[ADVERT]
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
  0.05 2.99% 1.725 1.70 1.75 1.725 1.6625 1.675 382,144 08:21:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0

Castillo Copper Limited Site visit to Picasso Lithium Project

27/10/2021 7:00am

UK Regulatory (RNS & others)


Castillo Copper (LSE:CCZ)
Historical Stock Chart


From Oct 2021 to Dec 2021

Click Here for more Castillo Copper Charts.

TIDMCCZ

RNS Number : 3536Q

Castillo Copper Limited

27 October 2021

27 October 2021

CASTILLO COPPER LIMITED

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

Comprehensive site visit to test all known pegmatites at Picasso 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 its geology team will undertake a field trip to the Picasso Lithium Project, near Norseman in Western Australia.

This is a lithium rich region, as the Mt Marion and Bald Hill Mines are located within 120km to the north-west of the tenure. Moreover, the Picasso Lithium Project is proximal to LTR's Buldania Project which has a JORC compliant resource at 14.9Mt @ 0.97% Li(2) O(2) .

Highlights

-- Geology team will visit the Picasso Lithium Project shortly to gather more geological evidence - over a wide area - to verify if known / newly discovered pegmatites host lithium mineralisation

-- The focus area is the high-density corridor that hosts most of the 69 government mapped pegmatites on the eastern boundary, which is coincident to historical lithium occurrences at surface, coupled with selected outcropping targets seen elsewhere across the tenure(1)

-- The scope for the field trip is comprehensive and includes undertaking a drone survey to identify new granite / pegmatites targets; visit and collect samples from prospective zones; determine potential for lithium mineralisation; and update geological maps

-- Once complete, the team should have ample evidence to finalise the due diligence as significant historical data has already been reviewed, while more than 30 rock-chip samples(1) are due to be received in coming weeks

-- The Picasso Lithium Project is proximal to Liontown Resources' (ASX: LTR) Buldania Project(2) and is mostly situated on crown land, which makes access a relatively straight forward process

Simon Paull, Managing Director of CCZ, said: "With the global lithium market showing continued strength, the Board has decided to send a team to site to collect more data points to advance the case for the Picasso Lithium Project. Whilst there is compelling historical evidence already and surface assays pending, the Board is keen to fully map and test all potential targets for lithium mineralisation within the tenure to hasten closing out due diligence."

FIELD TRIP - PICASSO LITHIUM PROJECT

CCZ's geology team will visit the Picasso Lithium Project shortly to collect more evidence to ascertain if known and newly discovered pegmatites host lithium mineralisation. The main focus zone is on the eastern boundary which comprises the high-density, government mapped, pegmatite corridor that is coincident with known lithium surface occurrences.

In addition, the team expect to survey pegmatite outcropping along the western boundary which is more wide-spread and scattered. Overall, according to government mapped data, there are 69 known pegmatites within the tenure(1) .

Scope

The geology team have been set a broad scope to collect as much incremental evidence as feasible during the field trip to determine the extent lithium mineralisation is apparent within pegmatites across the tenure. The key tasks comprise:

   --    Conducting a drone survey across a significant area of the tenure; 
   --    Identify new granite / pegmatites from the drone survey and note dimensions; 

-- Visit newly identified granite / pegmatite locations, conduct geological mapping and identify underlying mineralisation; and

-- Collect as many rock-chip samples as possible from newly identified pegmatites >1m wide and record XRF readings, if any.

Once this exercise is complete, the geology team should have sufficient evidence to finalise the due diligence. To date, significant historical data and geological reports have already been reviewed, while more than 30 rock-chips samples(1) are due back from the laboratory in coming weeks.

Next steps

For the lithium projects:

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

In Queensland:

   --    Update on drilling campaign at Arya Copper Prospect. 

