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Castillo confirms ‘better than expected” results at The Big One

26 July 2021 09:26
ASX: CCZ
mining, copper, exploration, assays

Castillo Copper Limited has verified an instance of more than nine per cent copper mineralisation hot on the heels of eyeing a 45-metre strike at its aptly named Big One deposit in Queensland’s rich copper belt.

The company said assay results showed the massive grade detected amongst yields of 1.06pc, 1.22pc and 1.76pc grades over 5m, 3m and 9m respective holes.

With the intercepts at depths ranging from 65m to 88m with more visual mineralisation up to 26m thick, the company now believes the underlying system is even bigger than first thought.

The news comes amid global shortage of copper with prices expected to maintain an upward march for the long term with demand for the yellow metal expected to spike under the weight of increased competition for supply from electric vehicle manufacturers around the world.

“It is encouraging that there is a strong correlation between visual mineralisation and the assays, as the Board optimistically looks forward to receiving further results,” managing director Simon Paull said.

“Otherwise, the progress of the drilling campaign is taking shape, especially verification that the underlying copper system at the Big One deposit is likely to be larger than our geology team’s initial expectations.”

Next steps for the Castillo will be reporting of the assay results for outstanding drilling sites which due back from the laboratory and finalising logistics, access, cultural heritage, and targets for the drilling campaign at the Arya prospect.

The company’s Australian Stock Exchange listed shares opened the day trading at 3.9c.

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