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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Castillo Copper Limited | LSE:CCZ | London | Ordinary Share | AU000000CCZ2 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.30 | 0.35 | 0.325 | 0.30 | 0.325 | 0.00 | 08:00:21 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Copper Ores | 0 | -6.94M | -0.0053 | 0.00 | 4.22M |
TIDMCCZ
RNS Number : 9326P
Castillo Copper Limited
15 February 2023
15 February 2023
CASTILLO COPPER LIMITED
("Castillo", or the "Company")
Diamond core TREO assay boosts confidence; exceptional 38.9% MREO
Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is delighted with the latest assays results for the Tors Tank and Fence Gossan Prospects, as collectively they materially increase confidence in the shallow, clay-hosted, Rare Earth Element ("REE") discovery across the central part of the BHA Project's East Zone (Appendix A).
HIGHLIGHTS:
-- The assay results for diamond core from TT_005DD - undertaken at the Tors Tank Prospect (refer Appendix A) - significantly boosts confidence in the shallow, clay-hosted, rare-earth element discovery(1) , with the best intercept:
o 13m @ 1,550ppm Total Rare Earth Oxides ("TREO") from 5m
o Notably, high value Magnetic REO (Nd+Pr+Dy+Tb) represented an exceptional 38.9% of the TREO grade vs 25% peer average(2)
-- Re-assays of 4m composite samples at Tors Tank and Fence Gossan to 1m provided greater clarity on the underlying geology, whilst delivering further evidence of an extensive, shallow REE mineralisation system - the best intercepts comprise:
o 17m @ 1,605ppm TREO from 2m and 1m @ 3,236 TREO from 19m (FG_003RC)
o 10m @ 1,013ppm TREO from 49m (FG_001RC)
o 6m @ 1,480ppm TREO from 7m (FG_004RC)
o 5m @ 1,598ppm TREO from 14m (TT_002RC)
o 4m @ 1,342ppm TREO from 28m (FG_004RC)
o 2m @ 3,491ppm TREO from 7m (TT_003RC)
-- Assays for circa 70% of the recent hand auger surface sampling campaign across Fence Gossan delineated a sizeable 4.5km(2) anomalous area for REE mineralisation:
o A preliminary interpretation suggests there are several more prime targets to test-drill that could potentially extend known mineralisation between the Fence Gossan and Tors Tank Prospects
-- A fuller interpretation will be released once all the assay results for the auger sampling campaign and drill-holes RT_002-004RC are received from the laboratory
Dr Dennis Jensen, Managing Director of Castillo Copper, said: "The Board is delighted with the latest results, especially the diamond core assay at Tors Tank and exceptional MREO value, as it increases confidence in the underlying REE system. In addition, the hand auger surface sampling campaign is proving to be a treasure trove of insights, with several new targets now on the radar. The Board looks forward to receiving the remaining assays and charting the next phase of the exploration campaign."
ASSAYS BOOST REE CONFIDENCE AT BROKEN HILL
Diamond core
Drill-hole TT_005DD, which produced diamond core from the Tors Tank Prospect (refer Figure 1), returned an excellent assay result, with the best intercept: 13m @ 1,550ppm TREO from 5m.
More significantly, the high value Magnetic REO, which comprises in-demand REEs (Nd+Pr+Dy+Tb), represented an exceptional 38.9% of the TREO grade which is well above the 25% average among the peer group(2) .
FIGURE 1 : TORS TANK DIAMOND CORE FROM 5.3-11.8M (TT_OO5DD)
Source: CCZ geology team
Re-assays: Tors Tank and Fence Gossan
To gain greater insights of the underlying geology at Tors Tank and Fence Gossan, the 4m composite samples were re-assayed to 1m - with the best results highlighted in Figure 2, with up to 3,491ppm TREO recorded. Interpreting the re-assays provides clearer evidence that there is an extensive, shallow REE mineralisation system across the centre of the BHA Project's East Zone (refer Appendix A).
FIGURE 2: BEST "RC" INTERCEPTS TORS TANK / FENCE GOSSAN
Hole From (m) To (m) Width (m) TREO (ppm) MREO (%) ========= ======= ========== =========== TT_001RC 25 27 2 1,048 27.1% ========= ======= ========== =========== ========= TT_002RC 14 19 5 1,598 29.1% ========= ======= ========== =========== ========= TT_003RC 4 11 7 890 34.6% ========= ======= ========== =========== ========= 12 13 1 1,103 28.4% ========= ======= ========== =========== ========= 15 17 2 3,491 24.6% ========= ======= ========== =========== ========= FG_001RC 8 20 12 907 31.0% ========= ======= ========== =========== ========= 49 59 10 1,013 24.7% ========= ======= ========== =========== ========= FG_002RC 11 16 5 1,065 28.9% ========= ======= ========== =========== ========= FG_003RC 2 19 17 1,605 28.6% ========= ======= ========== =========== ========= 19 20 1 3,236 28.9% ========= ======= ========== =========== ========= FG_004RC 7 13 6 1,480 28.9% ========= ======= ========== =========== ========= 28 32 4 1,342 22.9% ========= ======= ========== =========== =========
Source: CCZ geology team
Surface sampling: Fence Gossan
Around 70% of the hand auger surface sampling assays for the Fence Gossan Prospect have been returned. Pleasingly, the assays delineate a sizeable (circa 4.5km(2) ) anomalous REE zone - refer to Figure 3 below.
Surface readings indicate anomalous areas to the south, south-west and north-west of the four recent cobalt-focussed Fence Gossan drill-holes which suggest possible higher mineralisation in these zones than identified in the drill-holes (Figure 3) .
Having reconciled these findings and performed a statistical analysis, the geology team believe surface sample readings with Ce > 100ppm is a likely indicator of higher grade REE mineralisation at depth. As such, these are interpreted to be prime targets for test-drilling that could extend known mineralisation between the Tors Tank and Fence Gossan Prospects.
FIGURE 3: SURFACE MAPPED LITHOLOGY VS CERIUM CONTOURS (PPM)
Note: Coordinates in MGA94 - Z54; scale range cerium contours 20-230ppm.
Source: CCZ geology team / ALS Laboratory
For further information, please contact:
Castillo Copper Limited +61 8 6558 0886 Dr Dennis Jensen (Australia), Managing Director Gerrard Hall (UK), Chairman SI Capital Limited (Financial Adviser and Corporate Broker) +44 (0)1483 413500 Nick Emerson Gracechurch Group (Financial PR) +44 (0)20 4582 3500 Harry Chathli, Alexis Gore, Henry Gamble
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 and platinoids.
-- 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."
Competent Person's Statement
The information in this report that relates to Exploration Results and Mineral Resource Estimates for "BHA Project, East Zone" is based on information compiled or reviewed by Mr Mark Biggs. Mr Biggs is a 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.