In Zambia:

   --    Update on IP survey at the Mkushi Project; and 
   --    Commence work on the inaugural drilling campaign for 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)    Satellite imagery from Geological Survey of Western Australia. Available at: https://www.dmp.wa.gov.au/Geological-Survey/Geological-Survey-262.aspx and CCZ ASX Release - 4 October 2021 
   2)    LTR ASX Release - 2 August 2021 and CCZ ASX Release - 29 September 2021 & 4 October 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: LOCATION OF PICASSO LITHIUM PROJECT (Available to view on ASX announcement)

Source: CCZ geology team

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,                    *    Picasso 
                           random chips, or specific specialised industry 
                           standard measurement tools appropriate to the 
                           minerals under investigation, such as down hole gamma              Regional aircore 
                           sondes, or handheld XRF instruments, etc). These                   drilling was undertaken 
                           examples should not be taken as limiting the broad                 within 
                           meaning of sampling.                                               tenements E15/946 and 
                                                                                              E63/1083-1084 (Now part 
                                                                                              of Picasso) in late 
                      *    Include reference to measures taken to ensure sample               2010. Bostech Drilling 
                           representivity and the appropriate calibration of any              was contracted to 
                           measurement tools or systems used.                                 complete this work 
                                                                                              utilising 
                                                                                              their light truck 
                      *    Aspects of the determination of mineralisation that                mounted Bostech 
                           are Material to the Public Report.                                 Drillboss 
                                                                                              200 (Atlas Copco XRV9, 
                                                                                              Compressor - capacity 
                      *    In cases where 'industry standard' work has been done              350psi & 600cfm). Holes 
                           this would be relatively simple (eg 'reverse                       were drilled to blade 
                           circulation drilling was used to obtain 1 m samples                refusal along existing 
                           from which 3 kg was pulverised to produce a 30 g                   tracks in a program 
                           charge for fire assay'). In other cases more                       of regional traverses. 
                           explanation may be required, such as where there is                These traverses were 
                           coarse gold that has inherent sampling problems.                   completed to better 
                           Unusual commodities or mineralisation types (eg                    understand the depth of 
                           submarine nodules) may warrant disclosure of detailed              cover and the regolith 
                           information.                                                       environment and to gain 
                                                                                              an understanding of the 
                                                                                              basement geology. 
                                                                                              All air core samples 
                                                                                              were submitted to 
                                                                                              Genalysis 
                                                                                              Intertek Laboratory 
                                                                                              Services for analysis. 
                                                                                              At the laboratory, 
                                                                                              samples were dried in an 
                                                                                              oven at 120 degrees and 
                                                                                              then pulverised in 
                                                                                              an LMS mill to a nominal 
                                                                                              size of -75 microns. 
                                                                                              The milled pulps were 
                                                                                              weighed out (to 25g) 
                                                                                              and underwent stepwise 
                                                                                              aqua regia digestion 
                                                                                              in a 
                                                                                              temperature-controlled 
                                                                                              laboratory. The 
                                                                                              analyte was then 
                                                                                              presented to a 
                                                                                              graphite-furnace 
                                                                                              AAS (method AR25/GF) for 
                                                                                              gold analysis, with 
                                                                                              the detection limit for 
                                                                                              this method being 1 
                                                                                              ppb Au. 
 
