Castillo Copper Limited (ASX: CCZ) has announced that further work on the Pancake prospect, within the Mt Oxide pillar, verified it has IOCG potential, complementary to known Mt Isa style mineralisation in Queensland.
Managing Director Simon Paull, said incrementally, observed historic mineralisation descriptions have aided the interpretation as there maybe more than one mineralisation system at the Pancake prospect.
Mr Paull said the company’d independent geology consultant is focusing on eight prospects in the Mt Oxide pillar with varying mineralisation styles.
The prospects have the potential to deliver high- grade, near surface deposits suitable for multiple satellite open-pit operations with each feeding into an onsite or third-party processing facility.
Mr Paull said that importantly, due to the significant amount of historic data available preliminary test-drill targets for most of the prospects have been defined.
This release is the second in a series which looks more closely at the prospects within the Mt Oxide pillar – the Pancake prospect is next to be featured.
“The Board’s overriding strategic objective remains developing the three pillars and transforming CCZ into a mid-tier copper group,” Mr Paull said.
“Consequently, now having four IOCG targets within the Mt Oxide pillar as a result of reviewing the historic data on the Pancake prospect is an excellent outcome, as it materially enhances the upside potential.”
Work undertaken historically at the Pancake prospect included aerial GEOTEM & ground electromagnetic surveys which uncovered two sub-surface anomalies: a shallow source adjacent to mapped north-west trending faults, with the other modelled as moderate depth source dipping to the east.
In addition, considerable surface samples were taken which delivered high-grade surface assay results and observed alteration styles that are comparable to Mt Isa style mineralisation including:
o Stream sediment: up to60 ppm Cu,316 ppm Pb & 1,370 ppm Zn;
o Soil: up to 670 ppm Cu, 1,320ppm Pb & 4,600 ppm Zn; and
o Rock chips: up to 433ppm Cu, 1,320 ppm Pb & 7,140 ppm Zn .
Castillo Copper’s London-based Director Gerrard Hall said that uncovering another IOCG target is outstanding news that continues to highlight the upside potential the Mt Oxide pillar delivers.
“Meanwhile, passing eligibility to dual list on the London Stock Exchange is another significant milestone which we will progress at the appropriate time.”
