ASX-listed base metals exploration company Castillo Copper (ASX:CCZ) has approved plans to assess optimising the Big One deposit as part of its NWQ Copper Project in Queensland following a strategic asset review.
The company has approved several initiatives which will be conducted to maximise value from the developing NWQ project, following efforts made at its BHA Project’s East Zone.
Castillo Copper notes the planned initiatives include the commissioning of an independent engineering contractor to conduct a pit optimisation study on the viability of commencing copper mining operations, as well as re-formulating optimal plans for a third drilling program and companion geophysical surveys to extend the known mineralisation beyond the line of lode.
Castillo reports its geology team plans to visit several prospects within the NWQ project, including Arya, Valparaisa, Boomerang, and Josephine. Once post visit review write-ups are complete and exploration potential ranked, it intends to present this opportunity to prospective development partners based within the Mt Isa region.
Meanwhile, initial metallurgy testwork results for rare earth elements (REEs) from Castillo’s BHA project’s East Zone are due to be received shortly.
Speaking on the optimisation plans Castillo Copper Chairman Ged Hall says: “Following a recent strategic asset review, the Board approved an optimisation study for the Big One Deposit which should ideally articulate a clear pathway to commence copper mining operations.
“Following a recent strategic asset review, the Board approved an optimisation study for the Big One Deposit which should ideally articulate a clear pathway to commence copper mining operations”
With exploratory work ramping up at the NWQ Copper and BHA Projects, the Board is increasingly optimistic about the group’s prospects for 2023.”
Castillo Copper is an ASX-listed copper-focused exploration company based in Perth, Western Australia. The company’s Big One deposit is situated within its greater NWQ project in Queensland’s Mt Isa copper-belt and has been drilled by 3 separate groups since the 1970s, including Castillo, which highlighted the shallow nature of the known ore body, with results including hole 303RC with 40m @ 1.64% copper (Cu) from surface including 11m @ 4.40% Cu from 24m, 5m @ 7.34% Cu from 28m and 1m @ 16.65% Cu from 29m.
Big One also currently boasts an inferred Mineral Resource Estimate (MRE) at 2.1 million tonnes (Mt) @ 1.1% Cu for 21,886 tonnes-square copper metal.
The company also reports the project is located in proximity to several other operations owned by global mining groups, including Rio Tinto (ASX:RIO), Glencore (LON:GLEN), and Anglo American (LON:AAL). NWQ is wholly owned by Castillo, and has potential to deliver material exploration upside from about 22 viable targets, including the ‘major’ copper discovery at Big One.
Other assets included within the company’s exploration arsenal include the BHA project in New South Wales, and the Mkushi and Luanshya projects in Zambia, southern Africa.
Images: Castillo Copper
