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Just released on ASX
Castillo Copper’s CEO Dr Dennis Jensen commented: “Preliminary interpretations from analysing assayed drillhole data collected so far suggests cobalt mineralisation is within four zones down to a relative shallow 70m, with
coincident base metal occurrences. This is encouraging as our geology team have now coded over 70% of the 6,182 drill-holes within the East Zone (BHA Project) 1 and will shortly commence modelling a JORC 2012 compliant inferred
mineral resource estimate (MRE) focused on cobalt with potential for base and precious metal (copper and gold) credits. In addition, the target area to be modelled is 2.5km long by 600m wide and located in the tenure’s south-east quadrant (Figure 1). In the Board’s view, uncovering and leveraging high-quality legacy assays to potentially model up a JORC 2012 compliant MRE
can materially advance the East Zone and create value for shareholders.”
Preliminary interpretations, based on analysing assayed drill-hole data, suggests cobalt mineralisation, with coincident base metal
occurrences, is within four zones down to a relatively shallow 70m
Over 70% of 6,182 drill-holes1 are now coded, which should enable work on modelling a JORC 2012 compliant MRE focused on cobalt with potential for base metal credits, to commence shortly.
The ability to leverage legacy data to potentially model a JORC 2012 MRE is a win-win, as it can fast-track developing the BHA Project at a negligible cost and create material value for shareholders.
Castillo Copper Limited’s (“CCZ”) Board is pleased to report that work on codifying legacy assayed drill-hole data at the BHA Project’s East Zone has exceeded 70% (out of 6,182 drill-holes1). Pleasingly, this should enable work on potentially geologically modelling a JORC 2012 compliant MRE focused on cobalt with the potential for base metal credits, to commence shortly. In addition, the geology team delineated the area to be modelled which is 2.5km long by 600m wide and located in the south-east quadrant.
SHALLOW COBALT MINERALISATION
SHALLOW COBALT MINERALISATION
A closer examination of some of the drill-holes processed to date suggests that cobalt mineralisation occurs in four zones, mostly down to 70m, within certain parts of the target area.
Part 2...
One line at the historical North Broken Hill’s Quartz Reef Prospect (Line 1800 E; Figure 1) was drilled across a steeply dipping gossanous quartz magnetite and quartz pyrite1. A well-defined zone of quartz magnetite, quartz pyrite and amphibolite with anomalous geochemistry returning 200 ppm to 2,500ppm Co occurs in the Redan Gneiss. Thin bands of 0.10% to 0.21% Cu (1,000 to 2,100ppm) occur in these broadly anomalous zones, while lead values are low (<50 ppm) and zinc rarely exceeds 100 ppm1.
Elsewhere in the tenure cobalt is seldom greater than 100 ppm, but can be anomalous in limonitic
manganiferous Redan Gneiss, with 1m @ 0.25% and 3m @ 900 ppm Co in hole 1180 N, and 3m @ 950 ppm Co in hole 1200N. Generally, nickel follows the cobalt trend, having values up to 800 ppm1.
Once the full data set is coded, which is currently being fast tracked, work will commence on modelling a JORC 2012 compliant MRE focused on cobalt with potential for base metal credits.
The Board believes utilising legacy assayed drill-hole data to potentially model a JORC 2012 compliant MRE delivers CCZ a significant comparative advantage over peers in the Broken Hill region. Notably, thedirect geological modelling costs are negligible relative to undertaking multi-year integrated drilling
campaigns to generate the same result.
Next steps
In NSW:
• JORC 2012 compliant mineral resource estimate for the BHA Project’s East Zone.
In Queensland:
• Assay results for the Arya Prospect; and
• Big One Deposit – JORC 2012 compliant mineral resource estimate.
In Zambia:
• Complete geophysical report on the Mkushi Project; and
• Complete work on the inaugural drilling campaign for the Luanshya Project.
Update from CEO on Cobalt prospects. Very interesting. JORC on its way.
https://twitter.com/themarketbullau/status/1493351905116180480?s=24
Phew, I was getting worried that nobody was talking about this, but you guys were all onto it yesterday! Great News!
Great RNS confirming what we suspected with 70% of historical BHA 6,182 drill results now digitised.
This enables CCZ to fast-track a JORC compliant Cobalt resource with copper and zinc credits for a tiny cost compared with what it cost prior owners to drill. This is a stunning position for a small explorer to be in as especially as the Co mineralisation looks to be shallow up to 70m deep and local ore processing could be used to monetise any future open pit operation.
Once CCZ have a declared Cobalt based JORC then they have multiple options open to them including Earn-Ins with JV partners willing to stump up CAPEX/OPEX to develop a DFS and/or a mine and/or sell out and keep a %royalty stream.
ATB APR
wow that great news just up and up now