References
1) CCZ ASX Release - 23 November 2022
2) Nelson, S. "Rare earths rush showed no signs of abating in Q4 2022" 6 February 2023. Available at: https://www.proactiveinvestors.com.au/companies/news/1005217/rare-earths-rush-showed-no-signs-of-abating-in-q4-2022-1005217.html
APPIX A: BHA PROJECT'S EAST ZONE
FIGURE A1: BHA PROJECT's EAST ZONE - REE EXPLORATION FOOTPRINT
Source: CCZ geology team
FIGURE A2: BHA PROJECT
Source: CCZ geology team
APPIX B: REE RESULTS / TREO CONVERSION FACTOR
FIGURE B1: TORS TANK / FENCE GOSSAN - 1M INTERSECTIONS >500PPM TREO
Hole From Apparent Ag Th U TREO TREO-Ce LREO HREO CREO MREO (m) To Width (g/t) (ppm) (ppm) (ppm)1 (ppm) (ppm) (ppm) (%) (%) (m) (m) FG_001RC 3 4 1 0.05 20.2 7.1 864 511.78 751.75 112.58 26.5% 30.1% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 8 20 12 0.07 7.7 13.0 907 539.26 788.62 118.24 26.3% 31.0% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 49 59 10 0.03 11.1 17.0 1,013 595.88 860.49 152.98 24.9% 24.7% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== FG_002RC 3 5 2 0.11 8.2 10.7 637 363.49 554.22 83.20 24.5% 26.3% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 6 10 4 0.07 15.6 7.1 711 411.55 622.39 88.89 24.2% 27.2% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 11 16 5 0.02 8.8 17.6 1,065 643.95 910.78 154.51 26.7% 28.9% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== FG_003RC 2 19 17 0.08 14.3 19.6 1,605 1011.78 1378.22 226.81 26.7% 28.6% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 19 20 1 0.11 1.8 47.6 3,236 2441.30 2079.08 1156.99 40.3% 28.9% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 59 60 1 0.04 8.7 25.1 808 546.46 632.71 175.40 31.3% 26.0% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== FG_004RC 7 13 6 0.21 18.4 10.4 1,480 863.25 1299.89 179.81 25.2% 28.9% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 28 32 4 0.13 19.4 28.2 1,342 762.43 1185.14 156.78 21.9% 22.9% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 48 57 9 0.08 9.7 24.1 848 477.63 736.43 111.69 23.2% 24.3% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 61 63 2 0.07 17.3 7.8 782 432.64 689.41 92.71 22.0% 23.4% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== TT_001RC 25 27 2 0.17 4.3 15.7 1,048 755.07 668.01 380.03 41.0% 27.1% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 39 40 1 0.05 19.2 1.7 752 396.02 705.28 46.97 20.1% 25.8% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 41 42 1 0.04 22.0 1.9 624 310.71 583.08 40.87 19.6% 24.7% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 43 44 1 0.04 9.0 3.8 747 437.58 677.48 69.66 23.7% 29.0% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 47 48 1 0.09 19.6 3.2 684 374.60 627.57 56.59 18.2% 20.3% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 49 51 2 0.07 32.5 3.6 676 379.43 595.53 80.57 22.5% 23.6% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== TT_002RC 14 19 5 0.72 0.9 7.4 1,598 959.58 1235.37 363.60 31.5% 29.1% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== TT_003RC 4 11 7 0.23 1.2 8.6 890 586.78 708.95 181.16 32.8% 34.6% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 12 13 1 0.08 1.8 14.0 1,103 676.16 805.70 297.95 34.6% 28.4% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 15 17 1 0.14 1.8 15.0 3,491 3072.18 1281.72 2209.34 59.3% 24.6% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== TT_005DD 5 18 13 0.38 3.0 12.4 1,550 1150.56 1123.35 427.05 40.1% 38.9% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== 67 68 1 0.12 6.8 8.2 722 443.76 599.73 122.88 30.5% 31.2% ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ====== TT_004RC n/a n/a ===== ===== ========= ======= ======= ======= ======== ======== ======== ======== ====== ======
Notes:
1. TT_001RC 39-52m composite also reports 6,388 ppm Ba (Barium); TT_003RC 1,140 ppm Ba.
2. Two of the Lanthanum (La) assay from FG_003R returned >500ppm were re-analysed (514 and 527ppm, respectively).
3. Verification has been undertaken by ROM Resources personnel. 4. Sample results from ALS method ME-ICP81.
Source: ALS Adelaide
TREO conversion factor
Conversion of elemental analysis (REE parts per million) to stoichiometric oxide (REO parts per million) was undertaken by ROM geological staff using the below (Figure B2) element to stoichiometric oxide conversion factors.
FIGURE B2: ELEMENT - CONVERSION FACTOR - OXIDE FORM
Rare Earth Factor for Conversion Rare Earth Oxide Element Common Form Ce 1.2284 CeO(2) ====================== ================= Dy 1.1477 Dy(2) O(3) ====================== ================= Er 1.1435 Er(2) O(3) ====================== ================= Eu 1.1579 Eu(2) O(3) ====================== ================= Gd 1.1526 Gd(2) O(3) ====================== ================= Ho 1.1455 Ho(2) O(3) ====================== ================= La 1.1728 La(2) O(3) ====================== ================= Lu 1.1371 Lu(2) O(3) ====================== ================= Nd 1.1664 Nd(2) O(3) ====================== ================= Pr 1.2083 Pr(6) O(11) ====================== ================= Sm 1.1596 Sm(2) O(3) ====================== ================= Tb 1.1762 Tb(4) O(7) ====================== ================= Tm 1.1421 Tm(2) O(3) ====================== ================= Y 1.2699 Y(2) O(3) ====================== ================= Yb 1.1387 Yb(2) O(3) ====================== =================
Source: CCZ geology team
Rare earth oxide is the industry accepted form for reporting rare earths. The following calculations are used for compiling REO into their reporting and evaluation groups:
-- TREO (Total Rare Earth Oxide) = La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3) + Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) + Yb(2) O(3) + Y(2) O3 + Lu(2) O(3) .
-- TREO-Ce = TREO - CeO(2) -- LREO (Light Rare Earth Oxide) = La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3) + Sm(2) O(3)
-- HREO (Heavy Rare Earth Oxide) = Eu(2) O(3) + Gd(2) O(3) + Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) + Yb(2) O(3) + Y(2) O(3) + Lu(2) O(3)
-- CREO (Critical Rare Earth Oxide) = Nd(2) O(3) + Eu(2) O(3) + Tb(4) O(7) + Dy(2) O(3) + Y(2) O(3)
-- MREO (Magnetic Rare Earth Oxide) = Pr(6) O(11) + Nd(2) O(3) + Sm(2) O(3) + Gd(2) O(3) + Tb(4) O(7) + Dy(2) O(3) .
Total Rare Earth Oxides (TREO):
To calculate TREO an oxide conversion "factor" is applied to each rare-earth element assay.
The "factor" equates an elemental assay to an oxide concentration for each element. Below is an example of the factor calculation for Lanthanum (La).
