TIDMCCZ
RNS Number : 2759O
Castillo Copper Limited
07 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
7 October 2021
CASTILLO COPPER LIMITED
("Castillo", "CCZ" or the "Company")
Significant pegmatite outcropping along Litchfield Lithium
Project's western boundary
Castillo Copper Limited ("CCZ"), a base metal explorer primarily
focused on copper across Australia and Zambia, is pleased to
announce that initial due diligence on the Litchfield Lithium
Project in the Northern Territory has highlighted significant
pegmatite outcropping along the north-west boundary.
Highlights
-- Follow up site visit to the Litchfield Lithium Project in the
Northern Territory, arranged by the Vendor Group's geological
consultant, highlighted significant pegmatite outcropping along the
western boundary
o This is contiguous to Core Lithium's ("CXO") (ASX: CXO) Finnis
Lithium Project(1) which has JORC compliant ore reserves (7.4Mt @
1.3% Li(2) O) (1)
-- With satellite imagery(2) verifying the geology in the
Litchfield Lithium Project (NW quadrant) is comparable to CXO's
ground, CCZ is awaiting assay results on 657 surface samples (taken
along the NW boundary) to determine the potential for contiguous
mineralisation:
o Encouragingly, the site-visit geological reports noted the
areas sampled mostly comprised metamorphic rocks linked to the
Burrell Creek formation - a host rock for the regional occurrences
of pegmatites (Appendix A)
-- Meanwhile, the Board has been advised by the on-site team at
the Arya Copper Prospect in the Mt Isa copper-belt that prep work
is nearly complete, which will enable drilling to commence shortly
thereafter
Simon Paull, Managing Director of Castillo Copper, commented: "
Initial due diligence at the Litchfield Lithium Project is off to
an excellent start, with demonstrable photographic evidence of
pegmatite outcropping along the western boundary. The Board now
awaits the outcome of assay results which will determine the
potential for contiguous mineralisation with CXO's Finniss Lithium
Project. In the meantime, our team's efforts are now focused on
commencing the inaugural drilling campaign at the Arya Copper
Prospect in the Mt Isa copper belt."
As announced on 29 September 2021, satellite imagery has
verified the geology along the Litchfield Lithium Project's
north-west boundary is comparable to CXO's ground. The Vendor
Group's geological consultant conducted intensive surface sampling
across four target areas within the NW quadrant, taking 657 samples
to determine the potential for contiguous mineralisation (refer
Appendix A). The sampled areas mostly comprised metamorphic rocks
linked to the Burrell Creek formation - a host rock for the
regional occurrences of pegmatites. The samples are at the
laboratory undergoing further analysis, with results slated to be
received in coming weeks.
Next steps
For the lithium projects, the initial focus will be on the
following areas:
-- Ongoing due diligence for 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:
-- Commencement of drilling at the Arya Prospect.
There are several ongoing steps for the Zambia operations,
including:
-- Complete the IP survey at the Luanshya & Mkushi Projects
then analyse the results for incremental targets for test-drilling;
and
-- Commence work on the inaugural drilling campaign for the Luanshya Project.
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
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. CXO ASX Release - 21 September 2021 (Annual Report) & CCZ ASX Release - 29 September 2021
2. Satellite imagery from Geological Survey of Western Australia. Available at: https://www.dmp.wa.gov.au/Geological-Survey/Geological-Survey-262.aspx & CCZ ASX Release - 29 September 2021
Competent Person Statement
The information in this report that relates to Exploration
Results for "Litchfield" and "Picasso" is based on information
compiled or reviewed by Mr Geoffrey Reed, a Non- Executive Director
of CCZ. Mr Reed is both a shareholder and director of Bluespoint
Mining Services, a company which is a shareholder of Castillo
Copper Limited. Bluespoint Mining Services provides ad hoc
geological consultancy services to Castillo Copper Limited. Mr Reed
is a member of the Australian Institute of Mining and Metallurgy
(CP) (member #250422) 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 Reed is a member of
the Australian Institute of Geoscientists. Further, Mr Reed
consents to the inclusion in this report of the matters based on
information in the form and context in which it appears.
Mr Reed has not verified any of the information regarding any of
the properties or projects referred to herein other than the
"Litchfield" and "Picasso" Properties.
