- CCZ has finalised arrangements with all providers and contractors for the Geological Team to mobilise to the Arya Prospect during the last week of September 2021, to commence site preparations
- Given the importance of the task at the Arya Prospect, CCZ is pleased to announce it has appointed Down Force Drilling (1), an experienced operator in providing drilling solutions in challenging environments
- To ensure drilling commences on schedule, the rig, key supporting equipment and personnel will be choppered to site for this inaugural campaign
- As outlined in CCZ’s ASX release on 10 August 2021, the primary sulphide target is the EG01 anomaly – interpreted to be approximately 130m thick, 1,500m long & 450m wide and ~100-200m below surface:
- The secondary targets, EG02 and EG10, are ~25m below surface and are interpreted to be approximately 25m thick, with dimensions of 160m by 50m and 270m by 280m respectively (2)
- Recent re-interpretation work by CCZ’s geophysicist consultant has confirmed the compelling merits for all three targets, which are drill ready (2)
- CCZ’s geology team, having liaised with the laboratory, now expect to have all assays and key interpretation work for the Big One Deposit available by next week
Castillo Copper’s Managing Director Simon Paull commented: “The Board is delighted to confirm mobilisation to the Arya Prospect during the last week of September 2021. Further, we look forward to shortly receiving the full assays and key interpretation work for the Big One Deposit. Moving forward, the Board’s goal is to concurrently progress developing the Queensland and Zambia projects, while bringing in third parties for the New South Wales assets.”
Castillo Copper Limited (“CCZ”) is pleased to confirm the drilling crew will mobilise to the Arya Prospect in the final week of September 2021, with work set to commence shortly thereafter.
ARYA PROSPECT – DRILLING CAMPAIGN ON TRACK
Having finalised arrangements with all key stakeholders, CCZ is pleased to confirm the drilling crew will mobilise to the Arya Prospect during the last week of September 2021. Moreover, to ensure the campaign gets underway on schedule, the rig and supporting equipment will be choppered to site.
Further, given the importance of this campaign, CCZ has appointed Down Force Drilling – an experienced operator in the Mt Isa copper-belt – as the lead drilling contractor (1).
To re-cap, the primary sulphide target is the EG01 anomaly, which is interpreted to be approximately 130m thick, 1,500m long and 450m wide and ~100-200m below surface. Meanwhile, the secondary targets, EG02 and EG10, are ~25m below surface and interpreted to be approximately 25m thick, with dimensions at ~160m by 50m and ~270m by 280m respectively2 (Figure 1).
Incrementally, recent re-interpretation work by CCZ’s geophysicist consultant has confirmed that all three targets – EG01, EG02 and EG10 – deliver significant exploration potential (2).
FIGURE 1: EG01, EG02 & EG10 – ARYA PROSPECT
BIG ONE DEPOSIT ASSAYS & INTERPRETATIONS
CCZ’s geology team have followed up with the laboratory and now expect the assays for the Big One Deposit, coupled with their interpretations, to be available next week.
CHANGE TO MANAGING DIRECTOR’S REMUNERATION
Following a review and update by the Board, CCZ advises changes to the remuneration package of Managing Director, Mr Simon Paull. The Board now believes Mr Paull’s remuneration package is in line with comparable roles and is a reflection of his performance over the past 12 months.
In accordance with ASX Listing Rule 3.16.4, the new terms of Mr Paull‘s remuneration package are as follows:
- Title: Managing Director
- Effective Date: 1 July 2021
- Director’s fee: A$60,000 inclusive of superannuation
- Consultancy/ Management fee: A$150,000 inclusive of superannuation
All other terms of Mr Paull’s employment contract remain unchanged.
Next steps
In Queensland, the following is set to take place over the coming weeks:
- Commencement of drilling at the Arya Prospect, as all key service providers will deploy to site during the final week of September 2021; and
- Return of all Big One Deposit assays from the laboratory which will enable the geology team to interpret the results then formulate the next drilling campaign.
There are several ongoing steps for the Zambia operations, including:
- Complete the IP survey at the Luanshya and 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
- Downforce Drilling DDH1 – Available at: https://downforcedrilling.com.au
- CCZ ASX Release – 10 August 2021