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Castillo to test-drill massive copper-belt anomaly

10 August 2021 10:47
ASX: CCZ

Castillo Copper Limited has firmed-up plans for test drilling at the Big One deposit after data shows a massive anomaly much closer to the surface than first thought at its Arya prospect in Queensland’s copper-rich Mt Isa region.

The explorer has confirmed a 130m thick, 1,500m long and 450m wide anomaly lay just 100m to 200m below the surface, in contrast to BHP’s mid-1990s analysis recommending test drilling the prospect thought to be around 430m deep at the time.

As copper remains in short supply worldwide, the company said it is on track to commence drilling the site in September.

“Encouragingly, recent work by our geophysicist consultant has uncovered new insights which make the case for drilling the Arya Prospect even more compelling, especially as interpretation of the sizable EG01 anomaly shows it is materially shallower than previously estimated,” managing director Simon Paull said.

The company plans to submit a mining application for the deposit after modelling a JORC compliant resource from multiple drill test data.

It plans to update investors and shareholders on delayed laboratory reports in as soon as possible.

The company’s Australian Stock Exchange-listed shares opened today, trading at 3.7c  (8:00 am GMT+ 8 hours).

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