Surface Assays Increase Target Area at Big One
07/10/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241007:nRSG0888Ha&default-theme=true
RNS Number : 0888H Castillo Copper Limited 07 October 2024
7 October 2024
CASTILLO COPPER LIMITED
("Castillo" or the "Company")
Surface Assays Increase Priority Copper Target Area at Big One Deposit
Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily
focused on copper across Australia and Zambia, is delighted with the findings
from the recent surface sampling campaign which has increased the priority
copper target area at the Big One Deposit proximal to the line of lode,
historical workings and known orebody.
Highlights:
· Completed a comprehensive surface sampling campaign at the Big One
Deposit, within the NWQ Copper Project in the Mt Isa copper-belt, which
delivered encouraging results and increased the target area:
o Assayed surface samples (including rock chips up to 12% Cu) verified a
significant anomaly that suggests copper mineralisation extends west along
strike from historical workings and the known orebody
(Note: Big One Deposit Mineral Resource Estimate: 2.1Mt @ 1.1% Cu for 21,886t
contained copper metal)(1)
o Further, the assays indicated potential for copper mineralisation to
extend south and to the east of the line of lode
o Pleasingly, reconciling the new geochemical results with historical
geophysical findings, validated known induced polarisation conductivity
anomalies north of the line of lode
· To gain further insights and geological understanding of the Big One
Deposit, especially copper-bearing faulting trends, the field team completed a
comprehensive mapping exercise
· As a result, the geology team, post-reconciling the new geochemical
inputs with legacy data, now has sufficient information to select priority
targets for test-drilling that can potentially extend known mineralisation
across an expanded area
Ged Hall, Chairman, commented: "The systematic surface sampling campaign
around the Big One Deposit delivered encouraging results. Notably, the assays
confirmed significant anomalous copper zones west of the known orebody,
complemented with indications of incremental mineralisation to the south and
east. Furthermore, completing a comprehensive mapping exercise has provided
the geology team with deeper insights into localised copper-bearing faulting
trends. Consequently, there are now more than sufficient data points to
develop a comprehensive drilling campaign that has the potential to extend
known mineralisation."
ENLARGED PRIORITY COPPER TARGET AREA
Based on previous drilling campaigns and utilising historical data, the Big
One Deposit's current MRE is 2.1Mt @ 1.1% Cu for 21,886t contained copper
metal(1).
The assayed surface samples, which include rock chips up to 12% Cu, verified a
significant anomaly that suggests copper mineralisation extends west along
strike from historical workings and the known orebody (Figure 1 and Appendix
A-C). Furthermore, the assays suggest the potential for copper mineralisation
to extend south and to the east of the line of lode.
Incrementally, the fresh geochemical results validated known induced
polarisation conductivity anomalies that are north of the line of lode.
FIGURE 1: ENLARGED COPPER TARGET AREA AT BIG ONE DEPOSIT
Source: CCZ geology team (Reference 2 and Appendix A)
As the field team were at the Big One Deposit for three days, they were able
to complete a comprehensive mapping exercise to gain further insights and
geological understanding of the copper-bearing faulting trends.
Next Steps
Reconciling the new geochemical data from the surface sampling campaign with
legacy information will enable the geology team to select viable targets to
test-drill which have the potential to extend known mineralisation.
For further information, please contact:
Castillo Copper Limited +61 8 6558 0886
Gerrard Hall (UK), Chairman
SI Capital Limited (Financial Adviser and Corporate Broker) +44 (0)1483 413500
Nick Emerson
Gracechurch Group (Financial PR) +44 (0)20 4582 3500
Harry Chathli, Alexis Gore, Henry Gamble
References
1) CCZ ASX Release - 28 February 2022
2) Porter, M., 2024, Memo of Big One Field Inspection, Global Ore
Discovery, unpublished report, August 2024, 33pp.
About Castillo Copper
Castillo Copper Limited is an Australian-based, Australian-focussed copper
exploration Company with a strategy to develop multi-commodity assets that
demonstrate future potential as an economic mining operation.
Through the application of disciplined and structured exploration and
analysis, Castillo Copper has identified assets deemed core to the Company's
sustained growth and is actively progressing these interests up the value
curve.
Current focus will be on advancing exploration activity at the Company's
wholly owned NWQ Project, situated in the copper-belt district approximately
150km north of Mt Isa in north-west Queensland.
Other interests include the Broken Hill Project in western New South Wales and
the Cangai Copper Mine in north-east New South Wales, as well as exploration
targets in Zambia.
Castillo Copper is listed on the LSE and ASX under the ticker "CCZ".
Competent Person's Statement
I, Mark Biggs, confirm that I am the Competent Person for the Competent Person
Report from which the information to be publicly released has been obtained
and confirm that:
· I have read and understood the requirements of the 2012 Edition
of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code, 2012 Edition) and the relevant sections
of Chapter 5 and Guidance Note 31 from the ASX Listing Rules.
· I am a Competent Person as defined by the JORC Code 2012 Edition,
having 35 years of experience that is relevant to the copper mineralisation
types, quality and potential mining method(s) of the deposit(s) described in
the Report. In addition, I have 21 years of experience in the estimation,
assessment and evaluation of Exploration Results and Mineral Resource
Estimates, the activity for which I am accepting responsibility.