Relative Atomic Mass (La) = 138.9055
Relative Atomic Mass (O) = 15.9994
Oxide Formula = La(2) O(3)
Oxide Conversion Factor = 1/ ((2x 138.9055)/(2x 138.9055 + 3x 15.9994)) Oxide Conversion Factor = 1.173 (3 decimal places)
APPIX C: DRILLHOLE COORDINATES AFTER SURVEY
All drill-holes have now been surveyed, with coordinates showing only 0.5-4m errors in X and Y compared to the initial GPS readings (Figures C1-3). The total program consisted of 1,568m of RC and 137.7m of HQ diamond core.
FIGURE C1: TORS TANK SURVEYED DRILL COLLARS
HoleID Easting Northing AHD TDepth Grid Dip Hole Start End (GDA94) (GDA94) (m) (m) Azimuth Horizontal Type TT_001RC 571356 6451399 191.2 120 193.1 -63.1 RC 30-Sep-22 1-Oct-22 ========== ========= ====== ======= ========= ============ ====== ========== ========== TT_002RC 571473 6451248 191.4 108 188.6 -63.0 RC 1-Oct-22 2-Oct-22 ========== ========= ====== ======= ========= ============ ====== ========== ========== TT_003RC 571421 6451278 193.1 140 192.1 -62.5 RC 2-Oct-22 3-Oct-22 ========== ========= ====== ======= ========= ============ ====== ========== ========== TT_004RC 571230 6451498 189.9 120 186.8 -66.1 RC 3-Oct-22 4-Oct-22 ========== ========= ====== ======= ========= ============ ====== ========== ========== TT_005DD 571427 6451276 193.0 137.7 187.2 -60.8 DDH 11-Oct-22 17-Oct-22 ========== ========= ====== ======= ========= ============ ====== ========== ========== 625.7 ========== ========= ====== ======= ========= ============ ====== ========== ==========
Source: CCZ geology team
FIGURE C2: FENCE GOSSAN SURVEYED DRILL COLLARS
HoleID Easting Northing AHD Tdepth Grid DipH Hole Start End (GDA94) (GDA94) (m) (m) Azimuth Type FG_001RC 576347 6453786 171.2 126 191.8 -64.9 RC 4-Oct-22 7-Oct-22 ========= ========= ====== ======= ========= ====== ====== ========= ========== FG_002RC 576547 6453751 169.1 110 195.2 -65.2 RC 7-Oct-22 8-Oct-22 ========= ========= ====== ======= ========= ====== ====== ========= ========== FG_003RC 576696 6453833 167.7 160 193.7 -67.9 RC 8-Oct-22 9-Oct-22 ========= ========= ====== ======= ========= ====== ====== ========= ========== FG_004RC 575998 6453831 173.7 120 188.2 -64.2 RC 9-Oct-22 10-Oct-22 ========= ========= ====== ======= ========= ====== ====== ========= ========== 516 ========= ========= ====== ======= ========= ====== ====== ========= ==========
Source: CCZ geology team
FIGURE C3: REEFS TANK SURVEYED DRILL COLLARS
HoleID Easting Northing AHD TD Azimuth DipH Type Start Finish (m) RT_001RC 574106.703 6456242.501 179.7 120 188.0 -62.1 RC 10/10/2022 11/10/2022 =========== ============ ====== ==== ======== ====== ===== =========== =========== RT_002RC 574120.601 6455468.441 188.1 204 189.2 -65.3 RC 9/11/2022 10/11/2022 =========== ============ ====== ==== ======== ====== ===== =========== =========== RT_003RC 573418.409 6455244.784 191.7 120 186.4 -63.7 RC 10/11/2022 14/11/2022 =========== ============ ====== ==== ======== ====== ===== =========== =========== RT_004RC 573726.282 6454924.984 186.6 120 190.2 -61.5 RC 14/11/2022 15/11/2022 =========== ============ ====== ==== ======== ====== ===== =========== =========== 564 =========== ============ ====== ==== ======== ====== ===== =========== ===========
Source: CCZ geology team
Figures C4 and C5 show a cross-section of the extent of downhole distribution of cobalt and cerium at Tors Tank. Most of the major occurrences are at <50m depth.
FIGURE C4: TORS TANK - COBALT (PPM)
Notes:
1. View looking north-west. 2. Vertical exaggeration 2:1
Source: CCZ geology team
FIGURE C5: TORS TANK CERIUM (PPM)
Source: CCZ geology team
At Fence Gossan, a downhole cross-section shows the distribution of the rare earth element cerium (ppm), especially highlighting the anomalous zones near surface and a second zone at about 50m depth. The high REE zones appear in extremely weathered clays derived from mostly pegmatite.
FIGURE C6: FENCE GOSSAN CERIUM (PPM)
Source: CCZ geology team
APPIX D: JORC CODE, 2012 EDITION - TABLE 1
Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary Sampling Nature and quality of Diamond Drilling (DDH) techniques sampling (e.g., cut Diamond drilling of HQ diameter (TT_005DD) channels, random was completed to 137.7m recently in the completed chips, or specific program and was located 5m away from a RC hole specialised already drilled (TT_003RC). industry standard Reverse Circulation ('RC') Drilling measurement tools RC drilling at Fence Gossan was used to obtain appropriate a representative sample by means of riffle to the minerals under splitting with samples submitted for analysis investigation, such using the above-mentioned methodologies. as Four (4) reverse circulation (RC) holes for down hole gamma a total of 516m have been completed at the sondes, or handheld Fence Gossan Prospect. XRF instruments, Four (4) RC holes were completed at Reefs Tank etc.). These examples for a total of 564m. should not be taken At Tors Tank, four (4) RC holes for a total as of 625.7m (including the cored hole) were completed. limiting the broad The RC drilling technique was used to obtain meaning of sampling. a representative sample by means of a cone Include reference to or riffle splitter with samples submitted for measures taken to assay by mixed acid digestion and analysis ensure via ICP-MS + ICP-AES with anticipated reporting sample representivity a suite of 48 elements (sulphur >10% by LECO). 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 (e.g., 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g 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 Drill type (e.g., Historical drilling consisted of auger, rotary techniques core, reverse air blast, reverse circulation, and NQ, BQ, circulation, and HQ diamond coring. One cored hole of HQ open-hole hammer, (61mm) diameter was completed at Tors Tank
rotary air blast, after all the RC holes had been completed. auger, Diamond drilling will be completed with standard Bangka, sonic, etc.) diameter, conventional HQ and NQ with historical and details (e.g. holes typically utilizing RC and percussion core pre-collars to an average 30 metres (see Drillhole diameter, triple or Information for further details). 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 Method of recording Reverse Circulation ('RC') Drilling - Reverse recovery and assessing core circulation sample recoveries were visually and estimated during drilling programs. Where the chip sample estimated sample recovery was below 100% this recoveries and was recorded in field logs by means of qualitative results assessed. observation. Measures taken to Reverse circulation drilling employed sufficient maximise sample air (using a compressor and booster) to maximise recovery sample recovery. and ensure Historical cored drillholes by North Broken representative nature Hill, CRA , and Pasminco were well documented of the samples. and generally have >90% core recovery. Whether a No relationship between sample recovery and relationship exists grade has been observed. 