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Castillo Copper Limited Up to 14 drill targets at Luanshya Project

25/10/2021 7:00am

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RNS Number : 0236Q

Castillo Copper Limited

25 October 2021

25 October 2021

CASTILLO COPPER LIMITED

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

Up to 14 drill targets identified at Luanshya Project post-IP survey

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is pleased to announce the completion of the Induced Polarisation ("IP") survey campaign at the Luanshya Project in Zambia's copper-belt, identifying up to 14 targets for test-drilling which potentially comprise disseminated copper sulphide mineralisation.

Highlights

-- Up to 14 chargeable zones identified in the recent IP survey - within a 6km zone of copper surface anomalism - which represent excellent drill targets at the Luanshya Project(1)

-- Modelling was undertaken by CCZ's consultant geophysicist, who interpreted the IP survey results, which covered the 6km long soil anomaly, which were defined after extensive soil sampling campaigns

-- Encouragingly, the geophysicist noted there are "several zones of high chargeability with associated copper anomalism, which are potential bodies of disseminated copper sulphide mineralisation(2) "

-- In addition, the geophysicist highlighted the high-chargeability zones are coincident with a previously identified NW-SE trendline(2,3) that is 5-10km wide and hosts historic / current operating mines and deposits (3)

o This is positive as it suggests any underlying mineralisation could be structurally controlled, with the potential for mafic sources of copper anomalism in the region(2)

There is now ample data to fully map out an inaugural drilling campaign for the Luanshya Project to test the identified targets and commence negotiations with drilling contractors to formalise a timeline. Meanwhile, the IP survey is now underway at the Mkushi Project, focusing on areas delineated from previous sampling campaigns.

Simon Paull, Managing Director of Castillo Copper, commented: "The geophysicists' interpretations on the Luanshya Project is welcome news and highlights the exploration potential across this 6km soil anomaly. With the global copper market in the midst a strong upcycle, due to perceived tight supplies, the Board is moving forward to expedite developing the Zambia copper assets. This provides geographic exploration diversity across our copper asset portfolio, whilst we concurrently progress due diligence on the Litchfield and Picasso Lithium Projects."

INTERPRETED DRILLABLE TARGETS

The geophysicists' terms of reference were to interpret and map potential disseminated copper sulphide mineralisation, associated with observed soil copper geochemical anomalism across the 6km strike event at the Luanshya Project. Out of the IP survey lines completed, 11 were selected for closer analysis.

Of these, Lines 3, 5, 7, 9, 11, 13, 14, 16, 18 and 20 had chargeability linked to copper surface anomalism which identified up to 14 drillable targets. For Line 1, however, the chargeability was not associated with copper surface anomalism, rather anti-formal structures.

Overall, the geophysicist noted in the report there are " several zones of high chargeability with associated copper anomalism, which are potential bodies of disseminated copper sulphide mineralisation(2) ."

A key point highlighted by the geophysicist was the fact all the chargeability zones are coincident with a previously identified NW-SE trendline that is 5-10km wide and hosts historic / current operating mines & deposits(3) .

This is positive as it suggests any underlying mineralisation could be structurally controlled, with the potential for mafic sources of copper mineralisation in the region(2) .

Based on the foregoing, there is now ample data to fully map out an inaugural drilling campaign for the Luanshya Project to test the identified targets and commence negotiations with drilling contractors to formalise a timeline.

Next steps

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

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

o Commence work on the inaugural drilling campaign at the Luanshya Project.

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.

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)     CCZ ASX Release - 1 July and 31 August 2021 

2) Geophex Surveys Limited. Available at: <http://africa.geovale.com/assosciates/geophex-surveys-limited/>

   3)     CCZ ASX Release - 16 September 2019 

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.

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: INCREMENTAL IP SURVEY RESULTS (Available to view on ASX announcement)

APPIX C: JORC CODE, 2012 EDITION - TABLE 1

Section 1 Sampling Techniques and Data

 
 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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