Copper and new gold mineralisation at Big One

RNS Number : 8225Y
Castillo Copper Limited
14 September 2020
 

14 September 2020

CASTILLO COPPER LIMITED
("Castillo" or the "Company")

Castillo verifies high-grade copper and identifies new gold mineralisation at Big One Deposit

Field work demonstrates potential for widespread high-grade copper mineralisation and coincident gold mineralisation ahead of drilling campaign

Castillo Copper Limited (LSE: CCZ; ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is pleased to announce that it has verified high-grade copper and identified new gold mineralisation ahead of drilling at the Big One Deposit, within the Company's 100% owned Mt Oxide Project.

 

Highlights

· Castillo's geology team has continued detailed field analysis at the Big One Deposit with 24 rock-chip samples collected from historic workings at the Big One Deposit, being reconciled against desktop reports which determined the following:

Interpreted most of the rock-chip samples to be from highly mineralised ore, comprising high-grade copper oxide and supergene mineralisation

Specifically, observed copper mineralisation occurs as massive veinlets / crackfill veins, while at surface as malachite, azurite, cuprite and chalcocite

Believe the previous operator excavated high-grade mineralised ore but never dispatched it for processing, possibly due to financial constraints at the time

· Field results were obtained using an XRF spectrometer on the rock chip samples:

Verified the presence of high-grade copper mineralisation, consistent with noted observations, subject to full laboratory analysis

Detected a wide range of gold values which are potentially associated with copper mineralisation, subject to assay confirmation 

· Full insights from the 24 rock-chip samples, which have been dispatched to the laboratory for a complete analysis, will be released once results are to hand 

 

Next steps include

· Commencement of drilling at the Mt Oxide Project

· In fill soil sampling for Mkushi Project in Zambia

· Review of Big One copper-gold rock chip assay results

· Review of Eldorado prospect within the Mt Oxide Project

 

Simon Paull, Managing Director of Castillo Copper, commented: "These insights from the field analysis are very encouraging, especially verification that there is potentially widespread high-grade copper mineralisation across the strike event at the Big One Deposit. In addition, the growing possibility of coincident gold mineralisation adds further exploration upside and supports our belief that the deposit can generate significant value for stakeholders."

 

Ged Hall, UK Director of Castillo Copper, said: "The dedicated work and resultant interpretations by our geology team continues to build a strong case for the Big One Deposit, especially the potential for it to be part of an enlarged mineralised system. Having now secured Depco Drilling's service in this precious-base metal upcycle, we are excited for drilling to commence shortly at both the Big One Deposit and Arya Prospect." 

 

 

Further information on field activities at Big One Deposit

 

High-grade copper mineralisation verified

 

Castillo's geology team performed detailed field analysis on the 24 rock-chip samples prior to them being dispatched to the laboratory for complete assays. Notably, this analysis was done in conjunction with a refresher on historic desktop work to facilitate a full understanding of what exploration activities the previous operator undertook at the Big One Deposit circa 25-30 years ago.

 

In the geology team's view, the previous operator excavated high-grade mineralised ore and stored it on-site for onward processing. However, possibly due to lack of funding or the prevailing downturn in copper prices at the time, the mineralised ore was never sent for processing.

 

Consequently, most of the rock-chip samples collected from historic workings are mineralised ore that comprises high-grade copper oxide and supergene mineralisation. Specifically, the observed copper mineralisation occurs as massive veinlets / crackfill veins and phenocryst replacement in argillically altered trachyte dyke rock. Further, at surface this occurs as malachite, azurite, cuprite and chalcocite (with presumably chalcopyrite the primary ore).

 

Field analysis

 

Detailed field analysis - subject to laboratory assays - was carried out to test the 24 rock-chip samples to evaluate for copper, gold, cobalt and silver. Multiple tests, using an Olympus Vanta (3-channel beam) XRF spectrometer, were taken to evaluate the results variability (refer to Appendix A-C).

 

Initial analysis indicated a wide range of high-grade copper values that are consistent with field observations. However, detected gold values across a wide range, if verified by laboratory analysis, potentially indicates significant gold coincident within the high-grade copper mineralisation which could materially enhance the exploration upside of the project area.

 

Historic workings - sample collection

 

The Big One Deposit comprises four main excavated workings and a shaft. These are situated along a major fault/shear structure and trachyte dyke trending east-north-east, with all being sub-vertical to steeply dipping to the south-east.

 

Surface workings occur in three elongated shallow pits (P1, P2 and P3) at the north-east end of Big One Deposit. In addition, further workings are apparent near a small pit and shaft at the south-west end of the prospect covering a strike length of just over 500 metres. The workings follow the mineralisation focussed within the shear corridor, with the felsic trachyte dyke at the centre. Note, the 24 rock chip samples (11501-11524) were collected primarily from these areas (refer to Appendix A-C).

 

In addition to this release, a PDF version of this report, with supplementary information can be found on the Company's website: https://www.castillocopper.com/asx-announcements/

 

Overview of Mt Oxide Project

 

Castillo is targeting the development of a viable copper mining operation at the Mt Oxide Project, which is located in the copper-belt district approximately 150km north of Mt Isa in north-west Queensland. The project is within the proximity of several historic and currently operating copper mines including Lady Annie and Capricorn Copper.

 

On 22 March 2017, the Company announced that it had entered into an agreement with certain sellers to acquire the entire issued capital of QComm, an Australian copper and cobalt company which owns three assets targeting high grade copper and cobalt systems in New South Wales and Queensland (including the Mt Oxide Project). On 4 July 2017, the Company completed the QComm Acquisition on 4 July 2017 and in August 2017, the Company received notice from Queensland's Department of Natural Resources and Mines that the final exploration application had been granted.

 

Currently, the main highlight within the Mt Oxide Project is the exploration targets known as the Big One Deposit, which comprises shallow high-grade supergene ore up to 28.4% Cu, and the Ayra Prospect, which was identified through an airborne electromagnetic survey conducted by Geoscience Australia in March 2019. The Company's main objective is to progress with several site visits to conduct geochemical sampling and geophysical surveys on known exploration targets to facilitate an inaugural test drilling campaign for developing a clear exploration strategy.