                                                                                              1,743 unique surface 
                                                                                              geochemistry samples - 
                                                                                              historical company 
                                                                                              samples (Anglo Gold(11) 
                                                                                              ). The majority of the 
                                                                                              geochemical sampling 
                                                                                              had been completed by 
                                                                                              Anglo Gold Ashanti 
                                                                                              Australia 
                                                                                              focussed solely on gold 
                                                                                              mineralisation. This 
                                                                                              program was not 
                                                                                              specifically targeting 
                                                                                              lithium, 
                                                                                              though results show 
                                                                                              elevated lithium, 
                                                                                              including 
                                                                                              over 40ppm (Figure 1). 
                                                                                              It is apparent that 
                                                                                              outcropping granite 
                                                                                              and/or pegmatites may 
                                                                                              have 
                                                                                              been a hindrance to soil 
                                                                                              sampling in areas 
                                                                                              and in fact contributed 
                                                                                              to less sampling near 
                                                                                              known pegmatites. Rock 
                                                                                              chip sampling was not 
                                                                                              conducted in the area as 
                                                                                              granites/pegmatites 
                                                                                              were historically not 
                                                                                              considered a target. 
                                                                                              Low-impact surface 
                                                                                              sampling by LV-mounted 
                                                                                              mechanical 
                                                                                              auger was completed by 
                                                                                              Prodrill Pty Ltd. Auger 
                                                                                              holes were drilled to a 
                                                                                              maximum depth of 2.5m, 
                                                                                              with single samples 
                                                                                              taken from the zone of 
                                                                                              greatest carbonate 
                                                                                              reactivity down-hole. 
                                                                                              Samples 
                                                                                              were not sieved and 
                                                                                              averaged approximately 
                                                                                              300-500g. Sample hole 
                                                                                              locations were acquired 
                                                                                              using a GPS device 
                                                                                              attached to a Trimble 
                                                                                              Nomad 
                                                                                              rugged PDA. Standards 
                                                                                              and blanks were 
                                                                                              routinely 
                                                                                              submitted approximately 
                                                                                              every 50 samples as 
                                                                                              part of quality control. 
                                                                                              Auger Samples were sent 
                                                                                              to Genalysis in Perth 
                                                                                              for preparation and 
                                                                                              analysis. Samples were 
                                                                                              dried in an oven at 100 
                                                                                              degrees and then 
                                                                                              pulverised 
                                                                                              in an LM2-sized robotic 
                                                                                              mill to a nominal size 
                                                                                              of -75 microns. The 
                                                                                              milled pulps were 
                                                                                              weighed 
                                                                                              out at 25g and underwent 
                                                                                              stepwise aqua regia 
                                                                                              digestion in a 
                                                                                              temperature-controlled 
                                                                                              laboratory. 
                                                                                              The analyte was then 
                                                                                              presented to a 
                                                                                              graphite-furnace 
                                                                                              and AAS for gold 
                                                                                              analysis (method code 
                                                                                              B25/EETA 
                                                                                              or B/ETA), followed by 
                                                                                              ICP mass spectrometry 
                                                                                              (B25/MS) and optical 
                                                                                              emission spectrometry 
                                                                                              (method code B25/OES) 
                                                                                              for multi-element 
                                                                                              analysis. 
                    ============================================================  ==================================== 
 Drilling 
  techniques               *    Drill type (eg core, reverse circulation, open-h         *    Picasso 
                          ole 
                                hammer, rotary air blast, auger, Bangka, sonic, 
                          etc)                                                          Regional aircore drilling and 
                                and details (eg core diameter, triple or standar        auger soil sampling 
                          d                                                             was undertaken within 
                                tube, depth of diamond tails, face-sampling bit         tenements E15/946 and 
                          or                                                            E63/1083-1084 (Now part of 
                                other type, whether core is oriented and if so,         Picasso) in late 
                          by                                                            2010. 
                                what method, etc). 
                    ============================================================  ==================================== 
 Drill sample 
  recovery            *    Method of recording and assessing core and chip               *    Picasso 
                           sample recoveries and results assessed. 
 
