Castillo Copper will drill at its Luanshya project in Zambia in the coming months with increased confidence following the identification of multiple high potential targets across the length of a six-kilometre copper strike.
The company is about to complete an induced polarisation survey which has highlighted multiple high chargeability targets within three interpreted lines that potentially indicate the presence of sulphides.
Castillo said the results increase the discovery potential of upcoming drilling and would be critical in the formulation of the forthcoming drilling it aimed to get underway at the site along with project planning and approvals in the fourth quarter.
The news comes as Castillo anticipates assay results for its first mineral resource estimate after hitting a 130-metre anomaly near the surface at its Big One deposit, part of the company’s Arya prospect in Queensland’s copper-rich Mt Isa region.
“Our exploration efforts at the Luanshya Project are bearing fruit, as we now have multiple high-quality targets to test-drill along the six-kilometre copper strike,” managing director Simon Paull said.
“Moving forward, the board’s goal is to commence the inaugural drilling campaign during the fourth quarter.
“This will place Castillo Copper in a strong position strategically, with development work progressing concurrently on prime projects in the Zambia and Mt Isa copper-belts.”
Castillo plans to progress with IP surveys at the Mkushi project to ascertain incremental targets for test drilling while commencing drilling at the Luanshya site.
The company is expecting the return of all assays from the Big One deposit in the coming weeks before commencing drilling.
The company’s Australian Stock Exchange-listed shares opened today at 3.5c (8:00 am GMT+ 8 hours)