• I am a Member of The Australasian Institute of Mining and
Metallurgy (Member # 107188).
· I have reviewed the Report or Excerpt from the Report to which
this Consent Statement applies.
· I am a consultant working for ROM Resources and have been engaged
by Castillo Copper Limited to prepare the documentation for the Big One
Deposit on which the Report is based.
In addition:
· I have disclosed to Castillo Copper Limited the full nature of
the relationship between myself and the Company, including any issues that
could be perceived by investors as a conflict of interest. Mr Biggs is a
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.
· I verify that the Report is based on and fairly and accurately
reflects in the form and context in which it appears, the information in my
supporting documentation relating to Coal Resources.
I consent to the release of the Report and this Consent Statement by the
Directors of Castillo Copper Limited.
APPENDIX A: JORC CODE, 2012 EDITION - TABLE 1
The following JORC Code (2012 Edition) Table 1 is supplied to provide
background for the recent geological mapping, soil, and rock chip sampling
program at the 'Big One' Deposit, EPM 26574.
The reader of the current ASX Release is referred to the Castillo's other
publications of the exploration results, diagrams, geological information,
exploration planning activities and/or information contained in the body or
appendices of the following Castillo ASX Releases:
· "Field analysis verifies high-grade copper with newly identified gold
mineralisation at Big One" released on the ASX by Castillo on the 14-Sep-2020.
· "Plans underway to fully develop the big one deposit in the
world-class Mt Isa copper belt", released on the ASX by Castillo on the
14-May-2024.
· "Chief Geologist outlines plans for big one deposit surface sampling
campaign", released on the ASX by Castillo on the 24-May-2024.
SECTION 1 SAMPLING TECHNIQUES AND DATA
Criteria JORC Code explanation Commentary
Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or • Rock Chip Samples - were collected from approximately a 3m radius around
specific specialised industry standard measurement tools appropriate to the the recorded co-ordinate location. The rock chip fragments that were collected
minerals under investigation, such as down hole gamma sondes, or handheld XRF to make up the sample included fragments that approximately ranged from 2-5cm
instruments, etc). These examples should not be taken as limiting the broad and 0.2 - 3kg in weight. A total of 20 rock chip samples were collected in
meaning of sampling. calico bags of which nine (9) were progressed for laboratory analysis
(RB08900-909). Samples were collected from heaps that appeared to be
• Include reference to measures taken to ensure sample representivity unprocessed low-medium grade copper ore stockpiles. Samples of typical oxide
and the appropriate calibration of any measurement tools or systems used. (part supergene) mineralisation were sampled containing malachite, azurite,
cuprite and chalcocite.
• Aspects of the determination of mineralisation that are Material to
the Public Report. • Soil Samples - These were collected from a reconnaissance survey
orientated north-south with lines approximately 100m apart and sampling every
• In cases where 'industry standard' work has been done this would be 50m, located north and south of the mineralised trachyte dyke. A sub-set of
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m twenty (20) of the samples collected were selected for laboratory analysis
samples from which 3 kg was pulverised to produce a 30 g charge for fire based on initial PXRF results. As this was an orientation survey, the
assay'). In other cases, more explanation may be required, such as where there samples were sieved at -200 and -80 # mesh size for analysis.
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary • Not Applicable - no exploration drilling results as none were drilled.
air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple
or standard tube, depth of diamond tails, face sampling bit or other type,
whether core is oriented and if so, by what method, etc).
Drill sample recovery • Method of recording and assessing core and chip sample recoveries • Not Applicable - no exploration drilling results as none were drilled.
and results assessed.
• Measures taken to maximise sample recovery and ensure representative
nature of the samples.
• Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging • Whether core and chip samples have been geologically and • Descriptions of the rock chip samples are given in Appendix B of this
geotechnically logged to a level of detail to support appropriate Mineral CCZ's ASX Announcement dated the 30-Sep-2024.
Resource estimation, mining studies and metallurgical studies.
• Where appropriate strike and dip measurements were taken at an additional
• Whether logging is qualitative or quantitative in nature. Core (or seven (7) sites, additional to the twenty (20) rock chip sample sites.
costean, channel, etc) photography.
• The total length and percentage of the relevant intersections
logged.
Subsampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core • Of the sample collected about 0.3-2kg of rock chip and 30-60g of sieved
taken. soil samples were presented for analyses.
• If non-core, whether riffled, tube sampled, rotary split, etc and • Assays were done by Independent Laboratory (ALS) with all samples
whether sampled wet or dry. initially crushed to 4 mm then pulverised to 75 microns, with at least 85%
passing through 75 microns. Standard sample preparation and analyses
• For all sample types, the nature, quality, and appropriateness of procedures were performed on all samples and are considered appropriate
the sample preparation technique. techniques.
• Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and • Assays were done by Independent Laboratory ALS at Mt Isa and Brisbane. All
laboratory procedures used and whether the technique is considered partial or elements except for gold were analysed by method ME-MS61R (43 element testing
total. via Aqua Regia digest then ICP-AES) and with many copper assays greater than
1%, the copper was redone using method Cu- OG46 with ICP-AES. All methods used
• For geophysical tools, spectrometers, handheld XRF instruments, etc, were both suitable and appropriate for the styles of mineralisation present in
the parameters used in determining the analysis including instrument make and the Big One Deposit.
model, reading times, calibrations factors applied and their derivation, etc.
