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Castillo Copper Limited Comprehensive surface sampling at Litchfield

20/10/2021 7:00am

UK Regulatory (RNS & others)


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RNS Number : 5892P

Castillo Copper Limited

20 October 2021

20 October 2021

CASTILLO COPPER LIMITED

("Castillo", "CCZ" or the "Company")

Comprehensive surface sampling campaign undertaken at Litchfield Lithium Project

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is pleased to announce that it is the only third-party to date which has reviewed extensive site visit reports on the Litchfield Lithium Project that were arranged by the Vendor Group's geology consultant.

The reports highlighted four target zones where comprehensive surface sampling was undertaken, primarily along the western boundary which is contiguous to Core Lithium's ( "CXO" ) (ASX: CXO) Finniss Lithium Project(1) and coincident with government mapped pegmatite occurrences(2) .

With satellite imagery(3) already confirming there is comparable geology between the Finess and Litchfield Lithium Projects, assay results for 657 surface samples are likely to have a key bearing on the due diligence process, especially if the lithium mineralisation is proved contiguous (refer Appendix B).

Simon Paull, Managing Director of Castillo Copper, commented: "The depth of the surface sampling programme conducted by the Vendor Group's geology consultant is impressive, especially as it covers our main area of interest within the tenure. Favourable assay results should make the case for the Litchfield Lithium Project significantly more compelling and hasten our due diligence efforts."

COMPREHENSIVE SAMPLING PROGRAMME

The sampling programme was conducted in two stages. The first focused on pegmatite dykes, which at surface are highly weathered and leave a quartz dyke trace, with 156 samples collected.

Leveraging insights from Stage 1, coupled with historical reports, Stage 2 comprised soil sampling across four grids - 400m spacing by 100m intervals - within four zones on the western boundary contiguous to CXO's Mt Finniss Lithium Project. Overall, 501 samples were collected from any outcrop, float or termite mounds found to be of significant size or interest.

Exploration was concentrated in the western and central portion of the Litchfield Lithium Project as it is proximal to CXO's Bynoe pegmatite field. Notably, significant sampling was undertaken in Zones 1 and 2, as these areas potentially host a representational suite of all different surface expressions for pegmatites and quartz dykes within tenure boundaries.

The main geological formation observed within the Litchfield Lithium Project are metamorphic rocks associated with the Burrell Creek formation comprising conglomerates, quartzites, schists and slates. In general, this unit represents the host rock for the regional occurrences of pegmatites that can potentially host lithium mineralisation. Encouragingly, conglomerates - a Burrell Creek formation indicator - were observed extensively in the western portion of the Litchfield Lithium Project which further supported focusing the sampling campaigns on this area.

Due diligence

Reviewing historical data, as well as the extensive site visit reports, has provided considerable insight into the Litchfield Lithium Project's exploration potential. However, the pending assay results - which are due to be received in coming weeks - should advance the due diligence progress significantly.

Next steps

For the lithium projects:

o Ongoing due diligence for the Picasso and Litchfield Lithium Projects, including return of assay results for surface sampling campaigns.

In Queensland, the following is set to take place over the coming weeks:

o Updates on drilling at Arya Copper Prospect.

There are several ongoing steps for the Zambia operations, including:

o IP survey progress updates at the Luanshya & Mkushi Projects then analyse the results for incremental targets for test-drilling; and

o Commence work on the inaugural drilling campaign at 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, Elsa Darlington 
 

About Castillo Copper

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects:

-- A large footprint in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a copper-rich region.

-- Four high-quality prospective assets across Zambia's copper-belt which is the second largest copper producer in Africa.

-- A large tenure footprint proximal to Broken Hill's world-class deposit that is prospective for zinc-silver-lead-copper-gold.

-- Cangai Copper Mine in northern New South Wales, which is one of Australia's highest grading historic copper mines.

The group is listed on the LSE and ASX under the ticker "CCZ."

References

   1)     CXO ASX Release - 21 September 2021 (Annual Report) & CCZ ASX Release - 29 September 2021 

2) Frater, K. (2005). Tin-Tantalum Pegmatite Mineralisation of the Northen Territory - Report 16 ISSN 0814-7477. Northern Territory Geological Survey; and, Rawlings, D. (2017, March). Lithium-rich pegmatites of the Bynoe Field. AGES 2017 Proceedings, NT Geological Survey (p. 3pp). Northern Territory Government.

   3)     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 A: REGIONAL MAP (Available to view on ASX announcement)

APPIX B: 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 and 
                           sondes, or handheld XRF instruments, etc). These             surrounds has a 
                           examples should not be taken as limiting the broad           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-h         *    Litchfield 
                          ole 
                                hammer, rotary air blast, auger, Bangka, sonic, 
                          etc)                                                          There are no reported drill 
                                and details (eg core diameter, triple or standar        holes located within 
                          d                                                             the Litchfield tenement 
                                tube, depth of diamond tails, face-sampling bit 
                          or 
                                other type, whether core is oriented and if so, 
                          by 
                                what method, etc). 
                    ============================================================  ==================================== 
 Drill sample 
  recovery            *    Method of recording and assessing core and chip                *    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 Appendix A. 
                         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 Agriculture' 
                         obtaining a licence to operate in the area.                      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        *    In reporting Exploration Results, weighting averaging              *    Litchfield 
 methods                 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 announcement 
                         tabulations of intercepts 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                                                                            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                                                                               Commencement of due diligence on 
 substantive            *    Other exploration data, if meaningful and material,     the Litchfield 
 exploration                 should be reported including (but not limited to):      Lithium Project 
 data                        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 
  work              *    The nature and scale of planned further work (eg                                   Litchfield 
                         tests for lateral extensions or depth extensions or                                Lithium 
                         large-scale step-out drilling).                                                    Project, 
                                                                                                            return 
                                                                                                            of assays 
                    *    Diagrams clearly highlighting the areas of possible                                for 657 
                         extensions, including the main geological                                          surface 
                         interpretations and future drilling areas, provided                                samples. 
                         this information is not commercially sensitive. 
                 =================================================================  ================================== 
 

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