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 The drilling that did occur was completed to samples have been modern-day standards. The preferred exploration geologically strategy in the eighties and early nineties and geotechnically was to drill shallow auger holes to negate logged to a level of the influence of any Quaternary and Tertiary detail sedimentary cover, and then return to sites to support where anomalous Cu or Zn were assayed. In this appropriate Mineral program at all three areas holes were completed Resource estimation, to varying depths ranging from 100-160m. mining studies and No downhole geophysical logging took place; metallurgical however, measurements of magnetic susceptibility studies. were taken at the same 1m intervals as the Whether logging is PXRF readings were taken. qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. ================================= ========================================================================================================= Sub-sampling If core, whether cut Core samples will be hand-split or sawn with techniques or sawn and whether re-logging of available historical core indicating and sample quarter, a 70:30 (retained: assayed) split was typical. preparation half or all core The variation of sample ratios noted are considered taken. consistent with the sub-sampling technique If non-core, whether (hand-splitting). riffled, tube No second half samples will be submitted for sampled, analysis, but duplicates have been taken at rotary split, etc and a frequency of 1:20 in samples collected. whether sampled wet It is considered water planned to be used for or core cutting is unprocessed and unlikely to dry. have introduced sample contamination. For all sample types, Procedures relating to the definition of the the nature, quality, line of cutting or splitting are not available. and appropriateness It is expected that 'standard industry practice' of the sample for the period was applied to maximize sample preparation representivity. technique. Quarter core will be submitted to ALS for chemical Quality control analysis using industry standard sample preparation procedures adopted and analytical techniques. for all The sample interval details and grades quoted sub-sampling stages for cored intervals described in various maps to maximise in the main section are given in previous ASX representivity releases (Castillo Copper 2022a, b, c, d, e, of samples. f). 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 The nature, quality and The following rare earth elements were analysed using ME-MS61R Sample of assay appropriateness of Decomposition is by HF-HNO(3) -HClO(4) acid digestion, HCl leach (GEO-4A01). data and the assaying and laboratory The Analytical Method for laboratory procedures used tests and whether the technique Silver is shown below: Element Symbol Units Lower Upper is considered partial Limit Limit or total. Silver Ag ppm 0.01 100 For geophysical tools, ======== ======= ======= ======= spectrometers, handheld XRF instruments, etc, the Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP - parameters used in AES) Inductively Coupled Plasma - Mass Spectrometry (ICP-MS) determining the analysis A prepared sample (0.25 g) is digested with perchloric, nitric, hydrofluoric, including instrument and hydrochloric acids. The residue is topped up with dilute hydrochloric
make and model, reading acid and analysed by inductively coupled plasma atomic emission spectrometry. times, calibrations Following this analysis, the results are reviewed for high concentrations factors applied and their of bismuth, mercury, molybdenum, silver, and tungsten and diluted derivation, etc. accordingly. Nature of quality control Samples meeting this criterion are then analysed by inductively coupled procedures adopted plasma-mass spectrometry. Results are corrected for spectral interelement (eg standards, blanks, interferences. duplicates, external Four acid digestions can dissolve most minerals: however, although laboratory checks) and the term "near total" is used, depending on the sample matrix, not whether acceptable levels all elements are quantitatively extracted. of accuracy (i.e. lack of Results for the additional rare earth elements will represent the bias) and precision acid leachable portion of the rare earth elements and as such, cannot have been established. be used, for instance to do a chondrite plot. Geochemical Procedure Element geochemical procedure reporting units and limits are listed below: Element Symbol Units Lower Upper Limit Limit Molybdenum Mo ppm 0.05 10 000 ======== ======= ======= ============ Sodium Na % 0.01 10 ======== ======= ======= ============ Niobium Nb ppm 0.1 500 ======== ======= ======= ============ Nickel Ni ppm 0.2 10 000 ======== ======= ======= ============ Phosphorous P ppm 10 10 000 ======== ======= ======= ============ Lead Pb ppm 0.5 10 000 ======== ======= ======= ============ Rubidium Rb ppm 0.1 10 000 ======== ======= ======= ============ Rhenium Re ppm 0.002 50 ======== ======= ======= ============ Sulphur S % 0.01 10 ======== ======= ======= ============ Antimony Sb ppm 0.05 10 000 ======== ======= ======= ============ Scandium Sc ppm 0.1 10 000 ======== ======= ======= ============ Selenium Se ppm 1 1 000 ======== ======= ======= ============ Tin Sn ppm 0.2 500 ======== ======= ======= ============ Strontium Sr ppm 0.2 10 000 ======== ======= ======= ============ Tantalum Ta ppm 0.05 100 ======== ======= ======= ============ Tellurium Te ppm 0.05 500 ======== ======= ======= ============ Thorium Th ppm 0.2 10 000 ======== ======= ======= ============ Titanium Ti % 0.005 10 ======== ======= ======= ============ Thallium Tl ppm 0.02 10 000 ======== ======= ======= ============ Uranium U ppm 0.1 10 000 ======== ======= ======= ============ Vanadium V ppm 1 10 000 ======== ======= ======= ============ Tungsten W ppm 0.1 10 000 ======== ======= ======= ============ Element Symbol Units Lower Upper Limit Limit Yttrium Y ppm 0.1 500 ======== ======= ======= ======= Zinc Zn ppm 2 10 000 ======== ======= ======= ======= Zirconium Zr ppm 0.5 500 ======== ======= ======= ======= Dysprosium Dy ppm 0.05 1 000 ======== ======= ======= ======= Erbium Er ppm 0.03 1 000 ======== ======= ======= ======= Europium Eu ppm 0.03 1 000 ======== ======= ======= ======= Gadolinium Gd ppm 0.05 1 000 ======== ======= ======= ======= Holmium Ho ppm 0.01 1 000 ======== ======= ======= ======= Lutetium Lu ppm 0.01 1 000 ======== ======= ======= ======= Neodymium Nd ppm 0.1 1 000 ======== ======= ======= ======= Praseodymium Pr ppm 0.03 1 000
