Castillo looks to strike while copper hot with Big One
The board is firming up plans to apply for a mining lease ahead of the company’s geology consultant releasing the inaugural JORC-compliant resource for the deposit.
“Buoyant global demand for copper has been a key catalyst for the board to sharpen its strategic intent for Big One deposit,” Castillo Copper managing director Simon Paull said.
“With outstanding assays, the board is highly optimistic further planned exploratory work has the potential to extend known mineralisation.
“Consequently, the board believes it is prudent to start preparing
the ground-work to potentially recommence mining operations.”
In an announcement today Castillo painted ‘compelling’ arguments in favour of taking this assertive stance, with Big One’s strengths including:
- A known high-grade shallow copper system that was mined in 1997 – producing 4,400t supergene ore, averaging 3.5 per cent copper – via several open pits;
- Recent and historical drilling campaigns that have produced exceptional high-grade intercepts;
- Excellent location in the world-class Mount Isa copper-belt, which is a well-established mining region with solid infrastructure and ready access to a skilled labour pool; and
- Proximity to several third-party processors in the region with excess milling capacity that Castillo’s management team is actively canvassing.
The company noted that the forward global demand for copper was highly favourable due to potential supply bottlenecks maintaining upward pressure on the LME price.
Moving forward, further work is planned to extend known mineralisation and the Big One deposit’s potential scale, starting with an Induced Polarisation (IP) survey to identify incremental test-drill targets.
Drilling is also set to resume at Big One post west season before moving to the nearby Arya prospect, which has an interpreted 130m thick potential massive sulphide anomaly (1500m by 450m) that is highly prospective for copper mineralisation.
Recent drill highlights from Big One include an intercept of 40m grading at 1.64 per cent copper.
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