REG - Castillo Copper Ltd - Operational Update: Copper and Lithium Assets

Castillo CopperAnnouncement

06/12/2021 07:00

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RNS Number : 6451U  Castillo Copper Limited  06 December 2021

6 December 2021

 

CASTILLO COPPER LIMITED

("Castillo" or the "Company")

 

Operational Update: Copper and Lithium Assets

 

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily
focused on copper across Australia and Zambia, is pleased to provide an update
on the Company's copper and lithium assets.

 

OPERATIONAL UPDATE

Since the last operational update(1), Castillo Copper ("CCZ" or "the Company")
has made further progress developing its copper operations in Queensland and
Zambia.

Arya Prospect, North-West Queensland Copper Project

·    The drilling campaign at the Arya Prospect has concluded, with five
drill-holes completed. All samples now at the laboratory getting analysed

·    Based on indicative field observations from the team at site, the
Board is optimistic that geological interpretations will affirm the
exploration potential for the Arya Prospect

·    If this is validated, a fuller drilling campaign will be commissioned
in H1 2022

Litchfield Lithium Project, Northern Territory

·      As a result of ongoing delays at the laboratory, which is holding
up assay results for over 650 surface samples from the Litchfield Lithium
Project(1), the option acquisition agreement was extended until due diligence
can be finalised

·      The Board is positive that observed pegmatite outcropping in the
Litchfield Lithium Project - noted in geological reports - could potentially
host lithium mineralisation

·      Reviewing and validating the assay results could potentially
confirm mineralisation is contiguous between the Litchfield Lithium Project
and Core Lithium's (ASX: CXO) Finniss Lithium Projects (JORC compliant ore
reserves: 7.4Mt @ 1.3% Li(2)O; Appendix A)(2)

Picasso Lithium Project, Western Australia

·      During November 2021, CCZ's geology team spent several days at
the Picasso Lithium Project reviewing pegmatite outcropping in the
high-density corridor

·      The geology team noted approximately 10km zone of pegmatite
occurrences was confirmed in the north-eastern part of the tenure, which
significantly exceeds government mapping

·      Due to heavy over-growth, the team was unable to review
outcropping pegmatites on the western boundary.This is an area of significance
for future exploration given this part of the tenure is proximal to Liontown
Resources' (ASX: LTR) Buldania Project which has a JORC compliant resource at
14.9Mt @ 0.97% Li(2)O(4)

Luanshya Project, Zambia

·      The Zambian geology team are working on the inaugural drilling
campaign for the Luanshya Project, with 14 potential targets having been
interpreted(5) post the recent Induced Polarisation (IP) survey

Mkushi Project, Zambia

·      The IP survey team are currently at the Mkushi Project
progressing the campaign and focusing on areas with known surface copper
anomalies(6).

·      Once complete, a geophysicist will interpret the results,
reconciling these with historical geochemical findings, and detail potential
targets for follow up drill-testing

Simon Paull, Managing Director of Castillo Copper, commented: "The Board is
delighted to confirm the initial drilling campaign at the Arya Prospect has
finished. Our team on site has done a superb job completing five drill-holes
in demanding conditions. Moving forward, the Board is optimistic the
geological interpretations will be positive and enthusiastically await assay
results. Furthermore, the Board hopes to receive assays for the Litchfield and
Piccasso Lithium Projects shortly which should conclude the due diligence
process."

 

In addition to this release, a PDF version with supplementary information and
images can be found on the Company's website:
https://castillocopper.com/investors/announcements/
(https://castillocopper.com/investors/announcements/)

 

For further information, please contact:

 Castillo Copper Limited                                         +61 8 6558 0886
 Simon Paull (Australia), Managing Director

 Gerrard Hall (UK), Director

 SI Capital Limited (Financial Adviser and Corporate Broker)     +44 (0)1483 413500
 Nick Emerson                                                     
                                                                  
 Luther Pendragon (Financial PR)                                 +44 (0)20 7618 9100 
 Harry Chathli, Alexis Gore

 

About Castillo Copper

 

Castillo Copper Limited is an Australian-based explorer primarily focused on
copper across Australia and Zambia. The group is embarking on a strategic
transformation to morph into a mid-tier copper group underpinned by its core
projects:

 

·      A large footprint in the Mt Isa copper-belt district, north-west
Queensland, which delivers significant exploration upside through having
several high-grade targets and a sizeable untested anomaly within its
boundaries in a copper-rich region.

