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Castillo Copper Limited Update on Litchfield Project

07/10/2021 7:00am

UK Regulatory (RNS & others)


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RNS Number : 2759O

Castillo Copper Limited

07 October 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

7 October 2021

CASTILLO COPPER LIMITED

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

Significant pegmatite outcropping along Litchfield Lithium Project's western boundary

Castillo Copper Limited ("CCZ"), a base metal explorer primarily focused on copper across Australia and Zambia, is pleased to announce that initial due diligence on the Litchfield Lithium Project in the Northern Territory has highlighted significant pegmatite outcropping along the north-west boundary.

Highlights

-- Follow up site visit to the Litchfield Lithium Project in the Northern Territory, arranged by the Vendor Group's geological consultant, highlighted significant pegmatite outcropping along the western boundary

o This is contiguous to Core Lithium's ("CXO") (ASX: CXO) Finnis Lithium Project(1) which has JORC compliant ore reserves (7.4Mt @ 1.3% Li(2) O) (1)

-- With satellite imagery(2) verifying the geology in the Litchfield Lithium Project (NW quadrant) is comparable to CXO's ground, CCZ is awaiting assay results on 657 surface samples (taken along the NW boundary) to determine the potential for contiguous mineralisation:

o Encouragingly, the site-visit geological reports noted the areas sampled mostly comprised metamorphic rocks linked to the Burrell Creek formation - a host rock for the regional occurrences of pegmatites (Appendix A)

-- Meanwhile, the Board has been advised by the on-site team at the Arya Copper Prospect in the Mt Isa copper-belt that prep work is nearly complete, which will enable drilling to commence shortly thereafter

Simon Paull, Managing Director of Castillo Copper, commented: " Initial due diligence at the Litchfield Lithium Project is off to an excellent start, with demonstrable photographic evidence of pegmatite outcropping along the western boundary. The Board now awaits the outcome of assay results which will determine the potential for contiguous mineralisation with CXO's Finniss Lithium Project. In the meantime, our team's efforts are now focused on commencing the inaugural drilling campaign at the Arya Copper Prospect in the Mt Isa copper belt."

As announced on 29 September 2021, satellite imagery has verified the geology along the Litchfield Lithium Project's north-west boundary is comparable to CXO's ground. The Vendor Group's geological consultant conducted intensive surface sampling across four target areas within the NW quadrant, taking 657 samples to determine the potential for contiguous mineralisation (refer Appendix A). The sampled areas mostly comprised metamorphic rocks linked to the Burrell Creek formation - a host rock for the regional occurrences of pegmatites. The samples are at the laboratory undergoing further analysis, with results slated to be received in coming weeks.

Next steps

For the lithium projects, the initial focus will be on the following areas:

-- Ongoing due diligence for 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:

   --    Commencement of drilling at the Arya Prospect. 

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

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

   --    Commence work on the inaugural drilling campaign for the Luanshya Project. 

In 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 
 

About Castillo Copper

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

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

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

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

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

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

References

   1.     CXO ASX Release - 21 September 2021 (Annual Report) & CCZ ASX Release - 29 September 2021 
   2.     Satellite imagery from Geological Survey of Western Australia. Available at: https://www.dmp.wa.gov.au/Geological-Survey/Geological-Survey-262.aspx & CCZ ASX Release - 29 September 2021 

Competent Person Statement

The information in this report that relates to Exploration Results for "Litchfield" and "Picasso" is based on information compiled or reviewed by Mr Geoffrey Reed, a Non- Executive Director of CCZ. Mr Reed is both a shareholder and director of Bluespoint Mining Services, a company which is a shareholder of Castillo Copper Limited. Bluespoint Mining Services provides ad hoc geological consultancy services to Castillo Copper Limited. Mr Reed is a member of the Australian Institute of Mining and Metallurgy (CP) (member #250422) and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, and Mineral Resources. Mr Reed is a member of the Australian Institute of Geoscientists. Further, Mr Reed consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

Mr Reed has not verified any of the information regarding any of the properties or projects referred to herein other than the "Litchfield" and "Picasso" Properties.

The London Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Disclaimer Regarding Forward Looking Statements

This announcement (Announcement) contains various forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables and factors which could cause actual values or results, performance, or achievements to differ materially from the expectations described in such forward-looking statements.