======== ======= ======= ======= Samarium Sm ppm 0.03 1 000 ======== ======= ======= ======= Terbium Tb ppm 0.01 1 000 ======== ======= ======= ======= Thulium Tm ppm 0.01 1 000 ======== ======= ======= ======= Ytterbium Yb ppm 0.03 1 000 ======== ======= ======= ======= Element Symbol Units Lower Upper Limit Limit Aluminum Al % 0.01 50 ======== ======= ======= ======== Arsenic As ppm 0.2 10 000 ======== ======= ======= ======== Barium Ba ppm 10 10 000 ======== ======= ======= ======== Beryllium Be ppm 0.05 1 000 ======== ======= ======= ======== Bismuth Bi ppm 0.01 10 000 ======== ======= ======= ======== Calcium Ca % 0.01 50 ======== ======= ======= ======== Cadmium Cd ppm 0.02 1 000 ======== ======= ======= ======== Cerium Ce ppm 0.01 500 ======== ======= ======= ======== Cobalt Co ppm 0.1 10 000 ======== ======= ======= ======== Chromium Cr ppm 1 10 000 ======== ======= ======= ======== Cesium Cs ppm 0.05 500 ======== ======= ======= ======== Copper Cu ppm 0.2 10 000 ======== ======= ======= ======== Iron Fe % 0.01 50 ======== ======= ======= ======== Gallium Ga ppm 0.05 10 000 ======== ======= ======= ======== Germanium Ge ppm 0.05 500 ======== ======= ======= ======== Hafnium Hf ppm 0.1 500 ======== ======= ======= ======== Indium In ppm 0.005 500 ======== ======= ======= ======== Potassium K % 0.01 10 ======== ======= ======= ======== Lanthanum La ppm 0.5 10 000 ======== ======= ======= ======== Lithium Li ppm 0.2 10 000 ======== ======= ======= ======== Magnesium Mg % 0.01 50 ======== ======= ======= ======== Manganese Mn ppm 5 100 000 ======== ======= ======= ======== Laboratory inserted standards, blanks and duplicates were analysed per industry standard practice. There was no evidence of bias from these results. ================================= ========================================================================================================= Verification The verification of of sampling significant * None of the drillholes have been twinned, as they are and assaying intersections historical holes. by either independent or alternative company * Conversion of elemental analysis (REE parts per personnel. million) to stoichiometric oxide (REO parts per The use of twinned million) was undertaken by ROM geological staff using holes. the below (Table D1-1) element to stoichiometric Documentation of oxide conversion factors ( primary data, data https://www.jcu.edu.au/news/releases/2020/march/rare-earth-metals-an-untapped-resource entry ) procedures, data verification, data storage (physical and Table D1-1: Element -Conversion Factor -Oxide electronic) Form CeO2 protocols. Ce 1.2284 Discuss any 1.1477 Dy2O3 adjustment to assay Dy data. ============= ============ Er 1.1435 Er2O3 ============= ============ 1.1579 Eu2O3 Eu ============= ============ Gd 1.1526 Gd2O3 ============= ============ 1.1455 Ho2O3 Ho ============= ============ La 1.1728 La2O3 ============= ============ 1.1371 Lu2O3 Lu ============= ============ Nd 1.1664 Nd2O3 ============= ============ 1.2083 Pr6O11 Pr ============= ============ Sm 1.1596 Sm2O3
============= ============ 1.1762 Tb4O7 Tb ============= ============ Tm 1.1421 Tm2O3 ============= ============ 1.2699 Y2O3 Y ============= ============ Yb 1.1387 Yb2O3 ============= ============ Rare earth oxide is the industry accepted form for reporting rare earths. The following calculations are used for compiling REO into their reporting and evaluation groups: TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3. TREO-Ce = TREO - CeO2 LREO (Light Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 HREO (Heavy Rare Earth Oxide) = Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3 CREO (Critical Rare Earth Oxide) = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3 MREO (Magnetic Rare Earth Oxide) = Pr6O11 + Nd2O3 + Sm2O3 + Gd2O3 + Tb4O7 + Dy2O3. Total Rare Earth Oxides (TREO): To calculate TREO an oxide conversion "factor" is applied to each rare-earth element assay. The "factor" equates an elemental assay to an oxide concentration for each element. Below is an example of the factor calculation for Lanthanum (La): o Relative Atomic Mass (La) = 138.9055 o Relative Atomic Mass (O) = 15.9994 o Oxide Formula = La(2) O(3) o Oxide Conversion Factor = 1/ ((2x 138.9055)/(2x 138.9055 + 3x 15.9994)) Oxide Conversion Factor = 1.173 (3dp) None of the historical data has been adjusted. ================================= ========================================================================================================= Location Accuracy and quality In general, locational accuracy does vary, of data of surveys used to depending upon whether the historical surface points locate and drillhole samples were digitised off plans drill holes (collar or had their coordinated tabulated. Many samples and down-hole were originally reported to AGD66 or AMG84 surveys), and have been converted to MGA94 (Zone 54) trenches, mine The holes are currently surveyed with handheld workings and other GPS, awaiting more accurate DGPS survey. It locations is thus estimated that locational accuracy used in Mineral therefore varies between 2-4m until the more Resource estimation. accurate surveying is completed. This assessment Specification of the was confirmed once the holes were surveyed grid system used. by DGPS from GMC Surveying. Quality and adequacy The quality of topographic control (GSNSW 1 of topographic sec DEM) is deemed adequate for the purposes control. of the exploration drilling program. ================================= ========================================================================================================= Data spacing Data spacing for The average sample spacing from the current and reporting of drilling program across the tenure varies per distribution Exploration prospect, and sample type, as listed in Table Results. D1-2, below: Whether the data Table D1-2: EL 8434 Drillhole Spacing Prospect Drillholes RMS Drillhole spacing and Completed Spacing distribution (m) is sufficient to The Sisters Not yet establish the degree =========== ============== of geological Iron Blow Not Yet and grade continuity =========== ============== appropriate for the Tors Tank 4 127 Mineral =========== ============== Resource and Ore Fence Gossan 4 208 Reserve estimation =========== ============== procedure(s) Ziggy's n/a n/a and classifications Hill applied. =========== ============== Whether sample Reefs Tank 1 compositing has been =========== ============== applied. The Datamine software allows creation of fixed length samples from the original database given a set of stringent rules. ================================= ========================================================================================================= Orientation Whether the Historical drill holes at the BHAE are typically of data orientation of drilled vertically for auger and RAB types in relation sampling achieves (drilled along section lines) and angled at to unbiased sampling of -55˚ or -60˚ to the horizontal and geological possible structures drilled perpendicular to the mineralised trend structure and for RC and DDH (Figure D1-3 and D1-4).