 

TABLE 1: MINERALISATION SUMMARY FOR THE MT OXIDE PROJECT PROSPECTS

Arya

Sizeable massive sulphide anomaly with IOCG potential

The Wall

Mt Isa style mineralisation

Pancake

Mt Isa style mineralisation with IOCG potential

Johnnies

Shear-hosted copper and supergene ore potential

Crescent

IOCG target with Mt Isa style mineralisation potential 

Flapjack

IOCG target with Mt Isa style mineralisation potential

Big One Deposit

Shallow high-grade supergene ore up to 28.4% Cu from drilling intercepts

Boomerang Mine

Historically produced circa 4,211t high-grade oxide ore grading circa 6% Cu, with an output of circa 251t Cu

Valparaisa Prospect

Structurally controlled copper

 

 

For further information, please contact:

Castillo Copper Limited

+61 8 6558 0886

Simon Paull (Australia), Managing Director

Gerrard Hall (UK), Director

 

 

 

SI Capital Limited (Financial Adviser and Corporate Broker)

+44 (0)1483 413500

Nick Emerson

 

 

 

Luther Pendragon (Financial PR)

+44 (0)20 7618 9100 

Harry Chathli, Alexis Gore, Joe Quinlan

 

 

Notes to Editors:

About Castillo Copper

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. Castillo Copper is listed on the LSE and ASX under the ticker "CCZ".

The three main projects across Australia and Zambia include:

 

Australia

Mt Oxide Project

Castillo is targeting the development of a viable copper mining operation at the Mt Oxide Project, which has significant exploration upside with several high-grade targets including an interpreted 130m thick by 1,500m by 450m massive sulphide bedrock conductor that is about to be drilled. The project is located approximately 150km north of Mt Isa in northwest Queensland. The project is within the proximity of several historic and currently operating copper mines including Lady Annie and Capricorn Copper.

Cangai Project

The Company's flagship project is the Cangai Project in northern New South Wales, where the Cangai Copper Mine is located, one of Australia's highest grading historic copper mines. The Company's core focus is the development and expansion of the Cangai Copper Mine, which comprises a volcanogenic massive sulphide deposit, with a JORC Code compliant Inferred Resource of 3.2Mt at 3.35 per cent. Cu. and up to 14.45 per cent. Cu in assayed diamond core intersections.

Zambia

Zed Projects

The Company is the sole shareholder of Zed, an Australian company which holds four high-quality prospective assets across Zambia's copper-belt, the second largest copper producer in Africa. Castillo Copper intends to initially focus on the Luanshya Project, which sits on the Zambian copper belt's Lufilian Arc geological structure. The second priority for the Company is the Mkushi Project, which contiguously surrounds an operating open-pit copper mine, in a region proven to be highly prospective for Cu-Au mineralisation. The Company is currently working towards establishing a Zambian in-country presence, utilising local geologists and joint venture partner teams.

Visit Castillo Copper's website: https://www.castillocopper.com/

 

Competent Person Statement

 

The information in this report that relates to Exploration Results for the Mt Oxide pillar for the 'Big One' deposit prospect' contained in this announcement is based on a fair and accurate representation of the publicly available information at the time of compiling the ASX Release, and is based on information and supporting documentation compiled by Matthew Stephens, a Competent Person who is Fellow of the Australian Institute of Geoscientists. Mr Stephens is Consultant Resource Geologist employed by Xplore Resources Pty Ltd. Mr Stephens has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Stephens consents to the inclusion in the report of the matters based on his information and the form and context in which it appears.

 

 

APPENDIX A: ROCK CHIP SAMPLES AND HEADLINE XRF RESULTS 

Note: Two XRF readings are taken per sample indicated by black circle. Note, these are indicative only and subject to verification by laboratory analysis and full assay report.

 

TABLE 1-11501_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11501_1_T1

8.1473

81473

427

ND

ND

11501_1_T2

6.6394

66394

322

ND

ND

11501_1_T3

11.0676

110676

359

ND

ND

11501_1_A3

8.6181

86181

369

ND

ND

 

TABLE 1 - 11501_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11501_2_T1

7.0799

70799

44

ND

ND

11501_2_T2

6.5499

65499

37

ND

ND

11501_2_T3

6.7314

67314

39

9

7

11501_2_A3

6.787

67870

40

3

2

 

TABLE 2 - 11502_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11502_1_T1

4.9705

49705

1365

5

ND

11502_1_T2

5.245

52450

1170

5

ND

11502_1_T3

4.9657

49657

1409

6

ND

11502_1_A3

5.0604

50604

1315

6

ND

 

TABLE 3 - 11502_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11502_2_T1

1.2853

12853

ND

ND

ND

11502_2_T2

1.2567

12567

ND

5

ND

11502_2_T3

1.1421

11421

ND

ND

ND

11502_2_A3

1.228

12280

ND

2

ND

 

TABLE 4 - 11503_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11503_1_T1

24.8849

248849

1072

32

ND

11503_1_T2

21.9027

219027

1015

14

ND

11503_1_T3

24.641

246410

1111

24

ND

11503_1_A3

23.8095

238095

1066

23

ND

 

TABLE 5 - 11503_1A RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11503_1_T4

3.3106

33106

ND

ND

ND

11503_1_T5

1.8322

18322

ND

ND

ND

11503_1_T6

1.298

12980

ND

ND

ND

11503_1_A3

2.1469

21469

ND

ND

ND

 

TABLE 6 - 11507_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11503_2_T1

1.1554

11554

ND

ND

ND

11503_2_T2

15.707

157070

ND

ND

ND

11503_2_T3

2.0835

20835

ND

ND

ND

11503_2_A3

6.3153

63153

ND

ND

ND

 

TABLE 7 - 11504_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11504_1_T1

5.0313

50313

223

ND

ND

11504_1_T2

6.4534

64534

ND

8

ND

11504_1_T3

6.0309

60309

142

ND

ND

11504_1_A3

5.8385

58385

122

3

ND

 

TABLE 8 - 11504_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11504_2_T1

15.5507

155507

976

12

ND

11504_2_T2

19.2715

192715

1228

26

ND

11504_2_T3

17.1582

171582

935

18

ND

11504_2_A3

17.3268

173268

1046

19

ND

 

TABLE 9 - 11505_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11505_1_T1

5.9489

59489

167

10

ND

11505_1_T2

6.2135

62135

97

ND

9

11505_1_T3

4.8392

48392

102

8

13

11505_1_A3

5.6672

56672

122

6

7

 

TABLE 10 - 11505_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11505_2_T1

20.9824

209824

85

56

13

11505_2_T2

19.9311

199311

70

44

11

11505_2_T3

19.0421

190421

96

50

ND

11505_2_A3

19.9852

199852

84

50

8

 