Castillo Copper Limited does not give any assurance that the anticipated results, performance, or achievements expressed or implied in those forward-looking statements will be achieved.

APPIX: JORC CODE, 2012 EDITION - TABLE 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

 
 Criteria            JORC Code explanation                                              Commentary 
                    ================================================================= 
 Sampling 
  techniques               *    Nature and quality of sampling (eg cut channels,              *    Litchfield 
                                random chips, or specific specialised industry 
                                standard measurement tools appropriate to the 
                                minerals under investigation, such as down hole gamma        The Litchfield project 
                                sondes, or handheld XRF instruments, etc). These             and surrounds has 
                                examples should not be taken as limiting the broad           a very limited amount of 
                                meaning of sampling.                                         publicly available 
                                                                                             soil geochemistry survey 
                                                                                             results. 
                           *    Include reference to measures taken to ensure sample 
                                representivity and the appropriate calibration of any 
                                measurement tools or systems used. 
 
 
                           *    Aspects of the determination of mineralisation that 
                                are Material to the Public Report. 
 
 
                           *    In cases where 'industry standard' work has been done 
                                this would be relatively simple (eg 'reverse 
                                circulation drilling was used to obtain 1 m samples 
                                from which 3 kg was pulverised to produce a 30 g 
                                charge for fire assay'). In other cases more 
                                explanation may be required, such as where there is 
                                coarse gold that has inherent sampling problems. 
                                Unusual commodities or mineralisation types (eg 
                                submarine nodules) may warrant disclosure of detailed 
                                information. 
                    =================================================================  =============================== 
 Drilling 
  techniques                *    Drill type (eg core, reverse circulation, open-hole          *    Litchfield 
                                 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          There are no reported 
                                 other type, whether core is oriented and if so, by          drill holes located 
                                 what method, etc).                                          within the Litchfield 
                                                                                             tenement 
                    =================================================================  =============================== 
 Drill sample 
  recovery                 *    Method of recording and assessing core and chip                *    Litchfield 
                                sample recoveries and results assessed. 
 
                                                                                              N/A 
                           *    Measures taken to maximise sample recovery and ensure 
                                representative nature of the samples. 
 
 
                           *    Whether a relationship exists between sample recovery 
                                and grade and whether sample bias may have occurred 
                                due to preferential loss/gain of fine/coarse 
                                material. 
                    =================================================================  =============================== 
 Logging 
                            *    Whether core and chip samples have been geologically          *    Litchfield 
                                 and geotechnically logged to a level of detail to 
                                 support appropriate Mineral Resource estimation, 
                                 mining studies and metallurgical studies.                    N/A 
 
 
                            *    Whether logging is qualitative or quantitative in 
                                 nature. Core (or costean, channel, etc) photography. 
 
 
                            *    The total length and percentage of the relevant 
                                 intersections logged. 
                    =================================================================  =============================== 
 Sub-sampling 
  techniques                *    If core, whether cut or sawn and whether quarter,             *    Litchfield 
  and sample                     half or all core taken. 
  preparation 
                                                                                              N/A 
                            *    If non-core, whether riffled, tube sampled, rotary 
                                 split, etc and whether sampled wet or dry. 
 
 
                            *    For all sample types, the nature, quality and 
                                 appropriateness of the sample preparation technique. 
 
 
                            *    Quality control procedures adopted for all 
                                 sub-sampling stages to maximise representivity of 
                                 samples. 
 
 
                            *    Measures taken to ensure that the sampling is 
                                 representative of the in situ material collected, 
                                 including for instance results for field 
                                 duplicate/second-half sampling. 
 
 
                            *    Whether sample sizes are appropriate to the grain 
                                 size of the material being sampled. 
                    =================================================================  =============================== 
 Quality 
  of assay                 *    The nature, quality and appropriateness of the                 *    Litchfield 
  data and                      assaying and laboratory procedures used and whether 
  laboratory                    the technique is considered partial or total. 
  tests                                                                                       N/A 
 
                           *    For geophysical tools, spectrometers, handheld XRF 
                                instruments, etc, the parameters used in determining 
                                the analysis including instrument make and model, 
                                reading times, calibrations factors applied and their 
                                derivation, etc. 
 