                                                                                        Drilling to blade refusal was 
                      *    Measures taken to maximise sample recovery and ensure        utilised to identify 
                           representative nature of the samples.                        the distribution of anomalous 
                                                                                        gold. Collar 
                                                                                        locations were surveyed using 
                      *    Whether a relationship exists between sample recovery        a hand-held GPS 
                           and grade and whether sample bias may have occurred          with a nominal accuracy of +10 
                           due to preferential loss/gain of fine/coarse                 m. Drill holes 
                           material.                                                    were pegged in the field using 
                                                                                        GPS and then 
                                                                                        the actual location of the 
                                                                                        hole was picked 
                                                                                        up after drilling . 
                    ============================================================  ==================================== 
 Logging 
                       *    Whether core and chip samples have been geologically         *    Picasso 
                            and geotechnically logged to a level of detail to 
                            support appropriate Mineral Resource estimation, 
                            mining studies and metallurgical studies.                   Aircore drilling was geology, 
                                                                                        Alteration and 
                                                                                        weathering logged 
                       *    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,            *    Picasso 
  and sample                half or all core taken. 
  preparation 
                                                                                        Aircore Samples were collected 
                       *    If non-core, whether riffled, tube sampled, rotary          from the cyclone 
                            split, etc and whether sampled wet or dry.                  in single meter intervals and 
                                                                                        laid on the ground 
                                                                                        in rows of ten for geological 
                       *    For all sample types, the nature, quality and               logging. Four-meter 
                            appropriateness of the sample preparation technique.        composite samples weighing 
                                                                                        approximately 3kg 
                                                                                        in total were collected from 
                       *    Quality control procedures adopted for all                  the sample piles 
                            sub-sampling stages to maximise representivity of           using a scoop and submitted 
                            samples.                                                    for gold analysis. 
                                                                                        The magnetic susceptibility of 
                                                                                        these samples 
                       *    Measures taken to ensure that the sampling is               was measured, in the bag, with 
                            representative of the in situ material collected,           a KT9 magnetic 
                            including for instance results for field                    susceptibility meter 
                            duplicate/second-half sampling.                             Auger Samples were sent to 
                                                                                        Genalysis in Perth 
                                                                                        for preparation and analysis. 
                       *    Whether sample sizes are appropriate to the grain           Samples were 
                            size of the material being sampled.                         dried in an oven at 100 
                                                                                        degrees and then pulverised 
                                                                                        in an LM2-sized robotic mill 
                                                                                        to a nominal size 
                                                                                        of -75 microns. The milled 
                                                                                        pulps were weighed 
                                                                                        out at 25g and underwent 
                                                                                        stepwise aqua regia 
                                                                                        digestion in a 
                                                                                        temperature-controlled 
                                                                                        laboratory. 
                                                                                        The analyte was then presented 
                                                                                        to a graphite-furnace 
                                                                                        and AAS for gold analysis 
                                                                                        (method code B25/EETA 
                                                                                        or B/ETA), followed by ICP 
                                                                                        mass spectrometry 
                                                                                        (B25/MS) and optical emission 
                                                                                        spectrometry 
                                                                                        (method code B25/OES) for 
                                                                                        multi-element analysis 
                    ============================================================  ==================================== 
 Quality 
  of assay            *    The nature, quality and appropriateness of the                *    Picasso 
  data and                 assaying and laboratory procedures used and whether 
  laboratory               the technique is considered partial or total. 
  tests                                                                                 . A 750g composite sample of 
                                                                                        the last meter 
                      *    For geophysical tools, spectrometers, handheld XRF           (or two meters, if bottom of 
                           instruments, etc, the parameters used in determining         hole sample recovery 
                           the analysis including instrument make and model,            is inadequate) in each hole 
                           reading times, calibrations factors applied and their        was collected using 
                           derivation, etc.                                             a scoop and submitted for 
                                                                                        multi-element analysis. 
                                                                                        Blanks and standards were 
                      *    Nature of quality control procedures adopted (eg             routinely submitted 
                           standards, blanks, duplicates, external laboratory           for quality control purposes, 
                           checks) and whether acceptable levels of accuracy (ie        at a nominal 
                           lack of bias) and precision have been established.           ratio of 1 in 40 samples. 
                                                                                        All aircore samples were 
                                                                                        submitted to Genalysis 
                                                                                        Intertek Laboratory Services 
                                                                                        for analysis. 
                                                                                        At the laboratory, samples 
                                                                                        were dried in an 
                                                                                        oven at 120 degrees and then 
                                                                                        pulverised in 
                                                                                        an LMS mill to a nominal size 
                                                                                        of -75 microns. 
                                                                                        The milled pulps were weighed 
                                                                                        out (to 25g) 
                                                                                        and underwent stepwise aqua 
                                                                                        regia digestion 
                                                                                        in a temperature-controlled 
                                                                                        laboratory. The 
                                                                                        analyte was then presented to 
                                                                                        a graphite-furnace 
                                                                                        AAS (method AR25/GF) for gold 
                                                                                        analysis, with 
                                                                                        the detection limit for this 
                                                                                        method being 1 
                                                                                        ppb Au. 
                                                                                        All Auger Samples were sent to 
                                                                                        Genalysis in 
                                                                                        Perth for preparation and 
                                                                                        analysis. Samples 
                                                                                        were dried in an oven at 100 
                                                                                        degrees and then 
                                                                                        pulverised in an LM2-sized 
                                                                                        robotic mill to 
                                                                                        a nominal size of -75 microns. 
                                                                                        The milled pulps 
                                                                                        were weighed out at 25g and 
                                                                                        underwent stepwise 
                                                                                        aqua regia digestion in a 
                                                                                        temperature-controlled 
                                                                                        laboratory. The analyte was 
                                                                                        then presented 
                                                                                        to a graphite-furnace and AAS 
                                                                                        for gold analysis 
                                                                                        (method code B25/EETA or 
                                                                                        B/ETA), followed by 
                                                                                        ICP mass spectrometry (B25/MS) 
                                                                                        and optical 
                                                                                        emission spectrometry (method 
                                                                                        code B25/OES) 
                                                                                        for multi-element analysis 
                    ============================================================  ==================================== 
 Verification 
  of sampling         *    The verification of significant intersections by              *    Picasso 
  and assaying             either independent or alternative company personnel. 
 