TABLE 11 - 11506_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11506_1_T1

2.0819

20819

ND

7

ND

11506_1_T2

2.2717

22717

ND

ND

ND

11506_1_T3

2.2788

22788

ND

ND

ND

11506_1_A3

2.2108

22108

ND

2

ND

 

TABLE 12 - 11506_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11506_2_T1

4.1373

41373

ND

ND

7

11506_2_T2

3.8374

38374

ND

ND

7

11506_2_T3

3.8423

38423

ND

ND

ND

11506_2_A3

3.939

39390

ND

ND

5

 

TABLE 13 -  11507_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11507_1_T1

1.4481

14481

ND

ND

ND

11507_1_T2

1.3371

13371

ND

ND

ND

11507_1_T3

1.2862

12862

ND

ND

ND

11507_1_A3

1.3571

13571

ND

ND

ND

 

TABLE 14 - 11507_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11507_2_T1

0.6544

6544

ND

ND

ND

11507_2_T2

0.7091

7091

ND

ND

ND

11507_2_T3

0.6742

6742

77

7

ND

11507_2_A3

0.6793

6793

26

2

ND

 

TABLE 15 - 11508_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11508_1_T1

29.3951

293951

637

ND

ND

11508_1_T2

24.9376

249376

315

ND

ND

11508_1_T3

24.6732

246732

ND

ND

ND

11508_1_A3

26.3353

263353

317

ND

ND

 

TABLE 16 - 11508_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11508_2_T1

28.278

282780

517

ND

ND

11508_2_T2

22.5371

225371

775

ND

ND

11508_2_T3

33.8026

338026

462

ND

ND

11508_2_A3

28.2059

282059

585

ND

ND

 

TABLE 17 - 11509_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11509_1_T1

1.4001

14001

ND

ND

ND

11509_1_T2

1.4092

14092

ND

ND

ND

11509_1_T3

1.1153

11153

ND

ND

ND

11509_1_A3

1.3082

13082

ND

ND

ND

 

TABLE 18 - 11509_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11509_2_T1

4.2671

42671

ND

ND

ND

11509_2_T2

3.4278

34278

ND

ND

ND

11509_2_T3

4.1884

41884

50

7

ND

11509_2_A3

3.9611

39611

17

2

ND

 

TABLE 19 - 11510_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11510_1_T1

4.6374

46374

181

ND

ND

11510_1_T2

4.6999

46999

103

ND

ND

11510_1_T3

8.7113

87113

ND

9

ND

11510_1_A3

6.0162

60162

95

3

ND

 

TABLE 20 - 11510_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11510_2_T1

5.0046

50046

ND

6

ND

11510_2_T2

4.9369

49369

ND

ND

ND

11510_2_T3

5.0215

50215

ND

ND

ND

11510_2_A3

4.9876

49876

ND

2

ND

 

TABLE 21 - 11511_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11511_1_T1

17.6152

176152

90

25

12

11511_1_T2

15.2253

152253

93

19

16

11511_1_T3

21.9956

219956

103

44

16

11511_1_A3

18.2787

182787

95

29

15

 

TABLE 22 - 11511_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11511_2_T1

10.573

105730

86

13

ND

11511_2_T2

10.6275

106275

75

14

ND

11511_2_T3

10.3522

103522

47

16

10

11511_2_A3

10.5176

105176

69

14

3

 

TABLE 23 - 11512_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11512_1_T1

21.6599

216599

90

21

ND

11512_1_T2

18.4135

184135

71

17

ND

11512_1_T3

20.1182

201182

67

21

ND

11512_1_A3

20.0638

200638

76

20

ND

 

TABLE 24 - 11512_2 RESULTS

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11512_2_T1

16.6702

166702

2338

ND

ND

11512_2_T2

18.642

186420

2433

ND

ND

11512_2_T3

19.0067

190067

2426

ND

ND

11512_2_A3

18.1063

181063

2399

ND

ND

 

TABLE 25 - 11513_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11513_1_T1

3.4447

34447

ND

ND

ND

11513_1_T2

2.0855

20855

ND

ND

ND

11513_1_T3

2.1917

21917

ND

ND

ND

11513_1_A3

2.5739

25739

ND

ND

ND

 

TABLE 26 - 11513_2 RESULTS

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11513_2_T1

49.7477

497477

308

28

ND

11513_2_T2

48.4395

484395

217

40

22

11513_2_T3

49.7537

497537

242

51

ND

11513_2_A3

49.3136

493136

256

39

7

 

TABLE 27 - 11514_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11514_1_T1

8.7628

87628

897

ND

ND

11514_1_T2

9.666

96660

990

ND

ND

11514_1_T3

10.8867

108867

980

ND

ND

11514_1_A3

9.7718

97718

956

ND

ND

 

TABLE 28 - 11514_2 RESULTS

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11514_2_T1

18.682

186820

ND

ND

ND

11514_2_T2

14.5244

145244

ND

ND

ND

11514_2_T3

14.6823

146823

ND

ND

ND

11514_2_A3

15.9629

159629

ND

ND

ND

 

TABLE 29 - 11515_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11515_1_T1

16.8707

168707

ND

ND

ND

11515_1_T2

14.9152

149152

ND

ND

ND

11515_1_T3

13.9507

139507

ND

16

ND

11515_1_A3

15.2455

152455

ND

5

ND

 

TABLE 30 - 11515_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11515_2_T1

14.2502

142502

118

ND

ND

11515_2_T2

14.7204

147204

112

14

ND

11515_2_T3

16.2882

162882

102

19

ND

11515_2_A3

15.0863

150863

111

11

ND

 

TABLE 31 - 11516_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11516_1_T1

9.4126

94126

80

11

ND

11516_1_T2

9.1144

91144

56

13

ND

11516_1_T3

8.5445

85445

102

13

ND

11516_1_A3

9.0239

90239

79

13

ND

 

TABLE 32 - 11516_2 RESULTS

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11516_2_T1

7.0274

70274

ND

ND

ND

11516_2_T2

9.322

93220

ND

ND

ND

11516_2_T3

9.282

92820

ND

ND

11

11516_2_A3

8.5438

85438

ND

ND

4

 

TABLE 33 - 11517_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11517_1_T1

2.2596

22596

ND

ND

ND

11517_1_T2

1.9251

19251

ND

ND

ND

11517_1_T3

1.8343

18343

ND

ND

ND

11517_1_A3

2.0063

20063

ND

ND

ND

 