 
                           *    Nature of quality control procedures adopted (eg 
                                standards, blanks, duplicates, external laboratory 
                                checks) and whether acceptable levels of accuracy (ie 
                                lack of bias) and precision have been established. 
                    =================================================================  =============================== 
 Verification 
  of sampling              *    The verification of significant intersections by               *    Litchfield 
  and assaying                  either independent or alternative company personnel. 
 
                                                                                              N/A 
                           *    The use of twinned holes. 
 
 
                           *    Documentation of primary data, data entry procedures, 
                                data verification, data storage (physical and 
                                electronic) protocols. 
 
 
                           *    Discuss any adjustment to assay data. 
                    =================================================================  =============================== 
 Location 
  of data                  *    Accuracy and quality of surveys used to locate drill           *    Litchfield 
  points                        holes (collar and down-hole surveys), trenches, mine 
                                workings and other locations used in Mineral Resource 
                                estimation.                                                   N/A 
 
 
                           *    Specification of the grid system used. 
 
 
                           *    Quality and adequacy of topographic control. 
                    =================================================================  =============================== 
 Data spacing 
  and distribution         *    Data spacing for reporting of Exploration Results.             *    Litchfield 
 
 
                           *    Whether the data spacing and distribution is                  N/A 
                                sufficient to establish the degree of geological and 
                                grade continuity appropriate for the Mineral Resource 
                                and Ore Reserve estimation procedure(s) and 
                                classifications applied. 
 
 
                           *    Whether sample compositing has been applied. 
                    =================================================================  =============================== 
 Orientation 
  of data                  *    Whether the orientation of sampling achieves unbiased          *    Litchfield 
  in relation                   sampling of possible structures and the extent to 
  to geological                 which this is known, considering the deposit type. 
  structure                                                                                   N/A 
 
                           *    If the relationship between the drilling orientation 
                                and the orientation of key mineralised structures is 
                                considered to have introduced a sampling bias, this 
                                should be assessed and reported if material. 
                    =================================================================  =============================== 
 Sample security 
                            *    The measures taken to ensure sample security.                 *    Litchfield 
 
 
                                                                                              N/A 
                    =================================================================  =============================== 
 Audits or                                                                              No formal audit or review of 
  reviews                   *    The results of any audits or reviews of sampling       sampling techniques 
                                 techniques and data.                                   has been 
                                                                                        undertaken 
                    =================================================================  =============================== 
 

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

 
 Criteria            JORC Code explanation                                              Commentary 
                    ================================================================= 
 Mineral 
  tenement                  *    Type, reference name/number, location and ownership          *    Litchfield 
  and land                       including agreements or material issues with third 
  tenure status                  parties such as joint ventures, partnerships, 
                                 overriding royalties, native title interests,               See Figure 2 
                                 historical sites, wilderness or national park and           The majority of the 
                                 environmental settings.                                     Litchfield tenement is 
                                                                                             classified under Primary 
                                                                                             Land Use as 'Conservation 
                            *    The security of the tenure held at the time of              and Natural Environment, 
                                 reporting along with any known impediments to               Production and 
                                 obtaining a licence to operate in the area.                 Agriculture' 
                                                                                             use. The majority of the 
                                                                                             tenement is classified 
                                                                                             as vacant crown land 
                                                                                             (other) owned by the 
                                                                                             North Territory 
                                                                                             Government. The tenement 
                                                                                             lays within the 
                                                                                             Darwin Rural Water 
                                                                                             Control District and 
                                                                                             northern 
                                                                                             portions of the lease 
                                                                                             are noted to be within 
                                                                                             the Darwin Harbour 
                                                                                             District sensitive area 
                                                                                             of conservation 
                                                                                             significance. 
                                                                                             There are no Native Title 
                                                                                             Determinations 
                                                                                             over the Litchfield 
                                                                                             project area 
                    =================================================================  =============================== 
 Exploration 
  done by                   *    Acknowledgment and appraisal of exploration by other         *    Litchfield 
  other parties                  parties. 
 