·      Four high-quality prospective assets across Zambia's copper-belt
which is the second largest copper producer in Africa.

·      A large tenure footprint proximal to Broken Hill's world-class
deposit that is prospective for zinc-silver-lead-copper-gold.

·      Cangai Copper Mine in northern New South Wales, which is one of
Australia's highest grading historic copper mines.

 

The group is listed on the LSE and ASX under the ticker "CCZ."

 

References

1)    CCZ ASX Release - 9 November 2021

2)    CXO ASX Release - 21 September 2021 (Annual Report)

3)    CCZ ASX Release - 22 November 2021

4)    LTR ASX Release - 2 August 2021 and CCZ ASX Release - 29 September
2021, 4 October 2021 & 22 November 2021

 

5)    CCZ ASX Release - 25 October 2021

6)    CCZ ASX Release - 1 July 2021

Competent Persons Statement

The information in this report that relates to Exploration Results for "Arya
Prospect" is based on information compiled or reviewed by Mr Mark Biggs. Mr
Biggs is both a shareholder and director of ROM Resources, a company which is
a shareholder of Castillo Copper Limited. ROM Resources provides ad hoc
geological consultancy services to Castillo Copper Limited. Mr Biggs is a
member of the Australian Institute of Mining and Metallurgy (member #107188)
and has sufficient experience of relevance to the styles of mineralisation and
types of deposits under consideration, and to the activities undertaken, to
qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore
Reserves Committee (JORC) Australasian Code for Reporting of Exploration
Results, and Mineral Resources. Mr Biggs holds an AusIMM Online Course
Certificate in 2012 JORC Code Reporting. Mr Biggs also consents to the
inclusion in this report of the matters based on information in the form and
context in which it appears.

 

The information in this report that relates to Exploration Results for the
Picasso and Litchfield Lithium Projects is based on information compiled or
reviewed by Mr Geoffrey Reed, a Non- Executive Director of CCZ. Mr Reed is
both a shareholder and director of Bluespoint Mining Services, a company which
is a shareholder of Castillo Copper Limited. Bluespoint Mining Services
provides ad hoc geological consultancy services to Castillo Copper Limited. Mr
Reed is a member of the Australian Institute of Mining and Metallurgy (CP)
(member #250422) and has sufficient experience of relevance to the styles of
mineralisation and types of deposits under consideration, and to the
activities undertaken, to qualify as a Competent Person as defined in the 2012
Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for
Reporting of Exploration Results, and Mineral Resources. Mr Reed is a member
of the Australian Institute of Geoscientists. Further, Mr Reed consents to the
inclusion in this report of the matters based on information in the form and
context in which it appears.

 

The information in this announcement that relates to exploration results for
the Zambia assets is based on and fairly represents information reviewed or
compiled by Mr Matt Bull, a Competent Person who is a Member of the
Australasian Institute of Mining and Metallurgy. Mr Bull is a beneficiary of
Southern River Investments, a trust which is a shareholder of Castillo Copper
Limited. Mr Bull is a shareholder and director of Trilogy Metals Pty Ltd, a
company which provides ad hoc geological consultancy services to Castillo
Copper Limited. Mr Bull is a Consultant of Castillo Copper Limited. Mr Bull
has sufficient experience that is relevant to the styles of mineralisation and
types of deposit under consideration and to the activity being undertaken to
qualify as a Competent Person as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves". Mr Bull has provided his prior written consent to the inclusion
in this announcement of the matters based on information in the form and
context in which it appears.

 

The London Stock Exchange has not reviewed and does not accept responsibility
for the accuracy or adequacy of this release.

 

 

 

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