TABLE 34 - 11517_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11517_2_T1

24.9336

249336

ND

ND

ND

11517_2_T2

24.5863

245863

ND

ND

ND

11517_2_T3

25.6397

256397

ND

ND

ND

11517_2_A3

25.0532

250532

ND

ND

ND

 

TABLE 35 - 11518_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11518_1_T1

48.4372

484372

319

84

ND

11518_1_T2

46.6672

466672

429

86

ND

11518_1_T3

47.0523

470523

434

75

ND

11518_1_A3

47.3856

473856

394

82

ND

 

TABLE 36 - 11518_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11518_2_T1

4.3196

43196

79

12

ND

11518_2_T2

4.1615

41615

85

14

ND

11518_2_T3

4.342

43420

81

ND

ND

11518_2_A3

4.2744

42744

82

9

ND

 

TABLE 37 - 11519_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11519_1_T1

1.1761

11761

ND

ND

ND

11519_1_T2

2.3105

23105

ND

ND

ND

11519_1_T3

0.7957

7957

ND

ND

ND

11519_1_A3

1.4274

14274

ND

ND

ND

 

TABLE 38 - 11519_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11519_2_T1

2.6115

26115

ND

ND

ND

11519_2_T2

4.0214

40214

ND

ND

ND

11519_2_T3

4.8789

48789

ND

ND

ND

11519_2_A3

3.8373

38373

ND

ND

ND

 

TABLE 39 - 11520_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11520_1_T1

1.4072

14072

ND

ND

ND

11520_1_T2

1.4064

14064

ND

ND

ND

11520_1_T3

1.4345

14345

ND

ND

ND

11520_1_A3

1.4161

14161

ND

ND

ND

 

TABLE 40 - 11520_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11520_2_T1

43.2313

432313

98

93

ND

11520_2_T2

43.5645

435645

56

97

ND

11520_2_T3

45.0102

450102

79

89

ND

11520_2_A3

43.9353

439353

78

93

ND

 

TABLE 41 - 11521_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11521_1_T1

0.2881

2881

ND

ND

ND

11521_1_T2

0.2862

2862

ND

5

ND

11521_1_T3

0.2898

2898

ND

ND

ND

11521_1_A3

0.288

2880

ND

2

ND

 

TABLE 42 - 11521_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11521_2_T1

0.4184

4184

ND

ND

ND

11521_2_T2

0.3984

3984

ND

ND

ND

11521_2_T3

0.3311

3311

ND

ND

ND

11521_2_A3

0.3826

3826

ND

ND

ND

 

TABLE 43 - 11522_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11522_1_T1

2.9319

29319

243

ND

ND

11522_1_T2

2.0245

20245

240

ND

ND

11522_1_T3

1.7047

17047

280

ND

ND

11522_1_A3

2.2204

22204

254

ND

ND

 

TABLE 44 - 11522_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11522_2_T1

2.6908

26908

ND

5

ND

11522_2_T2

2.4351

24351

ND

ND

ND

11522_2_T3

2.6032

26032

ND

ND

ND

11522_2_A3

2.5764

25764

ND

2

ND

 

TABLE 45 - 11523_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11523_1_T1

3.4722

34722

60

ND

ND

11523_1_T2

3.7873

37873

38

5

ND

11523_1_T3

3.4862

34862

74

ND

ND

11523_1_A3

3.5819

35819

57

2

ND

 

TABLE 46 - 11523_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11523_2_T1

6.7168

67168

75

11

ND

11523_2_T2

6.878

68780

66

9

ND

11523_2_T3

6.1448

61448

123

13

ND

11523_2_A3

6.5798

65798

88

11

ND

 

TABLE 47 - 11524_1 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11524_1_T1

0.9557

9557

90

ND

ND

11524_1_T2

1.081

10810

121

ND

ND

11524_1_T3

0.9081

9081

119

ND

ND

11524_1_A3

0.9816

9816

110

ND

ND

 

TABLE 48 - 11524_2 RESULTS

SAMPLE ID

CU %

CU PPM

CO PPM

AU PPM

AG PPM

11524_2_T1

14.7039

147039

686

16

ND

11524_2_T2

15.8888

158888

647

19

ND

11524_2_T3

17.3812

173812

659

27

ND

11524_2_A3

15.9913

159913

664

21

ND

 

 

APPENDIX B: XRF AVERAGED RESULTS FOR TWO ANALYTICAL TESTS PER SAMPLE (11501-11524)

Sample_ID

Easting_ GDA94z54

Northing_ GDA94z54

Wallrock_ dyke_ vein

Description

Source

Test_Average

Cu%

Cu_ppm

Co_ppm

Au_ppm

Ag_ppm

11501

335091

7880143

Wallrock

Reddish pink weakly ferruginous metasediment, possibly dololutite/very fine grained sst; fine fracture filled veins with green malachite and brown goethite, hematite, possibly cuprite; veins 1-2mm wide; crackle brecciate with fractures mineralised.

Stockpile

Sample 1 Average

8.62

86181

369

ND

ND

 

 

 

 

 

 

Sample 2 Average

6.79

67870

40

3

2

11502

335100

7880140

Wallrock

Reddish pink weakly ferruginous metasediment, possibly dololutite/very fine grained sst; fine fracture filled veins with green malachite and brown goethite, hematite; veins 1mm wide; crackle brecciate with fractures mineralised; finely laminate.

Stockpile

Sample 1 Average

5.06

50604

1315

6

ND

 

 

 

 

 

 

Sample 2 Average

1.23

12280

ND

2

ND

11503

335110

7880137

Wallrock

Reddish pink weakly ferruginous metasediment, possibly dololutite/very fine grained sst; fine fracture filled veins with green malachite and brown goethite, hematite; veins 1mm wide; crackle brecciate with fractures mineralised; finely laminate.

Stockpile

Sample 1 Average 1

23.81

238095

1066

23

ND

 

 

 

 

 

 

Sample 1 Average 2

2.15

21469

ND

ND

ND

 

 

 

 

 

 

Sample 2 Average

6.32

63153

ND

ND

ND

11504

335104

7880134

Wallrock

Reddish-orange brown moderately ferruginous metasediment; weakly laminate with copper mineralisation permeating laminae and intergranular disseminations; malachite with possible goethite-cuprite form crackfill veins (brecciate?).