• The assay results were in line with previous rock chip and drilling
• Nature of quality control procedures adopted (eg standards, blanks, results obtained since 2020 at Big One.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying • The verification of significant intersections by either independent • Independent Laboratory assaying by ALS has confirmed, within acceptable
or alternative company personnel. limits, the occurrences of high-grade copper inferred from the initial XRF
readings. Laboratory standards and duplicates were used in accordance with
• The use of twinned holes. standard procedures for geochemical assaying as noted below (Porter 2024):
• Documentation of primary data, data entry procedures, data Batch MI24236156
verification, data storage (physical and electronic) protocols.
• This batch has met the recommended insertion rates for the company QAQC
• Discuss any adjustment to assay data. controls (standards, blanks) with an overall insertion rate of 20%. However,
no field duplicates were included in the batch and is recommended that 3% be
included as detailed in the Table A1: Summary of QAQC insertion rates.
• Both the company standards and blanks were verified for elements Cu, Co
and Ag and returned results within two standard deviations (SD). Field
duplicates are not present in the batch therefore were not reviewed.
Batch BR24245495
• This batch has only met the recommended insertion rates for the company
standards however no field duplicate and coarse blanks were included in the
batch, blanks (Pulp) were inserted instead with an overall insertion rate of
10.5%. It is recommended that 3% coarse blank and 3% field duplicates to be
inserted as detailed in Table A1: Summary of QAQC insertion rates.
• Both the company standards and pulp blanks were verified for elements Cu,
Co and Ag and returned results within two standard deviations (SD). Field
duplicates and Coarse blanks are not present in the batch therefore were not
reviewed.
Batch MI24241903
• This batch has not met the recommended insertion rates for the company
QAQC controls (standards, blanks, and field duplicates) however 10% pulp
blanks were included in the batch. It is recommended that 4% standard, 3%
Coarse blank and 3% field duplicate be included in a batch as detailed in the
Table A1-. Summary of QAQC insertion rates.
• The company pulp blanks were verified for elements Cu, Co and Ag and
returned results within two standard deviations (SD). Standards, Field
duplicates and Coarse blanks are not present in the batch therefore were not
reviewed. N.B please find the amended insertion rate table below.
Table A1: Summary of QAQC insertion rates
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar • The spatial location for the rock chips and soils collected during this
and down-hole surveys), trenches, mine workings and other locations used in site visit at the Big One Deposit were collected by handheld GPS (-/+ 5m
Mineral Resource estimation. accuracy; MGA94 Zone54; Figure A1-1): The Table of rock chip locations and
descriptions are in Appendix B.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
Data spacing and distribution • Data spacing for reporting of Exploration Results. • The spatial location for the photographs collected during the preliminary
site visit at the Big One Deposit were collected at two previously mined sites
• Whether the data spacing, and distribution is sufficient to that exposed the copper mineralisation, and across eight (8) previously
establish the degree of geological and grade continuity appropriate for the identified anomalous areas. These anomalous areas were defined based on either
Mineral Resource and Ore Reserve estimation procedure(s) and classifications historical rock chip sampling results or from conductivity anomalies described
applied. in the 2021 IP survey. Generally, the spacing of sampling and field
observations varied between 50-200m to the north and south of the mineralised
• Whether sample compositing has been applied. trachyte dyke.
• Regional historical soil sample traverses indicated the Quilalar Formation
carried the maximum copper grade which is 9 times the background. The basal
dolomitic siltstones of the Lochness Formation had copper grades that were up
to 4 times the background. The copper geochemical response is interpreted as
originating from either the faulted contact within the Quilalar units, or a
local enrichment at the base of the carbonate lithologies.
Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of • In general, the strata of the area surrounding the trachyte dyke in the
possible structures and the extent to which this is known, considering the Quilalar and Lochness Formations dip mildly (5 to 30 degrees) to the north and
deposit type. strike between east to northeast.
• If the relationship between the drilling orientation and the • Rock chip samples were taken at areas of interest from observed
orientation of key mineralised structures is considered to have introduced a mineralisation along the line of lode of the mineralised dyke, secondary
sampling bias, this should be assessed and reported if material. structures, surrounding spoil heaps, and across the eight (8) anomalous areas
originally identified in the planning stage.
Sample security • The measures taken to ensure sample security. • The rock chip samples taken during the recent field trip were securely
locked within the vehicle on site until delivered to Mt Isa for despatch to
the laboratory (ALS) in person by the field personnel.
Audits or reviews • The results of any audits or reviews of sampling techniques and • The sampling techniques and the data generated from the laboratory assay
data. results have been peer reviewed by consultant geologists familiar with the
overall Big One Project and deemed to be acceptable.
• Global Ore Discovery's (Porter 2024) field report has also provided an
independent brief review of past findings and has made several recommendations
for progressing the project forward.
Figure A1: Location of Bedding Measurements and Rock Chip Sampling
SECTION 2 REPORTING OF EXPLORATION RESULTS
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status • Type, reference name/number, location and ownership including • The following mineral tenures are held 100% by subsidiaries of Castillo
agreements or material issues with third parties such as joint ventures, Copper Limited, totalling an area of 736.8 km(2) in the "NWQ" Project which
partnerships, overriding royalties, native title interests, historical sites, has QLD DOR Project Status (PROJ0221):
wilderness or national park and environmental settings.
