Announcement Date: 2022-02-28
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Castillo Copper Ltd.
Project name: Mt Oxide
Location: Australia
Commodities: Copper
Highlight: Initial Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Castillo Copper Limited’s (“CCZ”) Board is delighted to report a maiden JORC 2012 compliant MRE for the Big One Deposit of 2.1Mt @ 1.1% Cu for 21,886t contained metal (Figure 2). In addition, there is an estimated 2,459kg (2.1Mt @ 1.2g/t Ag) of contained silver metal credits that modestly boosts the overall result. In calculating the MRE, the geology team primarily used data from the 2020-21 reverse circulation and diamond core drilling campaigns to model the final MRE. A key feature of the Big One Deposit is that the copper orebody commences from surface – this is a significant positive in the event the prospect is fully developed. The reporting contains a small-indicated tonnage estimate from ex-mine dump material accurately mapped by drone survey and channel sampling (Appendix D). However, the full extent of the underlying copper orebody is still undetermined at this stage as it remains open to the east, north and down dip. A detailed evaluation of the geology, block model, and MRE methodology is given in Appendices A, B, C and E below.
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