Stockpile

Sample 1 Average

5.84

58385

122

3

ND

 

 

 

 

 

 

Sample 2 Average

17.33

173268

1046

19

ND

11505

335094

7880126

Dyke

Light cream with limonitic orange staining; argilically altered trachyte porphyry with original phenocrysts replaced by chalcocite rimmed by malachite, or totally malachite giving the specimen a spotted appearance; crackfill veins consist of malachite or a core of supergene chalcocite with an outer oxide rim of malachite.

Stockpile

Sample 1 Average

5.67

56672

122

6

7

 

 

 

 

 

 

Sample 2 Average

19.99

199852

84

50

8

11506

335130

7880158

Dyke

Light cream argilically altered trachyte, weakly porphyritic finely disseminated malachite throughout; minor scattered blebby stains and coatings of hematite in fine fractures; overall texture is hackly with a dull kaolinitic appearance.

Small stockpile

Sample 1 Average

2.21

22108

ND

2

ND

 

 

 

 

 

 

Sample 2 Average

3.94

39390

ND

ND

5

11507

335116

7880208

Dyke?

Reddish-brown dololutite metasediment but with replacive green glassy phenocrysts, some with a  core of brown micaceous mineral; green phenocrysts possibly epidote; weak malachite staining on laminae parallel and breccia fractures.

Boulder near (SW) of Pit 4

Sample 1 Average

1.36

13571

ND

ND

ND

 

 

 

 

 

 

Sample 2 Average

0.68

6793

26

2

ND

11508

335135

7880217

Wallrock/vein

Reddish-brown laminated dololutite metasediment with possible malachite-chalcocite-cuprite-hematite vein; heavy specimen suggests cuprite; cuprite finely specular, irregular veining, crackle breccia crack fill sample from boulder of main vein material; plus massive chalcocite-crystalline malachite veining.

Small stockpile near (SW) of Pit 4

Sample 1 Average

26.34

263353

317

ND

ND

 

 

 

 

 

 

Sample 2 Average

28.21

282059

585

ND

ND

11509

335172

7880251

Dyke

Light creamy argillically altered trachyte porphyritic dyke rock from waste pile around shaft at Pit 4; phenocrysts replaced by malachite giving a spotted appearance; common irregular crackfill veins of dark red-brown earthy hematite; possibly cupritic.

Waste periferal to shaft

Sample 1 Average

1.31

13082

ND

ND

ND

 

 

 

 

 

 

Sample 2 Average

3.96

39611

17

2

ND

11510

335344

7880348

Wallrock

Medium orange-brown, laminated and crenulate dololutite metasediment; bedding/laminae planes replaced and infilled by brown iron (& copper oxides); breccia crackfill veins of malachite and azurite suggest altered hanging wall source from Pit 3; hanging wall silica-jasperoidally altered.

Stockpile located approx 50m SW of Pit 3

Sample 1 Average

6.02

60162

95

3

ND

 

 

 

 

 

 

Sample 2 Average

4.99

49876

ND

2

ND

11511

335467

7880355

Dyke

Light creamy argillically altered trachyte porphyritic dyke rock; phenocrysts replaced by malachite often with a core of chalcocite giving a spotted appearance; minor irregular crackfill veins of malachite.

Stockpile 20m S and adjacent to Pit 2

Sample 1 Average

18.28

182787

95

29

15

 

 

 

 

 

 

Sample 2 Average

10.52

105176

69

14

3

11512

335470

7880351

Wallrock

Medium orange-brown, massive very fine grained dololutite metasediment; breccia crackfill veins of malachite and azurite suggest altered hanging wall source from Pit 2; hanging wall silica-jasperoidally altered.

Stockpile 20m S and adjacent to Pit 2

Sample 1 Average

20.06

200638

76

20

ND

 

 

 

 

 

 

Sample 2 Average

18.11

181063

2399

ND

ND

11513

335449

7880324

Wallrock

Medium orange-brown, massive very fine grained dololutite metasediment; weakly laminate; breccia crackfill veins of malachite and azurite suggest altered hanging wall source from Pit 2; hanging wall silica-jasperoidally altered.

Stockpile 50m SW of Pit 2

Sample 1 Average

2.57

25739

ND

ND

ND

 

 

 

 

 

 

Sample 2 Average

49.31

493136

256

39

7

11514

335447

7880325

Wallrock

Medium orange to dark brown, massive very fine grained dololutite metasediment; strongly goethitic and limonitic, with malachite and chalcocite strongly brecciate heavy sample suggesting weathered, strongly oxidized sulphide vein material; crackfill veins of malachite and azurite suggest altered hanging wall source from Pit 2; hanging wall silica-jasperoidally altered.

Stockpile 50m SW of Pit 2

Sample 1 Average

9.77

97718

956

ND

ND

 

 

 

 

 

 

Sample 2 Average

15.96

159629

ND

ND

ND

11515

335450

7880321

Wallrock

Dark mauve-red hematite stained and sheared; massive green malachite in shear veins; plus, medium orange to dark brown, massive very fine grained dololutite metasediment with crackfill malachite.

Stockpile 50m SW of Pit 2

Sample 1 Average

15.25

152455

ND

5

ND

 

 

 

 

 

 

Sample 2 Average

15.09

150863

111

11

ND

11516

335412

7880352

Dyke (SE side)

Medium red-orange, massive very fine-grained trachyte; collected immediately adjacent to sheared SE contact; breccia crackfill veins, Pit 3, upper pit face.

Upper pit face, Pit 3

Sample 1 Average

9.02

90239

79

13

ND

 

 

 

 

 

 

Sample 2 Average

8.54

85438

ND

ND

4

11517

335411

7880352

Dyke (NW side)

Medium red-orange, massive very fine-grained trachyte; collected immediately adjacent to sheared NW contact; breccia crackfill veins, Pit 3, upper pit face.

Upper pit face, Pit 3

Sample 1 Average

2.01

20063

ND

ND

ND

 

 

 

 

 

 

Sample 2 Average

25.05

250532

ND

ND

ND

11518

335454

7880358

Dyke

Light creamy argillically altered trachyte porphyritic dyke rock; common irregular fine crackfill veins of possible malachite-chalcocite-cuprite suggesting crackle brecciation of altered dyke rock.

