Initial results from drilling at North-West Queensland’s Big One deposit have ‘hit the sweet spot’ as copper prices near a seven-year high, Castillo Copper says.
Assay results have verified shallow mineralisation grading up to 4.14 per cent copper at the deposit, which is part of the Mount Oxide project.
“The hard work identifying the Big One Deposit as a viable prospect has paid off, as the first batch of assay results hit the sweet spot,” Castillo Copper director Ged Hall said.
The promising results come from visually logged mineralised intersections from the first four of seven drill holes completed.
The company described intersecting oxide-sulphide, shallow copper mineralisation at this stage of the drilling campaign as encouraging – with 28 drill-holes still to complete along the 600m strike.
The results build on an earlier program which produced significant
intercepts, up to 28.4 per cent copper.
“With the copper price near a seven-year high, coupled with favourable global fundamentals moving forward, the board’s strategic intent to transform CCZ into a mid-tier copper group is gaining momentum,” Castillo Copper managing director Simon Paull said.
“Consequently, we are delighted with the initial assay results from the Big One deposit, which highlight that our drilling team has intersected shallow copper mineralisation. ”
The Mount Oxide project is located 150km north of Mount Isa near the old Mount Oxide copper mine.