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: JORC CODE, 2012 EDITION - TABLE 1
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, * Litchfield
random chips, or specific specialised industry
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma The Litchfield project
sondes, or handheld XRF instruments, etc). These and surrounds has
examples should not be taken as limiting the broad a very limited amount of
meaning of sampling. publicly available
soil geochemistry survey
results.
* 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 * Litchfield
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 There are no reported
other type, whether core is oriented and if so, by drill holes located
what method, etc). within the Litchfield
tenement
================================================================= ===============================
Drill sample
recovery * Method of recording and assessing core and chip * Litchfield
sample recoveries and results assessed.
N/A
* 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 * Litchfield
and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies. N/A
* 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, * Litchfield
and sample half or all core taken.
preparation
N/A
* 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 * Litchfield
data and assaying and laboratory procedures used and whether
laboratory the technique is considered partial or total.
tests N/A
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
================================================================= ===============================
Verification
of sampling * The verification of significant intersections by * Litchfield
and assaying either independent or alternative company personnel.
N/A
* 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 * Litchfield
points holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation. N/A
* Specification of the grid system used.
* Quality and adequacy of topographic control.
================================================================= ===============================
Data spacing
and distribution * Data spacing for reporting of Exploration Results. * Litchfield
* Whether the data spacing and distribution is N/A
sufficient to establish the degree of geological and
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 * Litchfield
in relation sampling of possible structures and the extent to
to geological which this is known, considering the deposit type.
structure N/A
* 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 security
* The measures taken to ensure sample security. * Litchfield
N/A
================================================================= ===============================
Audits or No formal audit or review of
reviews * The results of any audits or reviews of sampling sampling techniques
techniques and data. has been
undertaken
================================================================= ===============================
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 * Litchfield
and land including agreements or material issues with third
tenure status parties such as joint ventures, partnerships,
overriding royalties, native title interests, See Figure 2
historical sites, wilderness or national park and The majority of the
environmental settings. Litchfield tenement is
classified under Primary
Land Use as 'Conservation
* The security of the tenure held at the time of and Natural Environment,
reporting along with any known impediments to Production and
obtaining a licence to operate in the area. Agriculture'
use. The majority of the
tenement is classified
as vacant crown land
(other) owned by the
North Territory
Government. The tenement
lays within the
Darwin Rural Water
Control District and
northern
portions of the lease
are noted to be within
the Darwin Harbour
District sensitive area
of conservation
significance.
There are no Native Title
Determinations
over the Litchfield
project area
================================================================= ===============================
Exploration
done by * Acknowledgment and appraisal of exploration by other * Litchfield
other parties parties.
The large majority of
historical exploration,
even in recent times, has
focussed on the
known tin occurrences and
workings dating
back as far as the late
1800's. Even where
there is significant new
ground to explore
and expand on, recent
exploration has focused
on previous workings. It
appears very little
attention has been paid
to reconnaissance
over other nearby areas
such as the western
portion of the Litchfield
project. This includes
limited work by Grigm
Resources and Altura
Lithium Operations, who
have held ground
over the Litchfield
project (from 2008 to
2014) (Grigm Resources,
2014) (Altura
Exploration,
2012).
================================================================= ===============================
Geology
* Deposit type, geological setting and style of * Litchfield
mineralisation.
Localised late-stage
pegmatites have intruded
into the heavily deformed
Burrell Creek
meta-sediment
units in the immediate
area. The pegmatites,
which are the targets for
lithium mineralisation
in the Litchfield project
area, are believed
to ultimately originate
from the Two Sisters
Granite.
================================================================= ===============================
Drill hole
Information * A summary of all information material to the * Litchfield
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes: N/A
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
methods * In reporting Exploration Results, weighting averaging * Litchfield
techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated. N/A
* 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 * Litchfield
mineralisation reporting of Exploration Results.
widths and
intercept N/A
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 Maps for each project are
* Appropriate maps and sections (with scales) and included in the
tabulations of intercepts should be included for any announcement
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 Not applicable.
reporting * Where comprehensive 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 Commencement of due diligence
exploration * Other exploration data, if meaningful and material, on the Litchfield
data should be reported including (but not limited to): Lithium Project
geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
================================================================= ===============================
Further For the Litchfield Lithium
work * The nature and scale of planned further work (eg Project, return
tests for lateral extensions or depth extensions or of assays for 657 surface
large-scale step-out drilling). samples.
* 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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END
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