Metal explorer Castillo Copper says lab results have confirmed a major copper discovery at its Mt Oxide Project in North West Queensland.
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Castillo Copper have told the ASX it has "exceptional laboratory assay results" which confirm a major copper discovery at Big One Deposit, within its Mt Oxide Project north west of Mount Isa.
The maiden drilling campaign at Big One Deposit has confirmed two 40-44m wide potentially economic intercepts from surface, with up to 16.65% copper.
Simon Paull, Managing Director of Castillo Copper said the company believed there was now compelling evidence of a shallow, high-grade copper-cobalt system at Big One with the potential to scale further.
"These are exceptional assay results and we believe they could be transformative for Big One Deposit," Mr Paull said.
"The assays build on historic high-grade economic intercepts at the deposit while also demonstrating the potential for significant further upside with mineralisation observed away from the main copper lode. There is now compelling evidence that Big One Deposit is a scalable, shallow, high-grade copper-cobalt system. This is particularly exciting at a time when global copper supplies are tight and growing demand is driving the copper price to new highs."
Mr Paull said Castillo was ramping up forward development work and the modelling of a maiden JORC compliant resource.
"As we await the next batch of assay results, we are very excited to build our understanding of the full scale and nature of the system at Big One," he said.
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