• EPM 26574 (Valparaisa North) - encompasses the Big One historical mineral
• The security of the tenure held at the time of reporting along with resource, Holder is Total Minerals Pty Ltd, Granted 12-June-2018 for a 5-year
any known impediments to obtaining a licence to operate in the area. in the period over 100 sub-blocks (323.3Km(2)), Expires 11-June-2023 (Figure A1-2):
area.
Figure A2: Regional Project Location Map
• EPM 26462 (Big Oxide North) - encompasses the 'Boomerang' historical mine
and the 'Big One' historical mine, Holder: QLD Commodities Pty Ltd, Granted:
29-Aug-2017 for a 5-year period over 67 sub-blocks (216.5Km(2)), Expires:
28-Aug-2022.
• EPM 26525 (Hill of Grace) - encompasses the Ayra significant aeromagnetic
anomaly, Holder: Total Minerals Pty Ltd for a 5-year period over 38 sub-blocks
(128.8Km(2)), Granted: 12-June-2018, Expires: 11-June-2023.
• EPM 26513 (Torpedo Creek/Alpha Project) - Granted 13-Aug-2018 for a 5-year
period over 23 sub-blocks (74.2Km(2)), Expires 12-Aug-2023; and
• EPM 27440 (The Wall) - An application lodged on the 12-Dec-2019 was
granted on the 8-March-2021 over 70 sub-blocks (~215Km(2)) by Castillo Copper
Limited. The tenure expires on the 8-March-2026.
• A check on the tenures status was completed in 'GeoResGlobe' on the
23-September-2024, to validate the currentness of the exploration areas.
Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. · Historical QDEX / mineral exploration reports have been reviewed
for historical tenures that cover or partially cover the Project Area in this
announcement. Federal and State Government reports supplement the historical
mineral exploration reporting (QDEX open file exploration records). Most
explorers were searching for Cu-Au-U and proving satellite deposit style
extensions to the several small subeconomic copper deposits (e.g. Big Oxide
and Josephine).
· With the NWQ Project in regional proximity to Mt Isa and numerous
historical and active mines, the Project area has seen portions of the
historical mineral tenure subject to various styles of surface sampling, with
selected locations typically targeted by shallow drilling (Total hole depth is
typically less than 50m).
• The NWQ Project tenure package has a significant opportunity to be
reviewed and explored by modern exploration methods in a coherent package of
EPM's, with three of these forming a contiguous tenure package. Various
Holders and related parties of the 'Big One' historical mining tenure (ML5814)
completed a range of mining activities and exploration activities on what is
now the 'Big One' prospect The following unpublished work is acknowledged (and
previously shown in the reference list):
o West Australian Metals NL, 1994. Drill Programme at the "Big One" Copper
Deposit, North Queensland for West Australian Metals NL.
o Wilson, D., 2011. 'Big One' Copper Mine Lease 5481 Memorandum - dated 7
May 2011.
o Wilson, D., 2015. 'Big One' Mining Lease Memorandum - dated 25 May 2015:
and
o Csar, M, 1996. Big One & Mt Storm Copper Deposits, unpublished field
report.
• The SRK Independent Geologists Report released by CCZ on the ASX on
28-July-2020 contains further details on the 'Exploration done by other
parties - Acknowledgment and appraisal of exploration by other parties' this
report is formally titled "A Competent Persons Report on the Mineral Assets of
Castillo Copper Limited" Prepared as part of the Castillo Copper Limited (ASX:
CCZ, LSE: CCZ) LSE Prospectus, with the effective date of the 17-July-2020.
Geology • Deposit type, geological setting, and style of mineralisation. • The Mt Oxide North project is located within the Mt Isa Inlier of western
Queensland, a large, exposed section of Proterozoic (2.5 billion- to
540-million-year-old) crustal rocks. The inlier records a long history of
tectonic evolution, now thought to be like that of the Broken Hill Block in
western New South Wales.
• The NWQ Project lies within the Mt Oxide Domain, straddling the Lawn Hill
Platform and Leichhardt River Fault Trough. The geology of the tenement is
principally comprised of rocks of the Surprise Creek and Quilalar Formations
which include feldspathic quartzites, conglomerates, arkosic grits, shales,
siltstones and minor dolomites and limestones. T
• The Project area is cut by a major fault zone, trending north- northeast -
south- southwest across the permits. This fault is associated with major
folding, forming several tight syncline-anticline structures along its length.
• The Desktop studies commissioned by CCZ on the granted mineral tenures
described four main styles of mineralisation account for most mineral
resources within the rocks of the Mt Isa Province (after Withnall &
Cranfield, 2013).
• Sediment hosted silver-lead-zinc - occurs mainly within fine-grained
sedimentary rocks of the Isa Super basin within the Western Fold Belt.
Deposits include Black Star (Mount Isa Pb-Zn), Century, George Fisher North,
George.
• Fisher South (Hilton) and Lady Loretta deposits: brecciated sediment
hosted copper - occurs dominantly within the Leichhardt, Calvert, and Isa
Super basin of the Western Fold Belt, hosted in brecciated dolomitic,
carbonaceous, and pyritic sediments or brecciated rocks proximal to major
fault/shear zones. Includes the Mount Isa copper orebodies and the
Esperanza/Mammoth mineralisation.
