Castillo Copper report widespread mineralisation at Cangai
Castillo Copper Limited (ASX:CCZ)today announced that it has finished up its first round of drilling at theCangai Copper Mine in NSW and is shifting its focus onto the next campaign.
Phase I of the drilling program,which comprised 18 holes along the line of lode targeting deeper sulphidemineralisation, has successfully concluded with assays confirming extensivemineralisation outside the JORC modelled zone.
Now that the initial phase iscomplete, the company has shifted its focus on to the next campaign.
Assay results, reported today, fromthe final nine holes of the Phase I drilling campaign that was targeting deepersulphide mineralisation confirmed high-grade copper intersections greater than3% off the line of lode.
Mineralisation was found in sevenout of the nine drill-holes with the best result being 6m at 2.69% copper,0.39% zinc and 9.2g/t silver, which included 4m at 3.08% copper, 0.44% zinc and10.6g/t silver.
Notably, new mineralisationoutside the JORC modelled envelope was discovered at CRC013 and CRC016-18drill-holes, while the drill-hole electromagnetic (DHEM) survey identified ananomaly near CRC005 drill-hole.
Get the latest articles straight to your inboxkeep me postedThe mineralisation remains open tothe east and west, while massive sulphides intersected at drill hole CRC018,which included a massive sulphide intersection reading of 1m at 3.31% copper,1.11% zinc and 5.7 g/t silver. This intersection is potentially a splay off themain line of lode and warrants further investigation from the next drillingcampaign.
However it is an early stage ofthis company's development and if considering this stock for your portfolio youshould take all public information into account and seek professional financialadvice.
Completed drillholes along theline of lode:
The DHEM anomaly - discoveredimmediately along strike to the east of CRC005 drill-hole - will also beinvestigated further in the upcoming drilling campaign. The geology teambelieve it comprises massive sulphides with high-grade copper-zinc-silvermineralisation, given CRC005 had an intersection of 4m at 1.54% copper, 1.17% zincand 11.5 g/t silver.
Long section of Cangai Coper Mineincluding the new results:
The results suggest thatincremental larger scale drilling programs could deliver Resource size upside.
For that reason, the next drillingcampaign is due to start as soon as regulatory approval is granted, while adrilling contractor has already been appointed and is ready to deploy to site.The next campaign will comprise 39 shallow drillholes focused on supergene orenear legacy workings.
To further enhance theunderstanding of the stockpiles, and build on metallurgy test-work currentlyunderway, several drill-holes are planned for the Smelter Stockpile site. Fromthere, the geology team will then target modelling up a JORC compliant Resource.
CCZ Chairman Peter Meaghercommented: "The first round of drilling at Cangai Copper Mine, whichspecifically targeted deeper sulphide mineralisation, has been highlysuccessful, evidenced by some encouraging assays, which demonstrated extensivemineralisation, that also produced assays over 3% copper.
"Moving forward, the next drillingcampaign, which is set to commence once regulatory approval is secure, has beendesigned specifically to determine the extent of high-grade supergene oremineralisation near legacy workings.
"Further, in an encouraging development,metallurgical test-work and JORC modelling of the stockpiles will befast-tracked, as several prospective customers are showing interest in signingofftake agreements for the discarded ore."
CCZ also reported that the Boardhas held discussions with prospective customers interested in reviewingstockpile samples and committing to off-take agreements post metallurgicaltestwork.