates on drilling at Arya Copper Prospect.
In addition to this release, a PDF version with supplementary
information and images can be found on the
Company's website: https://castillocopper.com/investors/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) CCZ ASX Release - 1 July and 31 August 2021
2) Geophex Surveys Limited. Available at:
<http://africa.geovale.com/assosciates/geophex-surveys-limited/>
3) CCZ ASX Release - 16 September 2019
Competent Person Statement
The information in this announcement that relates to exploration
results is based on and fairly represents information reviewed or
compiled by Mr Matt Bull, a Competent Person who is a Member of the
Australasian Institute of Mining and Metallurgy. Mr Bull is a
beneficiary of Southern River Investments, a trust which is a
shareholder of Castillo Copper Limited. Mr Bull is a shareholder
and director of Trilogy Metals Pty Ltd, a company which provides ad
hoc geological consultancy services to Castillo Copper Limited. Mr
Bull is a Consultant of Castillo Copper Limited. Mr Bull has
sufficient experience that is relevant to the styles of
mineralisation and types of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the "Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves". Mr
Bull has provided his prior written consent to the inclusion in
this announcement 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.
Disclaimer Regarding Forward Looking Statements
This announcement (Announcement) contains various
forward-looking statements. All statements other than statements of
historical fact are forward-looking statements. Forward-looking
statements are inherently subject to uncertainties in that they may
be affected by a variety of known and unknown risks, variables and
factors which could cause actual values or results, performance, or
achievements to differ materially from the expectations described
in such forward-looking statements.
Castillo Copper Limited does not give any assurance that the
anticipated results, performance, or achievements expressed or
implied in those forward-looking statements will be achieved.
APPIX A: REGIONAL MAP (Available to view on ASX
announcement)
APPIX B: INCREMENTAL IP SURVEY RESULTS (Available to view on ASX
announcement)
APPIX C: JORC CODE, 2012 EDITION - TABLE 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Not applicable for induced Polarization survey
random chips, or specific specialised industry program reporting. There was no drilling conducted.
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad
meaning of sampling.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
* Aspects of the determination of mineralisation that
are Material to the Public Report.
* 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
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
============================================================ =====================================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Not applicable no drilling was conducted.
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
============================================================ =====================================================================
Drill sample
recovery * Method of recording and assessing core and chip * Not applicable no drilling was conducted.
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 * Not applicable no drilling was conducted.
and geotechnically logged to a level of detail to
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, * Not applicable no drilling was conducted.
and sample half or all core taken.
preparation
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples.
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
============================================================ =====================================================================
Quality
of assay * The nature, quality and appropriateness of the * Induced polarization survey completed on 8 SW-NE
data and assaying and laboratory procedures used and whether lines
laboratory the technique is considered partial or total.
tests
* The Survey utilizing a 2 second pulse and a
* For geophysical tools, spectrometers, handheld XRF Dipole-Dipole array with the potential electrodes
instruments, etc, the parameters used in determining preceding the current electrodes.
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc. * Dipole spacing of 50m with reading levels from n=1 to
n=8.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory * Survey carried in lines spaced at 500m in base line
checks) and whether acceptable levels of accuracy (ie of 6km
lack of bias) and precision have been established.
* Base station corrections are done daily.
* Digital data associated with this report are provided
in WGS84 and Projected at UTM zone 35S
============================================================ =====================================================================
Verification * Not applicable for IP survey
of sampling * The verification of significant intersections by
and assaying either independent or alternative company personnel.
* The use of twinned holes.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
============================================================ =====================================================================
Location
of data * Accuracy and quality of surveys used to locate drill * Positions were collected using hand held GPS with
points holes (collar and down-hole surveys), trenches, mine accuracy of +/-3m and is considered more than
workings and other locations used in Mineral Resource sufficient for the survey being conducted.
estimation.
* All the data are reported using a WGS84 datum and
* Specification of the grid system used. projection UTM zone 19S
* Quality and adequacy of topographic control.
============================================================ =====================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * IP lines had 50m dipole spacings with lines running
distribution SW-NE and spaced 500m.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * The data is sufficient to establish continuity.
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
============================================================ =====================================================================
Orientation
of data * Whether the orientation of sampling achieves unbiased * The SW-NE lines direction are perpendicular to the
in relation sampling of possible structures and the extent to interpreted strike of geochemical anomaly.
to which this is known, considering the deposit type.
geological
structure
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
============================================================ =====================================================================
Sample * Not applicable for IP Survey
security * The measures taken to ensure sample security.
============================================================ =====================================================================
Audits
or reviews * The results of any audits or reviews of sampling * No audits or reviews have yet been under taken
techniques and data.
============================================================ =====================================================================
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 tenements referred to in this release are
and land including agreements or material issues with third 25195-HQ-LEL owned by Belmt Resources Mining Company
tenure parties such as joint ventures, partnerships, Ltd.
status overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
=============================================================== ============================================================
Exploration
done by other * Acknowledgment and appraisal of exploration by other * Castillo is not aware of any previous exploration or
parties parties. evaluation of permit
=============================================================== ============================================================
Geology
* Deposit type, geological setting and style of * Copper Mineralization is of the sedimentary hosted
mineralisation. copper type
=============================================================== ============================================================
Drill hole
Information * A summary of all information material to the * T here is no exploration done in the area known to
understanding of the exploration results including a Castillo Copper.
tabulation of the following information for all
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 * Data aggregation was not used
aggregation * In reporting Exploration Results, weighting averaging
methods techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are
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 * Not applicable
between * These relationships are particularly important in the
mineralisation reporting of Exploration Results.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to
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 * A map showing the IP Lines locations are shown in
tabulations of intercepts should be included for any figure 1
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
=============================================================== ============================================================
Balanced Where comprehensive reporting * Not applicable
reporting of all Exploration Results
is not practicable, representative
reporting of both low
and high grades and/or
widths should be practiced
to avoid misleading reporting
of Exploration Results.
=============================================================== ============================================================
Other
substantive * Other exploration data, if meaningful and material, * Soil geochemical sampling information and results
exploration should be reported including (but not limited to): previously reported
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk * Digitized regional geological information
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
=============================================================== ============================================================
Further work
* The nature and scale of planned further work (eg * A drilling program to follow up the results of the IP
tests for lateral extensions or depth extensions or and soil sampling programs is planned.
large-scale step-out drilling).
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============================================================== ============================================================
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