Castillo Copper Limited (ASX: CCZ) has verified high-grade copper and sited gold following detailed field analysis at site and on the 24 rock-chip samples collected from historic workings at the Big One Deposit, within the Mt Oxide Project in Queensland.
Managing Director, Simon Paull, said the company’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 funds or prevailing downturn in copper prices at the time, the mineralised ore was never sent for processing.
Mr Paull said that 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).
Insights from the field analysis is very encouraging, especially verification there is potentially wide-spread high-grade copper mineralisation across the strike event at the Big One Deposit,” Mr Paull said.
“Further, subject to assay confirmation there is coincident gold mineralisation, the Big One Deposit clearly has the potential to generate significant value for stakeholders.”
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.