Castillo Copper Limited (ASX: CCZ) has announced an encouraging update on the Arya Prospect and Big One Deposit within its Mt Oxide pillar in Queensland’s copper-belt.
The company reported that the CCZ Board has decided to expedite commencing RC drilling campaigns at the Arya Prospect and Big One Deposit within the Mt Oxide pillar.
Castillo Copper noted that Arya is prospective for IOCG mineralisation and comprises a sizeable massive sulphide bedrock conductor, while the Big One Deposit comprises shallow high-grade supergene copper ore.
The company said that priority targets to test-drill at the Arya Prospect and Big One Deposit, tailored to deliver optimal results, have been finalised and drilling contractors are being invited to submit quotes.
CCZ reported that with landholder and access agreements being completed and, subject to approval from Queensland’s resources regulator, the drill-testing campaign can be readily expedited.
Mt Oxide project
The Mt Oxide Project includes two contiguous tenements and is located in the Mt Isa region, northwest Queensland.
The tenure is within close proximity of the historic Mt Oxide Copper Mine which was re-commissioned in 2017. As a result, exploration activity within the region has increased significantly.
The Mt Oxide Project includes four tenements.
In March 2019, Geoscience Australia released the results of an airborne electromagnetic (AEM) survey which identified the anomaly below the then newly named Arya Prospect.
Reconciling this finding with earlier work undertaken by BHP in 1997, which originally discovered the anomaly via a ground electromagnetic survey, determined it was a sizeable massive sulphide bedrock conductor. This interpretation was made after assayed rock chips at surface, up to 1.84% Cu, were interpreted as up-dip extensions to the main sulphide body that correlated with the bedrock conductor.
BHP noted Arya Prospect was prospective for IOCG mineralisation and recommended follow up drilling. However, this never materialised likely due to a base-metal down-turn in the late 1990s.
Big One Deposit
After an extensive search, CCZ secured original logs and assay results from previously listed West Australian Metals’, the former owner of the Big One Deposit.
In late 1992, WME undertook a 27-hole (1,673m) RC drilling campaign which delivered excellent economic copper intercepts up to 28.4% Cu. Notably, the drilling intersected shallow high-grade supergene copper ore.
Significant intercepts included 3m @ 12.25% Cu from 42m incl: 2m @ 17.87% Cu from 43m and 1m @ 28.4% Cu from 44m (hole B07); 8m @ 2.33% Cu from 44m incl: 6m @ 3.00% Cu from 45m and 5m @ 3.28% Cu from 45m (hole B05); 4m @ 2.20% Cu from 44m incl: 2m @ 3.19% Cu from 46m and 1m @ 3.63% Cu from 47m (hole B06); and 6m @ 1.55% Cu from 66m incl: 5m @ 1.79% Cu from 66m and 2m @ 2.08% Cu from 66m (hole B25).
Incrementally, in 1997, circa 4,400t of supergene ore was mined from the Big One Deposit within historic mining lease ML5481 that delivered an average 3.5% Cu grade.
CCZ to fast-track approval for RC drilling
Castillo Copper announced that plans are underway to fast track securing approval to commence RC drilling campaigns at the priority Arya Prospect and Big One Deposit at the Mt Oxide pillar in Queensland’s copper-belt. This was decided due to the availability of ample data points to formulate optimal test-drill targets.
The company announced that the priority targets to drill-test at the Arya Prospect and Big One Deposit have been tailored to deliver optimal results.
CCZ said that several drilling contractors have also been invited to submit quotes to run the twin RC drilling campaigns.
The company reported that the earlier work has already ensured most of the necessary landholder and accessibility agreements are in place. In addition, a contractor was also selected to clear access tracks, which were adversely affected following the wet season and severe cyclone that hit the Gulf of Carpentaria.
Castillo Copper said that the application to progress the drilling campaigns will shortly be filed with Queensland’s resources regulator and, once approval is secured, the drilling teams will be fast-tracked to site.
The company said that it is now ensuring all the necessary logistics are in place and following up with stakeholders to ensure key approvals are secured.
Castillo Copper’s Managing Director Simon Paull said: “Based on the underlying fundamentals of the prospects reviewed to date, the Board has decided to expedite drilling the Arya Prospect and Big One Deposit.
With drill-test targets selected and most preliminary work complete, we anticipate drilling commencing once Queensland’s resources regulator grants approval.”