Listed metal explorer, Castillo Copper (ASX: CCZ) announced the intersection of high-grade polymetallic mineralisation at Cangai Copper Mine, located near Grafton in northeast NSW.
At the completion of down-hole electromagnetic surveys at Volkhardts lode, the company discovered high-grade shallow massive Sulphide comprising of 10.25% Copper, 6.04% Zinc, 32.5 g/t silver and 1.37 g/t gold. These results pertain to the assays completion for the first five drill-holes at Cangai along the line of lode.
It was informed that Down-hole electromagnetic (DHEM) surveys have been underway to identify the potential conductors to further enhance the understanding of underlying orebody at Cangai. The next move involves DHEM survey team undertaking further work along the line of lode tracking the RC drilling crew at Volkhardts lode. This is said to demonstrate the scalability of the project, wherein the technology will identify the accumulations of massive sulphides at depth and ultimately the primary source. Thereafter, the finishing at McDonoughs lode will be covered.
The company confirmed that further work at Canberra anomaly has been finished and the geology team has dispatched the samples to the laboratory for analysis. The work involves the potential extension of high-grade mineralization to eastwards as Canberra anomaly is located at the east end of the line of lode with a surface reading of 1,660ppm Copper.
Castillo Copper is preparing for completion of a Phase 2 of drilling with 39 drill holes submitted for regulatory approval by the NSW Dept Mines. The target locations include Smelter Creek Copper Smelter Dumps, along strike and under the McDonoughs workings, proximal to Marks’ workings, underneath Volkhardts’ workings, and DHEM anomaly located along strike from CRC005.
Castillo Copper Limited is an Australian base metal explorer. Its flagship project includes Cangai Copper Mine located near Grafton in northeast NSW. It comprises of high-grade massive Sulphide ore deposit along with one of the highest grades inferred resources for copper, that is 3.2Mt @ 3.35% Cu as on 6 September 2017. Further, the company holds 100% of four tenure group which includes; 1) Jackaderry in New South Wales, an area highly prospective for copper-cobalt-zinc with three tenements 2) Broken Hill which consists of two contiguous tenements prospective for cobalt-zinc 3) ) Mt Oxide made up of four prospects in the Mt Isa region, northwest Queensland 4) Marlborough which includes three prospects located north-west of Gladstone adjacent to Queensland Nickel mining leases, with proven high-grade cobalt-nickel systems.
Despite announcing the discovery of high-grade Sulphide at Volkhardts lode, Castillo Copper’s share price has plunged by 5% to $0.038 on 25 September 2018 (4:15 PM AEST) as investors were expecting a better update and some impact from copper prices was seen. The stock has seen a performance change of -33.33% this year to date.
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