the extent to which Drilling orientations are adjusted along strike this is known, to accommodate folded geological sequences. considering All Fence Gossan holes were designed to drill the deposit type. toward grid south at an inclination of 60 degrees If the relationship from horizontal. between the drilling The drilling orientation is not considered orientation to have introduced a sampling bias on assessment and the orientation of the current geological interpretation. of key mineralised Geological mapping by various companies has structures reinforced that the strata dips variously between is considered to have 5 and 65 degrees. introduced a sampling bias, this should be assessed and reported if material. ================================= ========================================================================================================= Sample The measures taken to Sample security procedures are considered 'industry security ensure sample standard' for the current period. security. Samples obtained during drilling completed between 4/10/22 to the 10/10/22 were transported by exploration employees or an independent courier directly from Broken Hill to ALS Laboratory, Adelaide. The Company considers that risks associated with sample security are limited given the nature of the targeted mineralisation. ================================= ========================================================================================================= Audits The results of any No external audits or reviews have yet been or reviews audits or reviews of undertaken. sampling techniques and data. ================================= =========================================================================================================
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria JORC Code explanation Commentary Mineral Type, reference EL 8434 is located about 28km east of Broken tenement name/number, Hill whilst EL 8435 is 16km east of Broken and land location and Hill. Both tenures are approximately 900km tenure status ownership northwest of Sydney in far western New South including Wales (Figures D2-1 and D2-2 in Appendix A agreements or &B, above). material EL 8434 and EL 8435 were both granted on the issues with 2(nd of) June 2016 to Squadron Resources for third parties a term of five (5) years for Group One Minerals. such as joint On the 25(th of) May 2020, Squadron Resources ventures, changed its name to Wyloo Metals Pty Ltd (Wyloo). partnerships, In December 2020 the tenure was transferred overriding from Wyloo Metals to Broken Hill Alliance Pty royalties, Ltd a 100% subsidiary company of Castillo Copper native Limited. Both tenures were renewed on the 12(th title interests, of) August 2021 for a further six (6) years historical and are due to expire on the 2(nd of) June sites, 2027. wilderness EL 8434 lies across two (2) 1:100,000 geology or national park map sheets Redan 7233 and Taltingan 7234, and and two (2) 1:250,000 geology map sheets, SI54-3 environmental Menindee, and SH54-15 Broken Hill in the county settings. of Yancowinna. EL 8434 consists of one hundred The security of and eighty-six (186) units) in the Adelaide the tenure held and Broken Hill 1:1,000,000 Blocks covering at the time an area of approximately 580km(2) . of reporting EL 8435 is located on the 1:100,000 geology along with any map sheet Taltingan 7234, and the 1:250,000 known geology map sheet SH/54-15 Broken Hill in the impediments county of Yancowinna. EL 8435 consists of twenty-two to obtaining a (22) units (Table 1) in the Broken Hill 1:1,000,000 licence to Blocks covering an area of approximately 68km(2) operate in the . area. Access to the tenures from Broken Hill is via the sealed Barrier Highway. This road runs north-east to south-west through the northern portion of the EL 8434, passes the southern tip of EL 8435 eastern section and through the middle of the western section of EL 8435. Access is also available via the Menindee Road which runs north-west to south-east through the southern section of the EL 8434. The Orange to Broken Hill Rail line also dissects EL 8435 western section the middle and then travels north-west to south-east slicing through the eastern arm of EL 8434 (Figure D2-1). Figure D2-1: EL 8434 and EL 8435 General Location Map ============================ ================================================================ Exploration Acknowledgment Explorers who were actively involved over longer done by other and appraisal of historical periods in various parts of EL8434 parties exploration were: - North Broken Hill Ltd, CRAE Exploration, by other Major Mining Ltd and Broken Hill Metals NL, parties. Pasminco Exploration Ltd, Normandy Exploration Ltd, PlatSearch NL/Inco Ltd/ EGC Pty Ltd JV and the Western Plains Gold Ltd/PlatSearch/EGC Pty Ltd JV. A comprehensive summary of work by previous explorers was presented in Leyh (2009). However, more recently, follow-up field reconnaissance of areas of geological interest, including most of the prospective zones was carried out by EGC Pty Ltd over the various licenses. This
work, in conjunction with a detailed interpretation of aeromagnetic, gravity plus RAB / RC drill hole logging originally led to the identification of at least sixteen higher priority prospect areas. All these prospects were summarized in considerable detail in Leyh (2008). Future work programs were then also proposed for each area. Since then, further compilation work plus detailed geological reconnaissance mapping and sampling of gossans and lode rocks has been carried out. A total of 22 prospects were then recognised on the exploration licence with at least 12 occurring in and around the tenure. With less than 45% outcropping Proterozoic terrain within the licence, this makes it very difficult to explore and is in the main very effectively screened from the easy application of more conventional exploration methodologies due to a predominance of extensive Cainozoic cover sequences. These include recent to young Quaternary soils, sands, clays and older more resistant, only partially dissected, Tertiary duricrust regolith covered areas. Depth of cover ranges from a few metres in the north to over 60 metres in some areas on the southern and central license. Exploration by EGC Pty Ltd carried out in the field in the first instance has therefore been heavily reliant upon time consuming systematic geological reconnaissance mapping and relatable geochemical sampling. These involve a slow systematic search over low outcropping areas, poorly exposed subcrops and float areas as well as the progressive development of effective regolith mapping and sampling tools. This work has been combined with a vast amount of intermittently acquired past exploration data. The recent data compilation includes an insufficiently detailed NSWGS regional mapping scale given the problems involved, plus some regionally extensive, highly variable, low-level stream and soil BLEG geochemical data sets over much of the area. There are also a few useful local detailed mapping grids at the higher priority prospects, and many more numerous widespread regional augers, RAB, and percussion grid drilling data sets. Geophysical data sets including ground magnetics, IP and EM over some prospect areas have also been integrated into the exploration models. These are located mainly in former areas of moderate interest and most of the electrical survey methods to date in this type of terrain continue to be of limited application due to the high degree of weathering and the often prevailing and complex regolith cover constraints. Between 2007 and 2014 Eaglehawk Geological Consulting has carried out detailed research, plus compilation and interpretation of a very large volume of historic exploration data sourced from numerous previous explorers and dating back to the early 1970's. Most of this data is in non-digital scanned form. Many hard copy exploration reports (see references) plus several hundred plans have been acquired from various sources, hard copy printed as well as downloaded as scans from the Geological Survey of NSW DIGS system. They also conducted field mapping, costean mapping and sampling, and rock chip sampling and analysis. Work Carried out by Squadron Resources and Whyloo Metals 2016-2020 Research during Year 1 by Squadron Resources revealed that the PGE-rich, sulphide-bearing ultramafic rocks in the Broken Hill region have a demonstrably alkaline affinity. This indicates a poor prospectivity for economic accumulations of sulphide on an empirical basis (e.g., in comparison to all known economic magmatic nickel sulphide deposits, which have a dominantly tholeiitic affinity). Squadron instead directed efforts toward detecting new Broken Hill-Type (BHT) deposits that are synchronous with basin formation. Supporting this modified exploration rationale are the EL's stratigraphic position, proximity to the Broken Hill line of lode, abundant mapped alteration (e.g., gahnite and/or garnet bearing exhalative units) and known occurrences such as the "Sisters" and "Iron Blow" prospects. The area overlies a potential magmatic Ni-Cu-PGE source region of metasomatised sub-continental lithospheric mantle (SCLM) identified from a regional targeting geophysical data base.