• Iron-oxide-copper-gold ("IOCG") - predominantly chalcopyrite-pyrite
magnetite/hematite mineralisation within high grade metamorphic rocks of the
Eastern Fold Belt. Deposits of this style include Ernest Henry, Osborne, and
Selwyn.
• Broken Hill type silver-lead-zinc - occur within the high-grade
metamorphic rocks of the Eastern Fold Belt. Cannington is the major example,
but several smaller currently sub-economic deposits are known.
• Gold is primarily found associated with copper within the IOCG deposits of
the Eastern Fold Belt. However, a significant exception is noted at Tick Hill
where high grade gold mineralisation was produced, between 1991 and 1995 by
Carpentaria Gold Pty Ltd, some 700,000 tonnes of ore was mined at an average
grade of 22.5 g/t Au, producing 15,900 kg Au. The Tick Hill deposit style is
poorly understood (Withnall & Cranfield, 2013).
• ROM Resources had noted in a series of recent reports for CCZ on the
granted tenures, that cover the known mineralisation styles including:
o Stratabound copper mineralisation within ferruginous sandstones and
siltstones of the Surprise Creek Formation.
o Disseminated copper associated with trachyte dykes.
o Copper-rich iron stones (possible IOCG) in E-W fault zones.
o Possible Mississippi Valley Type ("MVT") stockwork sulphide mineralisation
carrying anomalous copper-lead, zinc, and silver.
• The Mt Oxide and Mt Gordon occurrences are thought to be breccia and
replacement zones with interconnecting faults. The Mt Gordon/Mammoth deposit
is hosted by brittle quartzites, and Esperanza by carbonaceous shales.
Mineralisation has been related to the Isan Orogeny (1,590 - 1,500 Ma).
• Mineralisation at all deposits is primarily
chalcopyrite-pyrite-chalcocite, typically as massive sulphide within breccias
associated with a NE trending fault (062o to 242o) that is intruded by a
porphyry dyke.
Other observations are:
• The mineralised porphyry dyke is vertical to near vertical (85o), with the
'true width' dimensions reaching up to 9m at surface.
• At least 600m in strike length, with strong Malachite staining observed
along the entire strike length, with historical open pits having targeted
approximately 200m of this strike. Exact depth of mining below the original
ground surface is not clear in the historical documents, given the pits are
not battered it is anticipated that excavations have reached 5m to 10m beneath
the original ground surface.
• Associated with the porphyry dyke are zones of fractured and/or sheared
rock, the siltstones are described as brecciated, and sandstones around the
shear as carbonaceous.
• The known mineralisation from the exploration activities to date had
identified shallow supergene mineralisation, with a few drill-holes targeting
deeper mineralisation in and around the 800m of strike, with the
mineralisation still open to the east, north, and downdip.
• A strongly altered hanging wall that contained malachite and cuprite
nodules. Chalcocite mineralisation has been identified but it is unclear on
the prevalence of the Chalcocite.
• The mineralisation was amenable to high grade open pit mining methods of
the oxide mineralization (as indicated by numerous historical open pit shallow
workings into the shear zone).
Desktop studies commissioned by CCZ and completed by ROM Resources and SRK
Exploration have determined that the Big One prospect is prospective for Cu,
Co, and Ag.
Drillhole Information • A summary of all information material to the understanding of the • Not Applicable - no exploration drilling results presented.
exploration results including a tabulation of the following information for
all Material drill holes: o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres)
of the drill hole collar
o dip and azimuth of the hole o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, • Independent Laboratory Assay results for the 9 rock chip and 20 soil
maximum and/or minimum grade truncations (e.g. cutting of high grades) and samples from the Big One Deposit were averaged if more than one reading or
cut-off grades are usually Material and should be stated. determination was given. There was no cutting of high-grade copper results as
they are directly relatable to high grade mineralisation styles readily
• Where aggregate intercepts incorporate short lengths of high-grade visible in the relevant samples. Results are presented in Appendices B and C.
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations • There were no cut-off grades factored into any reporting of the laboratory
should be shown in detail. assay results.
• The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of • Rock chip samples were taken at areas of interest from observed
Exploration Results. mineralisation along the line of lode of the mineralised dyke, secondary
structures, and surrounding identified anomalous mapping areas.. Eight (8)
• If the geometry of the mineralisation with respect to the drill hole rock chip samples collected from rock faces and/or outcrops.
angle is known, its nature should be reported.
• Sampling was generally designed to cover targets identified from previous
• If it is not known and only the down hole lengths are reported, surface sampling and/or the ground IP geophysical survey
there should be a clear statement to this effect (e.g. 'down hole length, true
width not known').
Diagrams • Appropriate maps and sections (with scales) and tabulations of • Appropriate diagrams are presented in the body and the Appendices of the
intercepts should be included for any significant discovery being reported current ASX Release. Where scales are absent from the diagram, grids have been
These should include, but not be limited to a plan view of drill hole collar included and clearly labelled to act as a scale for distance.
locations and appropriate sectional views.
• Maps and Plans presented in the current ASX Release are in MGA94 Zone 54,
Eastings (mN), and Northing (mN), unless clearly labelled otherwise.
