With copper prices on the rise, Castillo Copper says it will focus its efforts on the Big One Deposit at its Mt Oxide Project north west of Mount Isa.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Castillo said it is starting to prepare the groundwork to potentially recommence mining operations and its geology consultant is expected to shortly complete modelling of the inaugural JORC compliant resource for Big One Deposit.
Castillo is firming up plans to apply for a mining lease as supply constraints and an expected boom in demand from the battery sector have pushed copper prices to a 10-year high.
The company said Mt Oxide had a demonstrable high-grade shallow copper system that was previously mined in 1997 producing 4400t supergene ore via several open pits and recent and historical drilling campaigns that have produced exceptional high-grade intercepts.
Further work is planned to extend known mineralisation and Big One Deposit's potential scale, commencing with an Induced Polarisation survey to identify incremental test-drill targets
Once ground conditions improve, post the wet-season, drilling will resume at Big One Deposit then move to Arya Prospect which has an interpreted 130m thick potential massive sulphide anomaly (1,500m by 450m) that is highly prospective for copper mineralisation
Simon Paull, Managing Director of Castillo Copper said the combination of excellent, high-grade assay results and buoyant global demand for copper means the Board is prepared to step up its strategic intent for Big One Deposit.
"We are highly optimistic that the next phase of planned exploratory work has the potential to further extend known mineralisation and build out this high-grade shallow copper system," Mr Paull said.
"Consequently, the Board believes it is prudent to start preparing the ground-work to potentially recommence mining operations."
Last month Castillo appointed two contractors at Mt Oxide to accelerate the next phase of development.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
Bookmark https://www.northweststar.com.au/
Make sure you are signed up for our breaking and regular headlines newsletters
Follow us on Twitter
Follow us on Instagram
Follow us on Google News
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.
