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Castillo Copper's large IOCG target enhances exploration upside of Mt Oxide pillar

Visible alluvial gold has been panned in stream sediments, with assays up to 170ppb gold recorded, complementing high copper surface rock chip assays of up to 262ppm copper.

Castillo Copper Ltd - Castillo Copper IOCG target enhances Mt Oxide pillar exploration upside
Preliminary test-drill targets have been determined

Castillo Copper Ltd (ASX:CCZ) has identified a sizeable IOCG target that enhances the exploration upside of the Mt Oxide pillar in a copper-rich region of northwest Queensland,

An independent geological review of Mt Oxide is examining all eight prospects since they have potential to deliver high-grade, near-surface deposits that could be suitable for multiple open-pit operations by providing feedstock ore to third party processors.

Of the four Iron-Oxide Copper Gold (IOCG) targets identified - Crescent, Flapjack, Pancake and Arya - Crescent prospect is the largest with dimensions of 2.2 kilometres by 0.5 kilometres.

The review also showed a Mt Isa-style mineralisation (MIM) target zone of 1.2 by 0.35 kilometres within the eastern section.

“Compelling evidence”

Castillo Copper managing director Simon Paull said: “With increasingly compelling evidence the Mt Oxide pillar has four IOCG target zones within its boundaries, the exploration upside has clearly been re-set to the next level.

“Moreover, as IOCG deposits can potentially deliver significant scale, the board’s most immediate priority is to conclude the current geological review then expedite starting the inaugural drilling program.”

There are four IOCG targets at the Mt Oxide pillar as well as three Mt Isa-style and two supergene ore focus areas with the potential to deliver high-grade, near-surface deposits suitable for multiple satellite open-pit operations.

Surface samples taken

Complementing the geophysics surveys, considerable surface samples were taken across the Crescent prospect, including 62 rock chip, 103 stream sediment and 1,192 soil samples.

The follow-up assay results provided critical evidence of the potential for IOCG and MIM mineralisation, including:

  • Stream sediment: up to 170 parts per billion gold, 62 parts per million copper, 48ppm lead and 191ppm zinc,
  • Soil: up to 61ppb gold, 208ppm copper, 117ppm lead and 580ppm zinc, and
  • Rock chip: up to 80ppb gold, 262ppm copper, 275ppm lead and 1,260ppm zinc.

The Mt Oxide pillar 

“Pipeline of exploratory work”

A preliminary drilling campaign for the IOCG and MIM target zones has een formed, with a field trip planned to prioritise drilling targets to optimise potential outcomes.

Castillo Copper's London-based director Gerrard Hall said: “Ordering this geological review of the Mt Oxide pillar’s prospects has been excellent, as it’s a first-rate forensic exercise that has added substantial value.

“Our geology team now has ample critical insights across the Mt Oxide pillar to design a substantial forward pipeline of exploratory work that will aid transforming CCZ into a mid-tier copper group.”

Ongoing exploration plans are subject to regional travel restrictions and securing necessary approvals.

Quick facts: Castillo Copper Ltd

Price: 0.038 AUD

Market: ASX
Market Cap: $35.3 m

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