RE: Rio and BHP11 Jan 2021 14:57
Cash position was good they had about £2.5m Aud end of last year.
SP Angel covered it this morning.
Castillo Copper (CCZ LN) 4p, Mkt Cap £26.9m – Further assay results from drilling at the Big One project in Queensland
* Castillo Copper reports further drilling results from its drilling at the Big One prospect which is located in its Mt Oxide project area in Queensland.
* The company says that the recent results “significantly extend known mineralisation” and provide “Compelling evidence that Big One Deposit is a shallow, high-grade copper-cobalt system with the potential to scale further”.
* At this stage, a “maiden JORC compliant resource” is being prepared which may allow third-party observers to form a view of the scale and quality of the mineralisation. Castillo Copper is also preparing a geophysical exploration plan
* Among the results reported today are:
* A 40m wide intersection from surface in hole 303RC at an average grade of 1.64% copper which includes 11m averaging 4.4% from 24m depth, 5m averaging 7.34% from 28m and a single 1m averaging 16.65% from 29m. We note that partial results, excluding assay data were reported from this hole and others during December; and
* A 44m wide intersection averaging 1.19% copper from surface in hole 301RC, including 14m averaging 3.55% from 27m, 3m averaging 10.88% from 37m and a single metre averaging 12.6% from 37m depth; and
* A 12m wide section averaging 0.79% copper from 52m in 213RC, including 8m averaging 1.06% from 57m depth, 3m averaging 2.03% from 58m and single metres averaging 4.37% and 1.46% from 59m and 62m respectively; and
* 8m averaging 0.47% copper from 84m in hole 207RC, 8m averaging 0.41% from 16m in hole 306RC, 8m averaging 0.42% from 54m in hole 206RC, 5m averaging 0.66m from 35m in hole 302RC and 5m averaging 0.53% from 34m in hole 305RC
* The company explains that “The latest assay results have extended original lengths of visually logged mineralised intersections … while laboratory analyses confirmed the presence of high-grade, shallow copper mineralisation in eight drill-holes at Big One Deposit”.
* The company also says that “ore grade cobalt readings were noted in 301RC - 12m @ 912ppm Co fm 29m incl: 1m @ 1,435ppm Co. While further work is required to determine the extent of mineralisation, there is potential for significant cobalt credits” while assays have also shown anomalous levels of silver, arsenic and bismuth as well as “very minor gold readings”.
* Castillo Copper says that the onset of the wet season has caused a pause in drilling, “a geophysics campaign is being formulated to identify new bedrock conductors (and potential test-drill targets)”.
* Managing Director, Simon Paull, said that the recent results “could be transformative for Big One Deposit … [and that they demonstrate] … the potential for significant further upside with mineralisation observed away from the main copper lode. There is
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