Balanced reporting • Where comprehensive reporting of all Exploration Results is not • Rock chip samples were taken at areas of interest from observed
practicable, representative reporting of both low and high grades and/or mineralisation along the line of lode of the mineralised dyke, secondary
widths should be practiced avoiding misleading reporting of Exploration structures, surrounding spoil heaps, and to the north and south of the line of
Results. lode to check the validity of the defined eight (8) anomalous map areas.
Other Substantial Exploration Data • Other exploration data, if meaningful and material, should be • The area is covered by regional airborne government and private
reported including (but not limited to): geological observations; geophysical radiometric, gravity, magnetic, and hyperspectral surveys. Unfortunately,
survey results; geochemical survey results; bulk samples - size and method of other than the 2021 IP ground survey, no other ground surveys have been
treatment; metallurgical test results; bulk density, groundwater, geotechnical undertaken.
and rock characteristics; potential deleterious or contaminating substances.
• Substantial historical and current ground geochemical (stream sediment,
soil, and rock chip samples have been undertaken and three episodes of
drilling since 1970 completed.
Further work • The nature and scale of planned further work (e.g. tests for lateral The following recommendations were made in Porter (2024):
extensions or depth extensions or large-scale step-out drilling).
• A major focus should be on structural mapping - the mineralisation is
• Diagrams clearly highlighting the areas of possible extensions, structurally controlled.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive. • Identify and map access to top of the ridge should drilling from northern
ridge be necessary.
• Soils - expand soil sampling grid once assay/pXRF orientation data studied
see Figure A1-3).
• Gravity - given the structural nature of the mineralisation, a small
ground gravity program is justified. The survey should show up the structures
and lithology contrasts well, allowing a drilling campaign to proceed with the
necessary groundwork being completed to give Castillo the best chance of
hitting and reporting significant economic mineralisation.
Figure A3: Soil Sample locations and PXRF Results of Size Fractions
Modified after Porter (2024)
APPENDIX B: MAPPING AND SAMPLE DATA
Dip Dir Dip Strike Easting Northing Feature Lthcode Description
deg Deg deg GDA94 GDA94
30.5 10 120.5 335582 7880358 Bedding QT Quartzite
31.5 25 121.5 335592 7880358 Bedding Contact QT Quartzite
365.5 29 455.5 335596 7880398 Bedding IS Haematitic Sandstone
26.5 40 116.5 335603 7880409 Bedding IS Haematitic Sandstone
27.5 14 117.5 335689 7880507 Bedding SS Sandstone
30.5 20 120.5 335580 7880575 Bedding SS Sandstone
355.5 9 445.5 335504 7880403 Bedding ST Siltstone
Source: CCZ geology team
Sample_ID Easting Northing RL Lithology Alt_Type Alt_Int Alt_Style Comments LAB ORDER# Cu ppm_pxrf Co ppm_pxrf Ag ppm_pxrf
RB08900 335446 7880420 171 Trachyte with Malachite Malachite - material almost certainly ejecta from pit - not insitu ALS MI24236156 290988 108 61
RB08901 335551 7880319 162 Sandstone He W Pat Proximal to contact with southern quartzite ALS MI24236156 53
RB08902 335549 7880316 181 Quartzite Fine grained - meta siltstone. Trace bedding visible ALS MI24236156 11
RB08903 335582 7880361 183 Quartzite He S Fr Fractured quartzite with haematitic fault gauge ALS MI24236156 20
RB08904 335588 7880369 182 Sandstone He S Per haematitic sandstone ALS MI24236156 30
RB08905 335596 7880383 182 Sandstone He S Per haematitic sandstone - gossanous textures developing. Sub-cropping on steep ALS MI24236156 191
hill
RB08906 335593 7880397 181 Sandstone He S Per haematitic sandstone - Mn surface staining in places ALS MI24236156 159
RB08907 335327 7880582 182 Sandstone He S Per haematitic sandstone - gossanous textures developing. ALS MI24236156 107
RB08908 335302 7880550 183 quartzite He S Per haematitic quartzite ALS MI24236156 18
RB08909 335667 7880499 207 Ant Hill sample Ant Hill sample ALS MI24236156 63
RB08912 335508 7880542 207 Sandstone - partly brecciated He W pat Brecciated /conglomeritic sandstone, weakly he stained. 33
RB08913 335499 7880546 212 Sandstone He W pat haematitic sandstone 31
RB08914 335472 7880597 208 quartzite He W pat Weakly haematitic 23
RB08915 335361 7880590 212 Sandstone He S Per haematitic sandstone 18
RB08916 335341 7880558 193 Sandstone He S Per haematitic sandstone 5
RB08917 335318 7880563 182 Sandstone He M Per haematitic sandstone - Mn surface staining in places 5 94
RB08918 335312 7880563 183 haematitic sandstone He S per He sandstone 21
RB08919 335443 7880412 168 trachyte with Malachite Malachite on fracture surfaces in trachyte - not insitu, most likely ejecta 418711 116 48
RB08920 335464 7880367 186 Malachite, haematitic sandstone, fractured, intrusive contact Malachite, azurite, mine stockpile above pit 189519 231
RB08921 335504 7880400 172 Malachite, haematitic ironstone, fractured, trachyte He S Per Fault contact - trachyte / haematitic sandstone 23200 538
Source: CCZ geology team
APPENDIX C: LABORATORY ASSAY RESULTS
SiteID Samp_# X Y Z Company Locality From To Thick TYPE Cu_Pxrf_ppm Lithcode Rock Description
RB08900 RB08900 335446.0 7880420.0 171.0 CCZ-GOD Big One 0 1 1 RC 290988 TR Malachite - material almost certainly ejecta from pit - not insitu
RB08901 RB08901 335551.0 7880319.0 162.0 CCZ-GOD Big One 0 1 1 RC 53 SS Proximal to contact with southern quartzite
RB08902 RB08902 335549.0 7880316.0 181.0 CCZ-GOD Big One 0 1 1 RC 11 QT Fine grained - meta siltstone. Trace bedding visible
RB08903 RB08903 335582.0 7880361.0 183.0 CCZ-GOD Big One 0 1 1 RC 20 QT Fractured quartzite with haematitic fault gauge
RB08904 RB08904 335588.0 7880369.0 182.0 CCZ-GOD Big One 0 1 1 RC 30 SS haematitic sandstone
RB08905 RB08905 335596.0 7880383.0 182.0 CCZ-GOD Big One 0 1 1 RC 191 SS haematitic sandstone - gossanous textures developing. Sub cropping on steep
hill
RB08906 RB08906 335593.0 7880397.0 181.0 CCZ-GOD Big One 0 1 1 RC 159 SS haematitic sandstone - Mn surface staining in places
RB08907 RB08907 335327.0 7880582.0 182.0 CCZ-GOD Big One 0 1 1 RC 107 SS haematitic sandstone - gossanous textures developing.
