Castillo identifies standout mineralisation at Broken Hill
Castillo Copper Limited (ASX:CCZ) has informed the market that it will progress its planning for a drilling campaign at its Broken Hill tenure, which will focus on the highly prospective ‘Area 1’.
The decision comes in the wake of fresh assay results from the site, which in combination with legacy data confirmed high-grade cobalt mineralisation at surface within the Himalaya formation.
Initial field trip – new findings
During a field trip that was announced on June 28, CCZ’s geology team collected rock-chip samples from outcropping Himalaya formation within ‘Area 1’.
Upon laboratory analysis, new elevated results of up to 291ppm cobalt were confirmed, a clear indicator of underlying mineralisation.
This result was a key driver behind the company’s decision to prioritise a drilling program at ‘Area 1’ (as seen below), which intends to gather sufficient geological data to model a JORC (2012) compliant Inferred Resource.
Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.
Field team mobilised
Following receipt of the new cobalt assay results, CCZ will redeploy its field team to the site to complete exploration work.
The field team intends to:
- Extensively sample the outcropping Himalaya formation in Area 1
- Structurally map the outcropping Himalaya formation in Area 1
- Review historical copper workings within the tenement, and
- Commence the ‘control’ soil sampling program to establish a baseline for future sampling programs
It is believed upon completion of the above, the geology team will design a maiden exploration drilling program to intersect prospective mineralisation at depth.
Secondary mineralisation potential
In addition, CCZ has noted that zinc-lead-copper potential is currently being targeted as a secondary focus within ‘Area 1’.
Historical geochemical assay results of up to 5,300ppm zinc, 12,800ppm petabyte and 2,900ppm copper have been confirmed within the southern portion of ‘Area 1’.
Outside the tenement and interpreted to strike along the same trend of mineralisation, results of up to 126,000ppm petabyte and 73,910ppm zinc show the project’s upside potential (below).
To the north of the tenement, results of up to 34,600ppm petabyte and 31,400ppm zinc have been recorded.
The region is in close proximity to the Broken Hill group which includes the Allendale metasediments, Ettlewood Calc Silicate Member, Hores Gneiss, Parnell Foundation and Silver King Metadolerites.
Upon completion of reviewing ‘Area 1’, the geology team will turn its attention to reviewing the Broken Hill project for its secondary mineralisation potential. As the project is still largely underexplored and the correct host lithologies are present for traditional Broken Hill style mineralisation, the northern part of the tenement boasts significant upside.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.