Castillo Copper Limited has appointed a lead contractor for upcoming drilling at two high-priority targets at the Mt Oxide Project north west of Mount Isa.
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Depco Drilling will undertake the reverse circulation and diamond drill campaigns at the Big One Deposit and Arya Prospect.
Castillo has signed an in-principle agreement with the privately-owned Queensland-based group that has been operating since the early 1960s and which has much experience across multiple projects in the Mount Isa Basin area.
The appointment and the upcoming drilling at the Mt Oxide pillar coincide with strong copper market fundamentals with an upward trend in prices due to strong demand, particularly from China.
"This is a transformative development which puts Castillo squarely on the path to achieve its strategic objective to evolve into a mid-tier copper group," Castillo Copper's managing director Simon Paull said:
Mobilisation plans are being ramped up and logistics are in place for the drilling, with Castillo and Depco Drilling working towards an expedited timeline.
Depco Drilling has agreed, subject to legal review and Castillo shareholder approval, to accept a proportion of their fees in shares, with a six-month voluntary escrow period.
The RC drilling campaign for Arya will comprise about 3432 metres over 14 drill-holes within an area of around 1,500 by 1000 metres, with targets being near-surface and deeper geophysical anomalies.
SEE ALSO: Man wanted on Mount Isa GBH charge
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
