FIGURE 1: SURFACE LITHIUM OCCURRENCES, PICASSO PROJECT
- Preliminary due diligence by CCZ’s geology team has verified assay results from historical geochemical sampling, undertaken Anglo Gold (1), across the Picasso Lithium Project and adjacent tenure, detected multiple elevated lithium surface readings (Figure 1):
- The surface occurrences aligned with pegmatite outcropping mapped by the Geological Society of Western Australia (GSWA) confirmed 69 mapped pegmatites (2).
- A preliminary site visit by a geological consultant, organised by the Vendor Group, took numerous photographs of pegmatite outcropping and collected over 30 samples from within the tenure (east quadrant) which have been sent to the laboratory for analysis
- The geologically consultant noted there was multiple occurrences of pegmatite outcropping within the tenure, with the potential to host lithium mineralisation, providing numerous targets for integrated exploration
- The Picasso Lithium Project is accessible via the Evre Highway and proximal to Liontown Resources’ (ASX: LTR) Buldania Project (Appendix A) which has a JORC compliant resource at 14.9Mt @ 0.97% Li2O (3)
Castillo Copper’s Managing Director Simon Paull commented: “Straight out of the gates, the preliminary due diligence has hit a high note at the Picasso Project, with multiple historical surface occurrences being confirmed and photographic evidence there is significant pegmatite outcropping with the potential to host lithium mineralisation. The Board is delighted with these initial findings and looks forward to receiving the assays results back from the laboratory.”
Castillo Copper Limited’s (“CCZ”) Board is delighted to announce that preliminary due diligence on the Picasso Lithium Project, near Norseman in Western Australia, has verified multiple lithium surface occurrences across the tenure that align with pegmatite outcropping (Figure 1). In addition, a site visit by a geological consultant (arranged by the Vendor Group) took numerous photographs of pegmatite outcropping that has the potential to host lithium mineralisation (Figure 2 – selection).
FIGURE 2: PEGMATITE OUTCROPPING AT PICASSO LITHIUM PROJECT
PRELIMINARY DUE DILIGENCE
Historical reports
A review of historical exploration reports prepared by Anglo Gold (1) in 2010, verified there were significant elevated lithium occurrences across the tenure which aligned with GSWA (2) 69 mapped pegmatites (Figure 3). At the time, the focus of Anglo Gold’s exploration efforts were on gold mineralisation.
FIGURE 3: MAPPED PEGMATITES WITHIN/EXTERNAL TO PICASSO LITHIUM PROJECT
Site visit
The Vendor Group organised a geological consultant to visit the Picasso Lithium Project, focusing mostly on the eastern part of the tenure, to assess the potential for lithium mineralisation. As shown in Figure 2 above, the geological consultant verified the presence of numerous outcropping pegmatites, noted the potential for these to host lithium mineralisation and highlighted there were numerous targets for integrated exploration.
Further, the geological consultant collected 33 samples from within the Picasso tenure comprising two soils, one stream sediment and 30 rock-chips – these have been sent to the laboratory for follow up analysis. The sampling predominantly targeted areas where granite and pegmatite outcrops were exposed.
Next steps
For the lithium projects, the initial focus will be on the following areas:
- Ongoing due diligence on the Picasso and Litchfield Lithium Projects, including return of assay results for surface sampling campaigns.
In Queensland, the following is set to take place over the coming weeks:
- Big One Deposit assay results; and
- Commencement of drilling at the Arya Prospect.
There are several ongoing steps for the Zambia operations, including:
- Complete the IP survey at the Luanshya & Mkushi Projects then analyse the results for incremental targets for test-drilling; and
- Commence work on the inaugural drilling campaign for the Luanshya Project.
References
- Anglo Gold Ashanti Australia. (2011). Government of Western Australia. Retrieved from Department of Mines, Industry,Regulation and Safety: http://geodocs.dmp.wa.gov.au/search.jsp?Report_Ref=A92239&cabinetId=2301
- Satellite imagery from Geological Survey of Western Australia. Available at: https://www.dmp.wa.gov.au/GeologicalSurvey/Geological-Survey-262.aspx
- LTR ASX Release – 2 August 2021 and CCZ ASX Release – 29 September 2021