RB08908 RB08908 335302.0 7880550.0 183.0 CCZ-GOD Big One 0 1 1 RC 18 QT haematitic quartzite
RB08909 RB08909 335667.0 7880499.0 207.0 CCZ-GOD Big One 0 1 1 RC 63 SO Ant Hill sample
RB08912 RB08912 335508.0 7880542.0 207.0 CCZ-GOD Big One 0 1 1 RC 33 SS Brecciated /conglomeritic sst, weakly he stained.
RB08913 RB08913 335499.0 7880546.0 212.0 CCZ-GOD Big One 0 1 1 RC 31 SS haematitic sandstone
RB08914 RB08914 335472.0 7880597.0 208.0 CCZ-GOD Big One 0 1 1 RC 23 QT Weakly haematitic
RB08915 RB08915 335361.0 7880590.0 212.0 CCZ-GOD Big One 0 1 1 RC 18 SS haematitic sandstone
RB08916 RB08916 335341.0 7880558.0 193.0 CCZ-GOD Big One 0 1 1 RC 5 SS haematitic sandstone
RB08917 RB08917 335318.0 7880563.0 182.0 CCZ-GOD Big One 0 1 1 RC 5 SS haematitic sandstone - Mn surface staining in places
RB08918 RB08918 335312.0 7880563.0 183.0 CCZ-GOD Big One 0 1 1 RC 21 IS He sandstone
RB08919 RB08919 335443.0 7880412.0 168.0 CCZ-GOD Big One 0 1 1 RC 418711 TR Malachite on fracture surfaces in trachyte - not insitu, most likely ejecta
RB08920 RB08920 335464.0 7880367.0 186.0 CCZ-GOD Big One 0 1 1 RC 189519 SS Malachite, azurite, mine stockpile above pit
RB08921 RB08921 335504.0 7880400.0 172.0 CCZ-GOD Big One 0 1 1 RC 23200 TR Fault contact - trachyte / haematitic sandstone
SB05472 SB05472 334749.9 7880044.4 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 29 SO
SB05473 SB05473 334951.0 7880144.6 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 122 SO
SB05474 SB05474 334952.7 7880094.9 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 87 SO
SB05475 SB05475 334949.4 7880047.7 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 56 SO
SB05476 SB05476 335047.9 7880398.7 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 69 SO
SB05477 SB05477 335049.6 7880346.5 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 42 SO
SB05478 SB05478 335047.9 7880297.7 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 27 SO
SB05479 SB05479 335051.2 7880248.9 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 70 SO
SB05480 SB05480 335051.2 7880195.1 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 69 SO
SB05481 SB05481 335151.4 7880496.4 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 32 SO
SB05481 SB05481_Duplicate 335151.4 7880496.4 CCZ-GOD Big One 0.3 SOIL -80µm SO
SB05482 SB05482 335153.0 7880445.9 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 178 SO
SB05483 SB05483 335152.2 7880398.7 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 80 SO
SB05484 SB05484 335150.5 7880347.4 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 135 SO
SB05485 SB05485 335153.9 7880293.6 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 116 SO
SB05486 SB05486 335153.0 7880246.4 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 317 SO
SB05487 SB05487 335149.7 7880199.2 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 15 SO
SB05488 SB05488 335153.0 7880145.4 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 20 SO
SB05489 SB05489 335148.9 7880099.0 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 15 SO
SB05490 SB05490 335350.0 7880197.5 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 30 SO