                                                                                        No adjustment is made to any 
                      *    The use of twinned holes.                                    historical assay 
                                                                                        data. 
 
                      *    Documentation of primary data, data entry procedures, 
                           data verification, data storage (physical and 
                           electronic) protocols. 
 
 
                      *    Discuss any adjustment to assay data. 
                    ============================================================  ==================================== 
 Location                                                                                     Picasso 
  of data             *    Accuracy and quality of surveys used to locate drill               (Image available on PDF 
  points                   holes (collar and down-hole surveys), trenches, mine               version) 
                           workings and other locations used in Mineral Resource 
                           estimation. 
 
 
                      *    Specification of the grid system used. 
 
 
                      *    Quality and adequacy of topographic control. 
                    ============================================================  ==================================== 
 Data spacing 
  and distribution    *    Data spacing for reporting of Exploration Results.            *    Picasso 
 
 
                      *    Whether the data spacing and distribution is                 (Image available on PDF 
                           sufficient to establish the degree of geological and         version) 
                           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         *    Picasso 
  in relation              sampling of possible structures and the extent to 
  to geological            which this is known, considering the deposit type. 
  structure                                                                             It is apparent that 
                                                                                        outcropping granite and/or 
                      *    If the relationship between the drilling orientation         pegmatites may have been a 
                           and the orientation of key mineralised structures is         hindrance to soil 
                           considered to have introduced a sampling bias, this          sampling in areas and in fact 
                           should be assessed and reported if material.                 contributed to 
                                                                                        less sampling near known 
                                                                                        pegmatites. Rock chip 
                                                                                        sampling was not conducted in 
                                                                                        the area as 
                                                                                        granites/pegmatites 
                                                                                        were historically not 
                                                                                        considered a target. 
                    ============================================================  ==================================== 
 Sample security 
                       *    The measures taken to ensure sample security.                *    Picasso 
 
 
                                                                                        Chain of Custody procedure by 
                                                                                        Anglo Gold(11) 
                    ============================================================  ==================================== 
 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               *    Picasso 
  and land               including agreements or material issues with third 
  tenure status          parties such as joint ventures, partnerships, 
                         overriding royalties, native title interests,                    The area has been classified 
                         historical sites, wilderness or national park and                entirely as 'minimal 
                         environmental settings.                                          use' by the Australian 
                                                                                          Government's Department 
                                                                                          of Agriculture and Water 
                    *    The security of the tenure held at the time of                   Resources, which are 
                         reporting along with any known impediments to                    areas of land that are largely 
                         obtaining a licence to operate in the area.                      unused. 
                                                                                          Synergy Prospecting Pty Ltd 
                                                                                          ("Synergy Prospecting") 
                                                                                          holds one (1) Western 
                                                                                          Australia ("WA") Exploration 
                                                                                          Licence ("E") 63/1888, the 
                                                                                          Picasso project 
 
                                                                                          (Image available on PDF 
                                                                                          version) 
                 =================================================================  ==================================== 
 Exploration 
  done by           *    Acknowledgment and appraisal of exploration by other              *    Picasso 
  other parties          parties. 
 
                                                                                          Historic exploration data was 
                                                                                          compiled from 
                                                                                          DMP open file (WAMEX) reports 
                                                                                          and other sources. 
                                                                                          Exploration has occurred 
                                                                                          within the project 
                                                                                          area for at least 40 years 
                                                                                          with many companies 
                                                                                          exploring for a number of 
                                                                                          different commodities 
                                                                                          during that time. Goldfields, 
                                                                                          Newmont, Sipa, 
                                                                                          Avoca and WMC amongst others, 
                                                                                          explored for 
                                                                                          lode style gold mineralization 
                                                                                          whereas Epsilon 
                                                                                          and CRA explored for 
                                                                                          uranium/lignite in 
                                                                                          palaeo-channels. 
                                                                                          Asarco, as one of the earlier 
                                                                                          explorers in 
                                                                                          the area explored for 
                                                                                          palaeo-placer deposits 
                                                                                          of both gold and uranium. 
                 =================================================================  ==================================== 
 Geology 
                    *    Deposit type, geological setting and style of                     *    Picasso 
                         mineralisation. 
 
                                                                                          Pegmatites occur in the 
                                                                                          greenstones at the 
                                                                                          Mt Belches-Bald Hill pegmatite 
                                                                                          belt. Further, 
                                                                                          pegmatites have also been 
                                                                                          mapped in the Archaean 
                                                                                          granite in the Picasso 
                                                                                          Project. There are a 
                                                                                          large number of pegmatite 
                                                                                          occurrences, with 
                                                                                          69 government mapped 
                                                                                          pegmatites throughout 
                                                                                          the Picasso Project area. The 
                                                                                          majority of the 
                                                                                          pegmatites occur in the east 
                                                                                          of the project 
                                                                                          area, though pegmatites are 
                                                                                          also recorded in 
                                                                                          the south and west of the 
                                                                                          project. 
                 =================================================================  ==================================== 
 Drill hole 
  Information           *    A summary of all information material to the                   *    Picasso 
                             understanding of the exploration results including a 
                             tabulation of the following information for all 
                             Material drill holes:                                         Reported in attached Table B1 
 
 
                       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             *    Picasso 
 methods                 techniques, maximum and/or minimum grade truncations 
                         (eg cutting of high grades) and cut-off grades are 
                         usually Material and should be stated. 
                                                                                          (Image available on PDF 
                                                                                          version) 
                    *    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             *    Picasso 
 mineralisation          reporting of Exploration Results. 
 widths and 
 intercept                                                                                Down-hole lengths reported in 
 lengths            *    If the geometry of the mineralisation with respect to            attached Table 
                         the drill hole angle is known, its nature should be              B1 
                         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 Picasso Lithium Project 
                    *    Appropriate maps and sections (with scales) and             are included 
                         tabulations of intercepts should be included for any        in the announcement 
                         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 Picasso 
 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                                                                                                    Commencement 
  work              *    The nature and scale of planned further work (eg                                   of due 
                         tests for lateral extensions or depth extensions or                                diligence on 
                         large-scale step-out drilling).                                                    the Picasso 
                                                                                                            Lithium 
                                                                                                            Project. 
                    *    Diagrams clearly highlighting the areas of possible                                For the 
                         extensions, including the main geological                                          Picasso 
                         interpretations and future drilling areas, provided                                Lithium 
                         this information is not commercially sensitive.                                    Project, 
                                                                                                            return of 
                                                                                                            assays for 
                                                                                                            circa 30 
                                                                                                            surface 
                                                                                                            samples. 
                 =================================================================  ==================================== 
 

TABLE B1: PICASSO DRILLING DETAILS

 
 Hole_ID    MGA_North    MGA_East    AHD_RL   Total    Dip   Azimuth   Grid_ID    DrillDate    Hole_Type 
                (m)         (m)                Depth 
                                                (m) 
  NAC087    6454217.53   432545.8     347       33     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC088    6454499.12   433188.06    345       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC089    6454964.3    434047.27    336       23     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC090    6455624.62   434645.26    329       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC091    6456451.31   435179.29    319       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC092    6457241.91   435793.71    315       48     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC093    6458064.62   436321.52    317       26     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC094    6458947.88   436697.52    319       20     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC095    6459777.13   437250.49    327       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC096    6460677.14   437633.9     329       16     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC097    6461649.86   437873.71    322       31     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC098    6462594.06   438145.5     330       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC099    6463530.86   438497.13    337       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC100    6464357.73   438985.3     337       31     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC101    6465223.1    439392.89    338       15     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC102    6466036.42   440055.5     334       43     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC103    6466702.1    440423.38    340       49     -90     360     MGA51_94   11/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC114    6461438.7    443489.47    321       13     -90     360     MGA51_94   13/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC115    6462329.98    443763      334       31     -90     360     MGA51_94   13/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC116    6463296.98   443875.8     335       13     -90     360     MGA51_94   13/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC117    6464132.15   444309.43    330       13     -90     360     MGA51_94   13/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCDGBDGGDDDGBL

(END) Dow Jones Newswires

October 27, 2021 02:00 ET (06:00 GMT)

1 Year Castillo Copper Chart

1 Year Castillo Copper Chart

1 Month Castillo Copper Chart

1 Month Castillo Copper Chart
ADVFN Advertorial
Your Recent History
LSE
CCZ
Castillo C..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20211205 07:12:39