The exploration model at the time proposed involved remobilization of Ni-Cu-PGE in SCLM and incorporation into low degree mafic-ultramafic partial melts during a post-Paleoproterozoic plume event and emplacement higher in the crust as chonoliths/small intrusives - Voisey's Bay type model. Programs were devised to use geophysics and geological mapping to locate secondary structures likely to control and localise emplacement of Ni-Cu-PGE bearing chonoliths. Since EL8434 was granted, the following has been completed: * Airborne EM survey. * Soil and chip sampling. * Data compilation. * Geological and logistical reconnaissance. * Community consultations; and * Execution of land access agreements. Airborne EM Survey Geotech Airborne Limited was engaged to conduct an airborne EM survey using their proprietary VTEM system in 2017. A total of 648.92-line kilometres were flown on a nominal 200m line spacing over a portion of the project area. Several areas were infilled to 100m line spacing. The VTEM data was interpreted by Southern Geoscience Consultants Pty Ltd, who identified a series of anomalies, which were classified as high or low priority based on anomaly strength (i.e., does the anomaly persist into the latest channels). Additionally, a cluster of VTEM anomalies at the "Sisters" prospect have been classified separate due to strong IP effects observed in the data. Geotech Airborne have provided an IP corrected data and interpretation of the data has since been undertaken. Soil and Chip sampling The VTEM anomalies were followed up by a reconnaissance soil sampling programme. Spatially clustered VTEM anomalies were grouped, and follow-up soil lines were designed. Two (2) VTEM anomalies were found to be related to culture and consequently no soils were collected. Two (2) other anomalies were sampled which were located above thick alluvium of Stephens Creek and were therefore not sampled. A line of soil samples was collected over a relatively undisturbed section at Iron Blow workings and the Sisters Prospect. One hundred and sixty-six (166) soil samples were collected at a nominal 20cm depth using a 2mm aluminum sieve. Two (2) rock chips were also collected during this program. The samples were collected at either 20m or 40m spacing over selected VTEM anomalies. The samples were pulverised and analysed by portal XRF at ALS laboratories in Perth. Each site was annotated with a "Regolith Regime" such that samples from a depositional environment could be distinguished from those on exposed Proterozoic bedrock, which were classified as an erosional environment. The Regolith Regime groups were used for statistical analysis and levelling of the results. The levelled data reveals strong relative anomalies in zinc at VTEM anomaly clusters 10, 12 and 14 plus strong anomalous copper at VTEM 17. ============================ ================================================================ Geology Deposit type, As the strata is tightly folded, the intersected geological cobalt-rich layers are overstated in terms setting, and of apparent thickness, however the modelling style software calculates a true, vertical thickness. of Cobalt mineralisation is commonly associated mineralisation. with shears, faults, amphibolites, and a quartz-magnetite rock within the shears, or on or adjacent to the boundaries of the Himalaya Formation. In general, most of the cobalt and rare earth element - rich layers have a north-northwest to north strike. REE enrichment generally occurs as a 5 to 10-metre-thick zone between the completely weathered layer and strongly weathered layer and it is targeted for commercial mining (Figure D2-2). Compared to other REE deposits, regolith-hosted rare earth element deposits are substantially low-moderate grade (containing 0.05-0.3 wt.% extractable REEs). Nevertheless, due to its easy extraction method, low processing costs and large abundance, the orebodies are generally economic to be extracted ( Duuring, (2020); Kanazawa and Kamitani (2006); and Murakami, H.; Ishihara (2008) ). Figure D2-2: Weathering Profile over REE - Rich Granite
https://en.wikipedia.org/wiki/Regolith-hosted_rare_e arth_element_deposits Weathering profile of regolith hosted REE deposits shown above, the legend is: (A) Humic layer. (B) Completely weathered layer. (C) Strongly weathered layer. (D) Weathering front. (E) Unweathered rock. Most of the REE found in cerium monazite (Ce (PO(4) )) which always contains major to minor amounts of other REE (Nd, La, Pr, Sm etc) replacing Ce. Also, the mineral often contains trace amounts of U and Th (coupled with Ca). This will be collaborated with XRD and or SEM analysis. ============================ ================================================================ Drill hole A summary of all Header information about all drillholes completed Information information at Reefs Tank, Tors Tank and Fence Gossan have material to been tabulated in this release in Appendix the C. understanding of the exploration results including a 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 aggregation In reporting No metal equivalents have been reported. Rare methods Exploration earth element results have been converted to Results, rare earth oxides as per standard industry weighting practice (Castillo Copper 2022f). averaging No compositing of assay results has taken place, techniques, but rather menu options within the Datamine maximum and/or GDB module have been used to create fixed length minimum 1m assay intervals from the original sampling grade lengths. truncations The rules follow very similarly to those used (e.g., cutting by the Leapfrog Geo software in creating fixed of high length samples. 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 These A database of all the historical borehole sampling between relationships has been compiled and validated. It is uncertain mineralisation are particularly if there is a strong relationship between the widths and important surface sample anomalies to any subsurface intercept in the reporting anomalous intersections due to the possible lengths of Exploration masking by variable Quaternary and Tertiary Results. overburden that varies in depth from 0-15m. If the geometry The mineralisation appears to be secondary of the enrichment in the regolith clays and extremely mineralisation weathered material derived from quartzo-feldspathic with pegmatites. 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 (e.g., 'down hole length, true width not known'). ============================ ================================================================ Diagrams Appropriate maps Current surface anomalies are shown on maps and sections released on the ASX (Castillo Copper 2022d, (with scales) 2022e, 2022f and 2022g). All historical surface
and tabulations sampling has had their coordinates converted of intercepts to MGA94, Zone 54. should be included for any 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 All recent laboratory analytical results have reporting comprehensive been recently reported (see Castillo Copper reporting of all 2022a, b, c, d, e, f, and g) for assay results. Exploration Regarding the surface and sampling, no results Results is not other than duplicates, blanks or reference practicable, standard assays have been omitted. representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. ============================ ================================================================ Other substantive Other Historical explorers have also conducted airborne exploration exploration and ground gravity, magnetic, EM, and IP resistivity data data, if surveys over parts of the tenure area but this meaningful and is yet to be fully georeferenced (especially material, should the ground IP surveys). Squadron Resources be reported conducted an airborne EM survey in 2017 that including (but covers Iron Blow and The Sisters, but not the not limited to): southern cobalt and REE prospects. geological REFERENCES observations; Biggs, M. S., 2021a, Broken Hill Alliance, geophysical NSW Tenure