                                                                                             The large majority of 
                                                                                             historical exploration, 
                                                                                             even in recent times, has 
                                                                                             focussed on the 
                                                                                             known tin occurrences and 
                                                                                             workings dating 
                                                                                             back as far as the late 
                                                                                             1800's. Even where 
                                                                                             there is significant new 
                                                                                             ground to explore 
                                                                                             and expand on, recent 
                                                                                             exploration has focused 
                                                                                             on previous workings. It 
                                                                                             appears very little 
                                                                                             attention has been paid 
                                                                                             to reconnaissance 
                                                                                             over other nearby areas 
                                                                                             such as the western 
                                                                                             portion of the Litchfield 
                                                                                             project. This includes 
                                                                                             limited work by Grigm 
                                                                                             Resources and Altura 
                                                                                             Lithium Operations, who 
                                                                                             have held ground 
                                                                                             over the Litchfield 
                                                                                             project (from 2008 to 
                                                                                             2014) (Grigm Resources, 
                                                                                             2014) (Altura 
                                                                                             Exploration, 
                                                                                             2012). 
                    =================================================================  =============================== 
 Geology 
                            *    Deposit type, geological setting and style of                *    Litchfield 
                                 mineralisation. 
 
                                                                                             Localised late-stage 
                                                                                             pegmatites have intruded 
                                                                                             into the heavily deformed 
                                                                                             Burrell Creek 
                                                                                             meta-sediment 
                                                                                             units in the immediate 
                                                                                             area. The pegmatites, 
                                                                                             which are the targets for 
                                                                                             lithium mineralisation 
                                                                                             in the Litchfield project 
                                                                                             area, are believed 
                                                                                             to ultimately originate 
                                                                                             from the Two Sisters 
                                                                                             Granite. 
                    =================================================================  =============================== 
 Drill hole 
  Information               *    A summary of all information material to the                  *    Litchfield 
                                 understanding of the exploration results including a 
                                 tabulation of the following information for all 
                                 Material drill holes:                                        N/A 
 
 
                           o easting and northing of the drill hole 
                           collar 
                           o elevation or RL (Reduced Level - elevation 
                           above sea level in metres) of the drill hole 
                           collar 
                           o dip and azimuth of the hole 
                           o down hole length and interception depth 
                           o hole length. 
                            *    If the exclusion of this information is justified on 
                                 the basis that the information is not Material and 
                                 this exclusion does not detract from the 
                                 understanding of the report, the Competent Person 
                                 should clearly explain why this is the case. 
                    =================================================================  =============================== 
 Data aggregation 
  methods                  *    In reporting Exploration Results, weighting averaging          *    Litchfield 
                                techniques, maximum and/or minimum grade truncations 
                                (eg cutting of high grades) and cut-off grades are 
                                usually Material and should be stated.                        N/A 
 
 
                           *    Where aggregate intercepts incorporate short lengths 
                                of high grade results and longer lengths of low grade 
                                results, the procedure used for such aggregation 
                                should be stated and some typical examples of such 
                                aggregations should be shown in detail. 
 
 
                           *    The assumptions used for any reporting of metal 
                                equivalent values should be clearly stated. 
                    =================================================================  =============================== 
 Relationship 
  between                  *    These relationships are particularly important in the          *    Litchfield 
  mineralisation                reporting of Exploration Results. 
  widths and 
  intercept                                                                                   N/A 
  lengths                  *    If the geometry of the mineralisation with respect to 
                                the drill hole angle is known, its nature should be 
                                reported. 
 
 
                           *    If it is not known and only the down hole lengths are 
                                reported, there should be a clear statement to this 
                                effect (eg 'down hole length, true width not known'). 
                    =================================================================  =============================== 
 Diagrams                                                                               Maps for each project are 
                            *    Appropriate maps and sections (with scales) and        included in the 
                                 tabulations of intercepts should be included for any   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 substantive                                                                      Commencement of due diligence 
  exploration              *    Other exploration data, if meaningful and material,     on the Litchfield 
  data                          should be reported including (but not limited to):      Lithium Project 
                                geological observations; geophysical survey results; 
                                geochemical survey results; bulk samples - size and 
                                method of treatment; metallurgical test results; bulk 
                                density, groundwater, geotechnical and rock 
                                characteristics; potential deleterious or 
                                contaminating substances. 
                    =================================================================  =============================== 
 Further                                                                                For the Litchfield Lithium 
  work                      *    The nature and scale of planned further work (eg       Project, return 
                                 tests for lateral extensions or depth extensions or    of assays for 657 surface 
                                 large-scale step-out drilling).                        samples. 
 
 
                            *    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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