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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% | 0.25 | 0.20 | 0.30 | 0.287 | 0.25 | 0.25 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Copper Ores | 0 | -6.94M | -0.0053 | 0.00 | 0 |
From Apr 2021 to Apr 2024
TIDMCCZ
RNS Number : 1000K
Castillo Copper Limited
31 August 2021
31 August 2021
CASTILLO COPPER LIMITED
("Castillo" or the "Company")
Large targets under 6km copper strike at Luanshya Project in Zambia
Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is pleased to announce that multiple targets for test-drilling have been identified at the Luanshya Project in Zambia's copper-belt, following the completion of eight Induced Polarisation (IP) survey lines.
Highlights
-- Work on the IP survey across the Luanshya Project in Zambia's copper-belt - focusing on a 6km strike delineated from previous soil sampling campaigns(1) - is progressing to plan, with eight lines now complete
-- Pleasingly, multiple high chargeability targets have been identified within three interpreted lines that potentially indicate the presence of sulphides
-- Reconciling the IP survey findings with the previous geochemical results confirmed the high chargeability targets are directly coincident - this significantly enhances the probability for a discovery
-- Castillo can now formulate the inaugural drilling campaign and, pending the outcome of discussions with service providers, potentially commence work in the fourth quarter of 2021
-- The IP survey, which is being conducted by Geophex Surveys (a Zambian based geophysics consultancy(2) ), will soon finish up at Luanshya then progress to the Mkushi Project
-- Further updates on progress in Zambia will be forthcoming as developments materialise
-- Meanwhile, the second drilling campaign at the Big One Deposit has concluded - the laboratory, which is processing a huge number of samples from many explorers across the Mt Isa region, is expected to return all assays shortly:
o This will enable the geology team to progress work on formulating the next drilling campaign at Big One
-- In addition, all key service providers are on track to commence mobilisation at the Arya Prospect during September 2021, targeting several well-defined bedrock conductors
Simon Paull, Managing Director of Castillo Copper, commented: "Our exploration efforts at the Luanshya Project are bearing fruit, as we now have multiple high-quality targets to test-drill along the 6km copper strike. Moving forward, the Board's goal is to commence the inaugural drilling campaign during the fourth quarter. This will place Castillo Copper in a strong position strategically, with development work progressing concurrently on prime projects in the Zambia and Mt Isa copper-belts."
COMPELLING TARGETS
IP survey
So far, the geophysics consultancy, Geophex Surveys, has completed eight IP survey lines at the Luanshya Project. The focus area is the 6km copper strike that was previously delineated by soil geochemistry(1) . Castillo's geology team in Zambia decided to use the IP survey method, rather than alternatives, due to its deep penetration and high levels of resolution.
As such, interpretations for three lines resulted in multiple high chargeability anomalies being identified, which are potentially indicative of underlying sulphides. Moreover, as these chargeability anomalies are directly coincident with soil geochemistry results, they make compelling targets to test-drill. Notably, the clear nexus between the geophysical and geochemical results, materially enhances the probability for a discovery.
Based on the results to date, Castillo's geology team in Zambia can now commence formulating the inaugural drilling campaign for the Luanshya Project. Depending on the outcome of discussions with service providers and key approvals, drilling can potentially commence in the fourth quarter of 2021.
In the interim period however, IP survey work will be completed at Luanshya and then progress to the Mkushi Project.
Prospective copper region
The Luanshya Project is located in Zambia's traditional copper-belt, a globally known region that houses numerous copper deposits and operating mines. Moreover, the Luanshya Project is located 6-10km south of China Nonferrous Mining Corp's (CNMC) three operating mines, with combined JORC (2012) compliant Proven & Probable Reserves of 52.3mt @ 1.26% Cu(3) . Of significance, the Luanshya Project is on the same NW-SE trendline, which is 5-10km wide, that hosts two of CNMC's operating copper mines(3) .
Next steps
There are several ongoing steps for the Zambia operations, including:
-- Complete the IP survey at the Luanshya & Mkushi Projects then analyse the results for incremental targets for test-drilling; and
-- Commence work on the inaugural drilling campaign for the Luanshya Project.
In Queensland, the following is set to take place over the next few weeks:
-- Return of all assays from the laboratory which will enable the geology team to formulate the next
drilling campaign at Big One
-- Commencement of drilling at the Arya Prospect, as all key service providers are ready to deploy to site.
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, Joe Quinlan
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.
Castillo Copper is listed on the LSE and ASX under the ticker "CCZ." For further information, visit the Company's website: www.castillocopper.com
References
1) CCZ ASX Release - 1 July 2021
2) Geophex Surveys Limited. Available at: <http://africa.geovale.com/assosciates/geophex-surveys-limited/>
3) CCZ ASX Release - 16 September 2019 & 15 April 2020
Competent Person Statement
The information in this announcement that relates to exploration results is based on and fairly represents information reviewed or compiled by Mr Matt Bull, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bull is a beneficiary of Southern River Investments, a trust which is a shareholder of Castillo Copper Limited. Mr Bull is a shareholder and director of Trilogy Metals Pty Ltd, a company which provides ad hoc geological consultancy services to Castillo Copper Limited. Mr Bull is a Consultant of Castillo Copper Limited. Mr Bull has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Bull has provided his prior written consent to the inclusion in this announcement of the matters based on information in the form and context in which it appears.