SB05491 SB05491 335352.5 7880149.5 CCZ-GOD Big One 0.2 0.5 0.3 SOIL -80µm 81 SO
Source: CCZ geology team
SiteID Ag As Ba Ce Co Cr Cu Fe La Mn P Pb Sb Th Y Zn Nd Pr
ppm ppm ppm ppm ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm
RB08900 3.04 128 310 2.05 21.6 341 120000 0.62 0.8 17 280 3.4 435 0.6 3.6 7 1.9 0.36
RB08901 <0.01 5.2 300 149.5 3.6 25 20.9 1.62 95.5 151 310 2.6 0.56 22.1 26.1 17 60.6 18.05
RB08902 0.02 2.4 150 28 1.9 12 154.5 0.81 17 56 90 1.9 1.25 4.83 4.5 6 9.8 3.12
RB08903 0.01 0.8 180 38.3 0.9 15 9.4 0.61 17 56 100 2.9 0.77 9.71 14.6 3 14.8 4.04
RB08904 <0.01 22.7 110 39.3 3.5 10 30.6 1.55 18.4 191 120 2.5 1.36 7.2 12.9 9 13.8 4.06
RB08905 0.02 16.4 620 60.1 31.4 25 185 19.25 35.2 3030 3250 9.5 8.67 21.1 39.8 79 24 7.24
RB08906 0.01 7.9 3100 62.5 109.5 21 236 6.2 31.3 18300 660 10.4 7.9 20.9 31.4 138 21.3 6.03
RB08907 0.01 4.4 720 29.8 8.8 20 46.2 4.08 14.6 2800 130 8.5 1.51 17.05 12.6 12 7 2.16
RB08908 0.01 1.6 330 45.2 8.1 11 14.4 2.49 20.3 3160 150 5.8 1.08 10 21.2 11 16.4 4.52
RB08909 0.08 20.8 150 91.5 3.9 58 55 1.59 48 207 200 9.6 4.19 13.75 22 10 36.2 11.15
SB05472 <0.01 0.5 <10 2.94 0.4 5 4.7 0.34 1.4 37 10 1 0.15 0.8 0.7 3 1.2 0.34
SB05473 0.01 3.8 520 72.8 9.8 32 20.7 2.28 37.6 1085 210 14.2 1.02 13.4 25.7 18 33.2 9.15
SB05474 0.01 13 510 73.1 18.4 63 125 3.86 38.2 1160 660 14.6 1.99 15.95 24.7 36 31.5 9.25
SB05475 0.02 5.8 410 102.5 11.9 50 42.9 3.89 52.2 857 590 13.6 2.05 21.6 29.1 36 44.2 12.35
SB05476 0.03 5.9 530 98.2 17.8 44 27.5 3.72 49.2 3280 410 14.6 1.62 19.8 38 35 44.1 12.1
SB05477 <0.01 3.8 500 93.3 12.4 41 12.2 2.94 49.9 1470 240 14.2 1.37 18.7 29 22 43.7 12.1
SB05478 0.02 6.1 500 82.3 12.2 41 90.7 2.86 41.2 2090 270 12.3 1.16 17.55 33.1 17 35.8 9.92
SB05479 0.02 5.6 450 72.2 15 49 76.1 2.59 31.3 2020 200 12 0.97 14.25 24.6 16 28.4 7.84
SB05480 0.01 3.5 520 67.9 10.6 28 14.2 2.11 31.7 1130 180 12.4 0.94 11.75 21.3 15 26.8 7.68
SB05481 0.01 4.2 570 107 15 44 16.4 3.03 53.9 1595 290 15 1.32 20.5 33.4 26 47.9 13.6
SB05481 0.01 3.9 570 96.4 14.3 42 15.9 3.04 50 1600 290 14.6 1.28 19.35 32.6 25 44.3 12.15
SB05482 0.06 8.8 430 75.5 17 73 486 3.93 40.1 2830 320 11.1 1.28 17.9 35.2 16 36.3 10.1
SB05483 0.02 6.4 500 91.7 17.2 38 20.7 3.02 40.1 2720 270 15.3 1.3 17.15 29.6 18 34.3 9.71
SB05484 <0.01 5.1 490 84.1 16.2 36 20.3 2.99 38.8 1785 260 14.9 1.12 16.25 27.4 18 32.7 9.28
SB05485 0.01 6.9 670 112.5 18.6 46 23 3.78 53.6 1915 380 15.7 1.68 18.95 30.6 23 44.9 12.85
SB05486 0.01 7.4 680 113.5 22.7 38 14.6 3.23 47.9 3630 460 13.8 1.47 20.1 40.3 19 44.6 12.15
SB05487 0.02 4.5 480 79.1 12.5 42 36.5 3.97 41.8 2650 390 11 1.2 21.3 38.5 23 37.1 10.3
SB05488 0.03 8 460 86.6 13.2 43 135.5 3.11 44.1 2270 310 11.7 1.16 17.85 33.4 17 40.6 11.1
SB05489 0.02 7.3 450 69.5 8.9 29 159.5 1.98 32.9 668 220 12.2 2.12 13.9 26.8 11 28.9 8.09
SB05490 0.02 6.6 640 76.9 11.6 34 110.5 2.4 38.9 1470 360 11.6 1.54 16.7 27.7 19 34 9.47
SB05491 0.02 5.3 630 89.7 13.1 40 136 3.17 43.3 2250 390 12.8 1.23 20.8 45.8 27 40.8 10.85
Source: CCZ geology team
Notes:
1. ALS Reporting details discussed in JORC Table 1
2. Table shows selected results from method ME-MS61R
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLBQLLBZBLXFBZ