Since the last operational update, Castillo Copper (CCZ) has made further progress developing its copper operations in Queensland and Zambia. However, due to ongoing delays of processing assays, the option agreement to acquire the Litchfield and Picasso Lithium Project has been extended.
Castillo Copper’s Managing Director, Simon Paull, commented: “The Board is delighted to confirm the initial drilling campaign at the Arya Prospect has finished. Our team on site has done a superb job completing five drill-holes in demanding conditions. Moving forward, the Board is optimistic the geological interpretations will be positive and enthusiastically await assay results. Furthermore, the Board hopes to receive assays for the Litchfield and Piccasso Lithium Projects shortly which should conclude the due diligence process.”
Arya Prospect, North-West Queensland Copper Project
The drilling campaign at the Arya Prospect has concluded, with five drill-holes completed and all samples having been despatched to the laboratory for analysis. Based on indicative field observations from the team at site, the Board is optimistic that geological interpretations will affirm the exploration potential of the Arya Prospect. If this is validated, then a fuller drilling campaign will be commissioned in 1H22.
Litchfield Lithium Project, Northern Territory
Due to ongoing delays at the laboratory, which is holding up assay results for over 650 surface samples from the Litchfield Lithium Project, the option acquisition agreement was extended until due diligence can be finalised.
The Board, however, is positive that observed pegmatite outcropping in the Litchfield Lithium Project – noted in geological reports provided by the vendor group – could potentially host lithium mineralisation. Consequently, reviewing and validating the assay results could potentially confirm mineralisation is contiguous between the Litchfield Lithium Project and Core Lithium’s Finniss Lithium Project (JORC compliant ore reserves: 7.4 million t at 1.3% Li2O).
Picasso Lithium Project, Western Australia
During November 2021, members of CCZ’s geology team spent several days at the Picasso Lithium Project reviewing pegmatite outcropping in the high-density corridor.
The geology team noted that a ~10 km zone of pegmatite occurrences was confirmed in the north-eastern part of the tenure, which significantly exceeds government mapping.
Due to heavy over-growth, the team was unable to review outcropping pegmatites on the western boundary. However, this is an area of significance for future exploration given this part of the tenure is proximal to Liontown Resources’ Buldania Project which has a JORC compliant resource at 14.9 million t at 0.97% Li2O.
Luanshya Project, Zambia
The Zambian geology team are now working on the inaugural drilling campaign for the Luanshya Project, with 14 potential targets having been interpreted post the recent induced polarisation (IP) survey.
Mkushi Project, Zambia
The IP survey team are currently at the Mkushi Project progressing the campaign and focusing on areas with known surface copper anomalies. Once complete, a geophysicist will interpret the results, reconciling these with historical geochemical findings, and detail potential targets for follow up drill-testing.