The London Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
APPIX A: JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Hot Features
Premium
Criteria JORC Code explanation Commentary
============================================================
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Not applicable for induced Polarization survey
random chips, or specific specialised industry program reporting. There was no drilling conducted.
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad
meaning of sampling.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
* Aspects of the determination of mineralisation that
are Material to the Public Report.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
============================================================ =====================================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Not applicable no drilling was conducted.
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
============================================================ =====================================================================
Drill sample
recovery * Method of recording and assessing core and chip * Not applicable no drilling was conducted.
sample recoveries and results assessed.
* 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 * Not applicable no drilling was conducted.
and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* 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, * Not applicable no drilling was conducted.
and sample half or all core taken.
preparation
* 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 * Induced polarization survey completed on 8 SW-NE
data and assaying and laboratory procedures used and whether lines
laboratory the technique is considered partial or total.
tests
* The Survey utilizing a 2 second pulse and a
* For geophysical tools, spectrometers, handheld XRF Dipole-Dipole array with the potential electrodes
instruments, etc, the parameters used in determining preceding the current electrodes.
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc. * Dipole spacing of 50m with reading levels from n=1 to
n=8.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory * Survey carried in lines spaced at 500m in base line
checks) and whether acceptable levels of accuracy (ie of 6km
lack of bias) and precision have been established.
* Base station corrections are done daily.
* Digital data associated with this report are provided
in WGS84 and Projected at UTM zone 35S
============================================================ =====================================================================
Verification * Not applicable for IP survey
of sampling * The verification of significant intersections by
and assaying either independent or alternative company personnel.
* 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 * Positions were collected using hand held GPS with
points holes (collar and down-hole surveys), trenches, mine accuracy of +/-3m and is considered more than
workings and other locations used in Mineral Resource sufficient for the survey being conducted.
estimation.
* All the data are reported using a WGS84 datum and
* Specification of the grid system used. projection UTM zone 19S
* Quality and adequacy of topographic control.
============================================================ =====================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * IP lines had 50m dipole spacings with lines running
distribution SW-NE and spaced 500m.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * The data is sufficient to establish continuity.
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 * The SW-NE lines direction are perpendicular to the
in relation sampling of possible structures and the extent to interpreted strike of geochemical anomaly.
to which this is known, considering the deposit type.
geological
structure
* 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 * Not applicable for IP Survey
security * The measures taken to ensure sample security.
============================================================ =====================================================================
Audits
or reviews * The results of any audits or reviews of sampling * No audits or reviews have yet been under taken
techniques and data.
============================================================ =====================================================================
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 * The tenements referred to in this release are
and land including agreements or material issues with third 25195-HQ-LEL owned by Belmt Resources Mining Company
tenure parties such as joint ventures, partnerships, Ltd.
status overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
=============================================================== ============================================================
Exploration
done by other * Acknowledgment and appraisal of exploration by other * Castillo is not aware of any previous exploration or
parties parties. evaluation of permit
=============================================================== ============================================================
Geology
* Deposit type, geological setting and style of * Copper Mineralization is of the sedimentary hosted
mineralisation. copper type
=============================================================== ============================================================
Drill hole
Information * A summary of all information material to the * T here is no exploration done in the area known to
understanding of the exploration results including a Castillo Copper.
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 * Data aggregation was not used
aggregation * In reporting Exploration Results, weighting averaging
methods techniques, maximum and/or minimum grade truncations
(eg cutting of high 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 * Not applicable
between * These relationships are particularly important in the
mineralisation reporting of Exploration Results.
widths and
intercept
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
* Appropriate maps and sections (with scales) and * A map showing the IP Lines locations are shown in
tabulations of intercepts should be included for any figure 1
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 comprehensive reporting * Not applicable
reporting of all Exploration Results
is not practicable, representative
reporting of both low
and high grades and/or
widths should be practiced
to avoid misleading reporting
of Exploration Results.
=============================================================== ============================================================
Other
substantive * Other exploration data, if meaningful and material, * Soil geochemical sampling information and results
exploration should be reported including (but not limited to): previously reported
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk * Digitized regional geological information
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
=============================================================== ============================================================
Further work
* The nature and scale of planned further work (eg * A drilling program to follow up the results of the IP
tests for lateral extensions or depth extensions or and soil sampling programs is planned.
large-scale step-out drilling).
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============================================================== ============================================================
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END
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August 31, 2021 02:00 ET (06:00 GMT)
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