Castillo to drill into mammoth Arya target

18 October 2021 09:16
Core Drilling for Exploration

Castillo Copper Limited has commenced the highly anticipated drilling of a 130-metre copper sulphide target at the Arya copper prospect in Queensland’s rich Mt Isa copper belt.

A sense of excitement continues to build as the company prepares to insert five drill holes into the massive prospect, testing an initial three targets at the site identified for its prospectivity in the mid-1990s. If the results are as good as the company expects, the drilling campaign will expand.

“Of the 22 targets that we have across the tenure in the Mt Isa region, the Arya copper prospect has generated the most intrigue and interest among stakeholders,” managing director Simon Paull said.

“The geochemistry and geophysical evidence have all provided compelling evidence the three targets are potentially among the best within our tenure.”

Of the three targets tested, one is capturing a lot of attention at the company. The target, named EG01, is interpreted to be a potential massive sulphide bedrock conductor 130 metres thick, 1,500m long and 450m wide. BHP recommended drilling the target, but until now, it has never happened.

With the tenure of the site now belonging to Castillo Copper, momentum is building. It comes as copper reached record highs this year and continues to trade above $US$4.70 per pound. Insiders expect demand for the metal to remain strong for at least another decade.

Castillo has extensive copper interests north of Mt Isa that boast several high-grade targets and a sizeable untested anomaly within its boundaries. The prolific copper belt has attracted mining interest for over a century.

 Castillo notes if the first-round observations and geological findings are encouraging, the company has built-in flexibility to expand the campaign to fully drill-test the extent of any underlying system.

“The Board optimistically looks forward to the initial observations as the campaign progresses,” Mr Paull adds.

The company’s Australian Stock Exchange-listed price is trading at 3.7c today (8:45 am GMT + 8 hours).

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