(Alliance News) - Castillo Copper Ltd on Monday said its initial assay results at the Big One deposit in the Mount Isa copper-belt district of Queensland, Australia have verified the presence of oxide-sulphide and shallow copper mineralisation up to a grade of 4.1%.
The Australian-based copper explorer company previously found shallow copper mineralisation augments before and recorded intercepts up to 28.4%.
Other assay results on visually logged mineralised intersections that verified shallow copper mineralisation within four drill holes at the Big One deposit were economic intercepts of 1.4% copper from 57 metres, including three metres at 2.2% from 58 metres, seven metres at 0.5% from 55 metres, including two metres at 1.4% from 60 metres and four metres at 0.4% from 85 metres, including two metres at 1.0% from 85 metres.
Castillo Copper said assay results for the full seven drill holes completed are being finalised and are expected to be returned shortly. The company also plans to complete the drilling campaign at the Big One Deposit and release assay results once they have been finalised from the laboratory.
Managing Director Simon Paul said: "With the copper price near a seven-year high, coupled with favourable global fundamentals moving forward, the board's strategic intent to transform Castillo into a mid-tier copper group is gaining momentum. We have a busy forward agenda which will generate significant forward news flow over the balance of the year."
Shares in Castillo Copper closed at 2.37 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Castillo Coppe. (CCZ)