Package Background Geological survey results; Information, geochemical unpublished report to BH Alliance Pty Ltd, survey Sep 21, 30pp. results; bulk Biggs, M. S., 2021b, EL 8434 and EL 8435, Brief samples - size Review of Surface Sample Anomalies Lithium, and method of Rare Earth Elements and Cobalt, unpublished treatment; report to BH Alliance Pty Ltd, Nov 21, 18pp. metallurgical Biggs, M.S., 2022a, BHA Cobalt Modelling and test results; Mineral Resource Estimate Update, unpublished bulk memo for Castillo Copper by ROM Resources. density, Biggs, M.S., 2022b, Broken Hill BHA Tenures groundwater, Update, Castillo Copper, unpublished memo prepared geotechnical and by ROM Resources, Mar 22, 5pp rock Biggs M.S., 2022c, Geological Briefing Paper, characteristics; Iron Blow Prospect, East Zone, BHA Project potential (BHAE), Broken Hill, NSW, ROM Resources, prepared deleterious or for Castillo Copper Limited, August 2022 contaminating Burkett R.D., 1975, Progress Report on Exploration substances. Licenses 780, 781, 782 and 783, Broken Hill Area, NSW for the six months to 23rd November 1975, North Broken Hill Limited for the NSW Geological Survey, (GS1975-328) Castillo Copper Limited, 2020, ASX Release Acquisition enhances BHT (zinc-silver-lead) and IOCG (gold-copper) prospectivity at Broken Hill, 1st October 2020. Castillo Copper Limited, 2022a, ASX Release Battery metal drill-hole assays unlock BHA East Zone potential / lithium update, 5th January 2022. Castillo Copper Limited, 2022b, ASX Release Strategic focus to develop significant cobalt mineralisation potential at BHA Project, 9th February 2022. Castillo Copper Limited, 2022c, ASX Release High grade platinum confirmed at BHA Project, 9th March 2022. Castillo Copper Limited, 2022d ASX Release Diamond core tests demonstrate high-grade cobalt-zinc potential at Broken Hill, 21 March 2022 Castillo Copper Limited, 2022e ASX Release, Drilling hits targeted cobalt zones & wide pegmatite intercepts at Broken Hill 12 October 2022 Castillo Copper Limited, 2022f ASX Release, Drilling hits more wide pegmatite intercepts at Broken Hill, 24 October 2022 Castillo Copper Limited, 2022g ASX Release, Completed auger sampling campaign targets 6.5km(2) REE mineralisation zone, 23 December 2022 Duuring, P 2020, Rare-element pegmatites: a mineral systems analysis: Geological Survey of Western Australia, Record 2020/7, 6p. Kanazawa, Y.; Kamitani, M., 2006, "Rare earth minerals and resources in the world". Journal of Alloys and Compounds. 408: 1339-1343. doi:10.1016/j.jallcom.2005.04.033 Lees, T.C., 1978, Progress Report on Farmcote Exploration Licenses 780 and 782, Farmcote Area, Broken Hill, NSW for the six months to 23RD November 1978, North Broken Hill Limited
for the NSW Geological Survey, (GS1978-043) Leyh, W.R., 1976, Progress Report on Exploration Licence, No. 846 Iron Blow -Yellowstone Area, Broken Hill, New South Wales for the six months period ended 29th June 1976, North Broken Hill Limited, Report GS1976-198, Jul 76, 88pp Leyh, W.R., 1977a, Progress Report on Exploration Licence, No. 846 Iron Blow -Yellowstone Area, Broken Hill, New South Wales for the six months period ended 29th December 1976, North Broken Hill Limited, Report GS1976-198, Feb 1977, 24pp Leyh W.R., 1977b, Progress Report on Farmcote Exploration Licenses 780 and 782, Farmcote Area, Broken Hill, NSW for the three months to 5th March 1977, North Broken Hill Limited for the NSW Geological Survey, (GS1977-078) Leyh W.R., 1977c, Progress Report on Farmcote Exploration Licenses 780 and 782, Farmcote Area, Broken Hill, NSW for the three months to 23rd May 1977, North Broken Hill Limited for the NSW Geological Survey, (GS1977-078) Leyh W.R., 1978, Progress Report on Farmcote Exploration Licenses 780 and 782, Farmcote Area, Broken Hill, NSW for the three months to 27 October 1978, North Broken Hill Limited for the NSW Geological Survey, (GS1977-078) Leyh W.R., 1978 Progress Report on Exploration Licenses 1099 and 1100 for the six months to 27 October 1978, North Broken Hill Limited for the NSW Geological Survey, (GS1978-407) Leyh, W.R., 1990, Exploration Report for the Third Six Monthly Period ended 12th June 1990 for EL 3238 (K Tank), Broken Hill District, New South Wales for the six months period, Pasminco Limited, Report GS1989-226, Jun 90, 22pp Leyh, W.R., and Lees T.C., 1977, Progress Report on Exploration Licence, No. 846 Iron Blow -Yellowstone Area, Broken Hill, New South Wales for the six months period ended 29th June 1977, North Broken Hill Limited, Report GS1976-198, Jul 77, 35pp Leyh, W.R., and Larson P.D., 1981, Final Report for the Third Six Monthly Period ended 12th June 1990 for EL 3238 (K Tank), Broken Hill District, New South Wales for the six months period, Pasminco Limited, Report GS1989-226, Jun 90, 22pp McConachie, G.W., 1997, EL 4792 Redan, Annual Report for the period ending 19/2/1997, Normandy Exploration Limited, unpublished report to the GSNSW, RIN 00002672 Main, J.V., and Tucker D.F., 1981, Exploration Report for Six Month Period 8th November 1980 to 7th May 1981, EL 1106 Rockwell, Broken Hill, NSW, CRA Exploration Pty Ltd, GS1980-080, Jul 1981, 40pp Mohoney, M., 2018, BHA Broken Hill Project Position Paper, Squadron Resources Pty Ltd., Unpublished report, Mar2018, 8pp Mortimer R., 2017, Re-interpretation of VTEM Profiles Broken Hill Area, unpublished report by Southern Geoscience Consultants for Squadron Resources Pty Ltd, Oct 17. https://en.wikipedia.org/wiki/Regolith-hosted_rare_e arth_element_deposits Murakami, H.; Ishihara, S., 2008, REE mineralization of weathered crust and clay sediment on granitic rocks in the Sanyo Belt, SW Japan and the Southern Jiangxi Province, China". Resource Geology. 58 (4): 373-401. doi:10.1111/j.1751-3928.2008.00071.x. Segnit, E.R. (1946) Barium-feldspars from Broken Hill, New South Wales. Mineralogical Magazine, 27, 166-174. Squadron Resources Pty Ltd, 2018, Broken Hill Project Status, August 2018, unpublished confidential presentation by Squadron Resources, Timms, P.D., and Groves A.J., 2003, Exploration Licence 4846, The Sisters, Annual Report to 29th May 2003, Endeavour Minerals Pty Ltd., RIN Willis, I.L., Brown, R.E., Stroud, W.J., Stevens, B.P.J., 1983, The Early Proterozoic Willyama Supergroup: stratigraphic subdivision and interpretation of high to low-grade metamorphic rocks in the Broken Hill Block, New South Wales., Geological Society of Australia Journal, 30(2), p195-2 ============================ ================================================================ Further The nature and It is recommended that:
work scale of planned * The remaining non-sampled zones within the Core further Library drillholes, BH1, BH2, and DD90-IB3 in the work (e.g., north of the tenure group be relogged and sampled. tests for DD90-IB3 had 21-87m retested recently and is a good lateral candidate for hyperspectral logging. extensions or depth extensions or * A program of field mapping and ground magnetic, IP o large-scale r step-out radiometric surveys be planned and executed at Fence drilling). Gossan. Mapping of pegmatite outcrops is a high Diagrams clearly priority. highlighting the areas of possible * Complete rehabilitation of the 2022 BHAE drilling extensions, campaign that comprised mostly RC drilling. An including the application supporting an ESF2 lodgment is yet to be main approved by the NSW Resource Regulator geological interpretations and future * Depending upon the results of the proposed drilling geophysical surveys above, the next drilling program areas, provided will specifically target the air coring technique this information over the known cobalt and REE mineralisation downdip is not to at least 30m depth at all three prospects. That commercially proposed drilling program is also designed to sensitive. increase the resource confidence of the REE to an Exploration target or Inferred Resources to the standard of the 2012 JORC Code. ============================ ================================================================
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