Stockpile 20m S and adjacent to Pit 2

Sample 1 Average

47.39

473856

394

82

ND

 

 

 

 

 

 

Sample 2 Average

4.27

42744

82

9

ND

11519

335394

7880344

Dyke

Medium red-pink massive fine grained trachyte dyke from NW side of narrow trachyte dyke in lower face in Pit 3; sample from just inside NW sheared contact; prominent argillic alteration absent; minor crackle brecciated with weak malachite and goethite stains and disseminations with fine crackfill veins.

Lower pit face, Pit 3

Sample 1 Average

1.43

14274

ND

ND

ND

 

 

 

 

 

 

Sample 2 Average

3.84

38373

ND

ND

ND

11520

335393

7880344

Dyke

Medium red-pink massive fine grained trachyte dyke from SE side of narrow trachyte dyke in lower face in Pit 3; sample from inside SE sheared contact; very weak incipient argillic alteration; minor crackle brecciated with weak malachite and goethite stains and disseminations with fine crackfill veins.

Lower pit face, Pit 3

Sample 1 Average

1.42

14161

ND

ND

ND

 

 

 

 

 

 

Sample 2 Average

43.94

439353

78

93

ND

11521

335394

7880343

Hanging Wall

Light mauve-reddish dololutite, bedded to laminate in outcrop; variably brecciate with scattered crackfill fine malachite veins.

Lower pit face, Pit 3 SE side

Sample 1 Average

0.29

2880

ND

2

ND

 

 

 

 

 

 

Sample 2 Average

0.38

3826

ND

ND

ND

11522

335394

7880341

Hanging Wall

Dark brown-black-brown, small goethitic-hematitic gossanous vein, parallel with main shear trend (230° magnetic); approx 20cm wide; hosted in bleached argillically altered metasediment; variably brecciate with crackfill and shear coatings of malachite.

Lower pit face, Pit 3 SE side

Sample 1 Average

2.22

22204

254

ND

ND

 

 

 

 

 

 

Sample 2 Average

2.58

25764

ND

2

ND

11523

335443

7880371

Dyke

Light creamy pink, argillically altered trachyte porphyritic dyke rock; phenocrysts replaced by malachite giving a spotted appearance; minor irregular fine crackfill veins of malachite; weak crackle brecciation of altered dyke rock.

Outcrop 20m SW along strike from Pit 2

Sample 1 Average

3.58

35819

57

2

ND

 

 

 

 

 

 

Sample 2 Average

6.58

65798

88

11

ND

11524

335450

7880367

Hanging Wall

Light mauve-reddish dololutite, bedded to laminate in outcrop; variably brecciate with scattered crackfill fine hematite and malachite stains and veinlets.

Outcrop 20m SW along strike from Pit 2

Sample 1 Average

0.98

9816

110

ND

ND

 

 

 

 

 

 

Sample 2 Average

15.99

159913

664

21

ND

Source: CCZ geology team - Sample ID, Location and Description of Rock Chips taken in recent field trip to the Big One Deposit

 

 

APPENDIX C: JORC CODE, 2012 EDITION - TABLE 1

The following JORC Code (2012 Edition) Table 1 is primarily supplied for the provision of the first release of the photographs and location data for the 'Big One' Deposit.

The reader of the current ASX Release is referred to the CCZ's first publication of the exploration results, diagrams, geological information, exploration planning activities and/or information contained in the body or appendices of the following CCZ ASX Releases:

· "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on 14-July-2020

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

· Rock Chip Samples - were collected from approximately a 3m radius around the recorded co-ordinate location. The rock chip fragments that were collected to make up the sample included fragments that approximately ranged from 2-5cm.

· A total of 24 rock chip samples were collected in calico bags for laboratory analysis (11501-11524). Samples were collected from heaps that appeared to be unprocessed low-medium grade copper ore stockpiles. Samples of typical oxide (part supergene) mineralisation were sampled containing malachite, azurite, cuprite(?) and chalcocite

· Samples were also collected from slot (pit) faces in Pit 3 (P3), upper NE face and lower NE face. Pit 2 (P2), NE face and small gossan. Pit 1 (P1) no samples collected (potential rock fall from high wall) Pit 4 (P4) rubble around spoil heap adjacent to shaft Trench 1.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Drilling techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· Not Applicable - no exploration results presented.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Not Applicable - no exploration results presented.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· Descriptions of the rock chip samples are given in Appendix B.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· Not Applicable - no exploration results presented.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· Not Applicable - no exploration results presented.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· Not Applicable - no exploration results presented.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· The spatial location for the rock chips collected during the preliminary site visit at the Big One Deposit were collected by handheld GPS (-/+ 5m accuracy) [MGA94 Zone54]: The Table of rock chip locations and descriptions are in Appendix B.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· The spatial location for the photographs collected during the preliminary site visit at the Big One Deposit were collected at two previously mined sites that exposed the copper mineralisation. The preliminary site visit was brief, in a limited time inspection of the Big One Deposit with the Landholder: therefore the full 600m strike length of the surface mineralisation is yet to be observed, the observations completed on the 05-August-2020 showed prospective copper mineralisation within one of the mined pits and the greater Big One Deposit area is anticipated to undergo a widespread reconnaissance during the pegging of the Big One Deposit drill sites.

· The 05-August-2020 observed mineralisation included:

Location 01 (Figure 1, left photo, in ASX Release body): View looking east-north-east in the main excavated pit at the Big One Mine sub-parallel to the strike of the mineralisation, steep dip to the south-east dipping, which includes a copper carbonate mineralised fault breccia zone;

Location 02 (Figure 1, right photo, in ASX Release body):   View looking west-south-west, the same sub-vertical structure looking south in a second pit following the strike trend in the opposite direction to the first pit; the host sediments are strongly hematite stained (non-magnetic), it is possible the mineralisation had been fully excavated here;

Location 03 (Figure 2, left photo, in ASX Release body):    Malachite (green) and Azurite (blue) as staining and fracture fill in this case, in fault brecciated siltstone. Most likely this had spalled off the mineralised zone, located as in pit float material. Green malachite and blue azurite are common as breccia and slicken side fracture fill; and

Location 04 (Figure 2, right photo, in ASX Release body):  Malachite (green) as a crystalline coating/fracture infiill on hematite stained siltstone. Most likely this had spalled off the mineralised zone, located as in pit float material.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· Rock chip samples were taken at areas of interest from observed mineralisation along the line of lode of the mineralised dyke, secondary structures and surrounding spoil heaps.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Sample security

· The measures taken to ensure sample security.

· The rock chip samples taken during the recent field trip were securely locked within the vehicle on site until delivered to Mt Isa for despatch to the laboratory in person by the field personnel.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· Not Applicable - no exploration results presented.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

 

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· The following mineral tenures are held 100% by subsidiaries of Castillo Copper Limited, totalling an area of 736.8 km2 in the "Mt Oxide project":

EPM 26574 (Valprasia North) - encompasses the Big One historical mineral resource, Holder Total Minerals Pty Ltd, Granted 12-June-2018 for a 5 year period over 100 sub-blocks (323.3Km2), Expires 11-June-2023;

EPM 26462 (Big Oxide North) - encompasses the 'Boomerang' historical mine and the 'Big One' historical mine, Holder: QLD Commodities Pty Ltd, Granted: 29-Aug-2017 for a 5 year period over 67 sub-blocks (216.5Km2), Expires: 28-Aug-2022;

EPM 26525 (Hill of Grace) - encompasses the Ayra significant aeromagnetic anomaly, Holder: Total Minerals Pty Ltd for a 5 year period over 38 sub-blocks (128.8Km2), Granted: 12-June-2018, Expires: 11-June-2023;

EPM 26513 (Torpedo Creek/Alpha Project) - Granted 13-Aug-2018 for a 5-year period over 23 sub-blocks (74.2Km2), Expires 12-Aug-2023; and

EPMA 27440 (The Wall) - An application lodged on the 12-Dec-2019 over 70 sub-blocks (~215Km2) by Castillo Copper Limited.

· A check on the tenures in 'application status' was completed in 'GeoResGlobe' on the 18th-August-2020. 

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· Historical QDEX / mineral exploration reports have been reviewed for historical tenures that cover or partially cover the Project Area in this announcement. Federal and State Government reports supplement the historical mineral exploration reporting (QDEX open file exploration records).

· Most explorers were searching for Cu-Au-U, and in particular, proving satellite deposit style extensions to the several small sub-economic copper deposits (e.g. Big Oxide and Josephine).

· With the Mt Oxide Project in regional proximity to Mt Isa and numerous historical and active mines, the Project area has seen portions of the historical mineral tenure subject to various styles of surface sampling, with selected locations typically targeted by shallow drilling (Total hole depth is typically less than 50m).

· The Mt Oxide project tenure package has a significant opportunity to be reviewed and explored by modern exploration methods in a coherent package of EPM's, with three of these forming a contiguous tenure package.

· Various Holders and related parties of the 'Big One' historical mining tenure (ML8451) completed a range of mining activities and exploration activities on what is now the 'Big One' prospect for EPM 26462. The following unpublished work is acknowledged (and previously shown in the reference list):

West Australian Metals NL, 1994. Drill Programme at the "Big One" Copper Deposit, North Queensland for West Australian Metals NL.

Wilson, D., 2011. 'Big One' Copper Mine Lease 5481 Memorandum - dated 7 May 2011.

Wilson, D., 2015. 'Big One' Mining Lease Memorandum - dated 25 May 2015: and

Csar, M, 1996. Big One & Mt Storm Copper Deposits. Unpublished field report.

· The reader of the current ASX Release is referred to the CCZ's first publication of the 1993 historical reverse circulation drilling results for additional diagrams and drilling information: "Historic drill data verifies grades up to 28.40% Cu from <50m in supergene ore at Mt Oxide Pillar" released on the ASX by CCZ on the 14-January-2020.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Drill program finalised to test 130m massive sulphide target at Arya prospect in Mt Oxide Pillar" released on the ASX by CCZ on the 1-July-2020.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

· The SRK Independent Geologists Report released by CCZ on the ASX on 28-July-2020 contains further details on the 'Exploration done by other parties - Acknowledgment and appraisal of exploration by other parties' this report is formally titled "A Competent Persons Report on the Mineral Assets of Castillo Copper Limited" Prepared as part of the Castillo Copper Limited (ASX: CCZ, LSE: CCZ) LSE Prospectus, with the effective date of the 17-July-2020.

Geology

· Deposit type, geological setting and style of mineralisation.

· The Mt Oxide North project is located within the Mt Isa Inlier of western Queensland, a large exposed section of Proterozoic (2.5 billion to 540 million year old) crustal rocks. The inlier records a long history of tectonic evolution, now thought to be similar to that of the Broken Hill Block in western New South Wales.

· The Mt Oxide project lies within the Mt Oxide Domain, straddling the Lawn Hill Platform and Leichhardt River Fault Trough. The geology of the tenement is principally comprised of rocks of the Surprise Creek and Quilalar Formations which include feldspathic quartzites, conglomerates, arkosic grits, shales, siltstones and minor dolomites and limestones.

· The Project area is cut by a major fault zone, trending north- northeast - south- southwest across the permits. This fault is associated with major folding, forming a number of tight syncline- anticline structures along its length.

· The Desktop studies commissioned by CCZ on the granted mineral tenures described four main styles of mineralisation account for the majority of mineral resources within the rocks of the Mt Isa Province (after Withnall & Cranfield, 2013).

Sediment hosted silver-lead-zinc - occurs mainly within fine-grained sedimentary rocks of the Isa Super basin within the Western Fold Belt. Deposits include Black Star (Mount Isa Pb-Zn), Century, George Fisher North, George Fisher South (Hilton) and Lady Loretta deposits;

Brecciated sediment hosted copper - occurs dominantly within the Leichhardt, Calvert and Isa Super basin of the Western Fold Belt, hosted in brecciated dolomitic, carbonaceous and pyritic sediments or brecciated rocks proximal to major fault/shear zones. Includes the Mount Isa copper orebodies and the Esperanza/Mammoth mineralisation.

Iron-oxide-copper-gold ("IOCG") - predominantly chalcopyrite-pyrite magnetite/hematite mineralisation within high grade metamorphic rocks of the Eastern Fold Belt. Deposits of this style include Ernest Henry, Osborne and Selwyn; and

Broken Hill type silver-lead-zinc - occur within the high-grade metamorphic rocks of the Eastern Fold Belt. Cannington is the major example, but several smaller currently sub-economic deposits are known.

· Gold is primarily found associated with copper within the IOCG deposits of the Eastern Fold Belt. However, a significant exception is noted at Tick Hill where high grade gold mineralisation was produced, between 1991 and 1995 by Carpentaria Gold Pty Ltd, some 700 000 tonnes of ore was mined at an average grade of 22.5 g/t Au, producing 15 900 kg Au. The Tick Hill deposit style is poorly understood (Withnall & Cranfield, 2013).

· Rom Resources had noted in a series of recent reports for CCZ on the granted tenures, that cover the known mineralisation styles including:

Stratabound copper mineralisation within ferruginous sandstones and siltstones of the Surprise Creek Formation.

Disseminated copper associated with trachyte dykes.

Copper-rich iron stones (possible IOCG) in E-W fault zones; and

possible Mississippi Valley Type ("MVT") stockwork sulphide mineralisation carrying anomalous copper-lead-zinc and silver.

· The Mt Oxide and Mt Gordon occurrences are thought to be breccia and replacement zones with interconnecting faults. The Mt Gordon/Mammoth deposit is hosted by brittle quartzites, and Esperanza by carbonaceous shales. Mineralisation has been related to the Isan Orogeny (1,590 - 1,500 Ma).

· Mineralisation at all deposits is primarily chalcopyrite-pyrite-chalcocite, typically as massive sulphide within breccias.

· At the Big One prospect, West Australian Metals NL described the mineralisation as (as sourced from the document " West Australian Metals NL, 1994. Drill Programme at the "Big One" Copper Deposit, North Queensland for West Australian Metals NL."):

The targeted lode / mineralised dyke is observable on the surface. The mineralisation targeted in the 1993 drilling programmed is a supergene copper mineralisation that includes malachite, azurite, cuprite, and tenorite, all associated with a NE trending fault (062o to 242o) that is intruded by a porphyry dyke.

The mineralised porphyry dyke is vertical to near vertical (85o), with the 'true width' dimensions reaching up to 7m at surface.

At least 600m in strike length, with strong Malachite staining observed along the entire strike length, with historical open pits having targeted approximately 200m of this strike. Exact depth of mining below the original ground surface is not clear in the historical documents, given the pits are not battered it is anticipated that excavations have reached 5m to 10m beneath the original ground surface.

Associated with the porphyry dyke are zones of fractured and/or sheared rock, the siltstones are described as brecciated, and sandstones around the shear as carbonaceous.

The known mineralisation from the exploration activities to date had identified shallow supergene mineralisation, with a few drillholes targeting deeper mineralisation in and around the 200m of strike historical open

A strongly altered hanging wall that contained malachite and cuprite nodules. Chalcocite mineralization has been identified but it is unclear on the prevalence of the Chalcocite; and

The mineralisation was amenable to high grade open pit mining methods of the oxide mineralization (as indicated by numerous historical open pit shallow workings into the shear zone).

· Desktop studies commissioned by CCZ and completed by ROM Resources and SRK Exploration have determined that the Big One prospect is prospective for Cuco, and Ag.

· Desktop studies commissioned by CCZ have determined the Boomerang prospect contains:

Secondary copper staining over ~800m of strike length.

Associated with a major east-west trending fault that juxtaposes the upper Surprise Creek Formation sediments against both the underlying Bigie Formation and the upper Quilalar Formation units.

· At the 'Flapjack' prospect there is the additional potential for:

Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from replacement carbonate mineralisation, particularly the Quilalar Formation ;

Thermal Gold Auroele mineralisation is a potential model due to the high silica alteration in thermal aureole with contact of A-Type Weberra Granite - related to the Au mineralisation; and/or

IOCG mineralisation related to chloride rich fluids

· At the 'Crescent' prospect there is the additional potential for:

Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from replacement carbonate mineralisation, particularly the Quilalar Formation; and/or

Thermal Gold Auroele mineralisation is a potential model due to the high silica alteration in thermal aureole with contact of A-Type Weberra Granite - related to the Au mineralisation; and

IOCG mineralisation related to potassic rich fluids.

· At the 'Arya' prospect there is the additional potential for:

Supergene mineralisation forming at the surface along the fault, fault breccia, and the Surprise Creek Formation 'PLrd' rock unit ('Prd' historical);

Epigenetic replacement mineralisation for Cu (with minor components of other base metals and gold) from replacement carbonate mineralisation, particularly the Surprise Creek Formation ;

Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from replacement carbonate mineralisation, particularly the Surprised Creek Formation;

Sulphide mineralisation within breccia zones, along stress dilation fractures, emplaced within pore spaces, voids, or in other rock fractures; and/or

IOCG mineralisation related to chloride rich fluids.

· A selection of publicly available QDEX documents / historical exploration reports have been reviewed, refer to Section 2, sub-section "Further Work" for both actions in progress and proposed future actions.

· The SRK Independent Geologists Report released by CCZ on the ASX on 28-July-2020 contains further details on the 'Geology - Deposit type, geological setting and style of mineralisation': this report is formally titled "A Competent Persons Report on the Mineral Assets of Castillo Copper Limited" Prepared as part of the Castillo Copper Limited (ASX: CCZ, LSE: CCZ) LSE Prospectus, with the effective date of the 17-July-2020.

Drill hole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· Not Applicable - no exploration results presented.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· Not Applicable - no exploration results presented.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

· Rock chip samples were taken at areas of interest from observed mineralisation along the line of lode of the mineralised dyke, secondary structures and surrounding spoil heaps.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

· For clarity and the avoidance of doubt, no recent drilling results are presented in this ASX Release for the Big One Deposit.

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· Appropriate diagrams are presented in the body and the Appendices of the current ASX Release. Where scales are absent from the diagram, grids have been included and clearly labelled to act as a scale for distance.

· Maps and Plans presented in the current ASX Release are in MGA94 Zone 54, Eastings (mN), and Northing (mN), unless clearly labelled otherwise.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

· For clarity and the avoidance of doubt, no recent drilling results are presented in this ASX Release for the Big One Deposit or the Arya Prospect.

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· Appropriate diagrams are presented in the body and the Appendices of the current ASX Release. Where scales are absent from the diagram, grids have been included and clearly labelled to act as a scale for distance.

· Rock chip samples were taken at areas of interest from observed mineralisation along the line of lode of the mineralised dyke, secondary structures and surrounding spoil heaps.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

· For clarity and the avoidance of doubt, no recent drilling results are presented in this ASX Release for the Big One Deposit or the Arya Prospect.

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

· The reader of the current ASX Release is referred to the CCZ's first publication of the geological diagrams and associated information: "Final targets completed for drilling campaigns at Arya and Big One Deposit" released on the ASX by CCZ on the 14-July-2020.

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· 'Further work' is described within the body of the ASX Release.

 

 

 

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