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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Castillo Copper Limited    CCZ   AU000000CCZ2

CASTILLO COPPER LIMITED

(CCZ)
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News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Castillo Copper : Mt Oxide - Flapjack Prospect - Large IOCG Target Identified

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05/19/2020 | 06:43pm EDT

CASTILLO COPPER

LIMITED

ASX Release

20 May 2020

CASTILLO COPPER

LIMITED

ACN 137 606 476

Level 26

140 St Georges Terrace

Perth WA, 6000

Australia

Tel: +61 8 6558 0886

Fax: +61 8 6316 3337

Contact:

Simon Paull

Managing Director

E-mail:

info@castillocopper.com

For the latest news:

www.castillocopper.com

Directors / Officers:

Rob Scott

Simon Paull

Gerrard Hall

Issued Capital:

825.2 million shares

245.5 million options

93.7 million performance shares

ASX Symbol:

CCZ

Large mineralised system, with IOCG targets,

identified at Mt Oxide pillar

  1. Detailed work on Flapjack (an IOCG target), within the Mt Oxide pillar, has interpreted it to be part of a larger mineralised system that comprises the Crescent1 (IOCG) and Johnnies2 (shear- hosted copper/supergene ore) prospects
  1. This is a significant development which further enhances the exploration upside and potential scale for the Mt Oxide pillar
  1. Flapjack, which is within a zone of structurally controlled ENE trending haematitic-quartz veins, is on a circa 10km alteration trend that follows fault lines that closely passes Johnnies2 then connects with the IOCG target zone in the Crescent prospect1
  1. Historic reports3 on the Flapjack prospect verify the presence of gold within the haematitic-quartz veins and a distinct chlorite alternation which is a potential indicator for IOCG mineralisation
  1. Encouragingly, high-grade surface assays for coincident gold- copper occurrences provide further support to the presence of potential IOCG mineralisation:
    • Rock chip: up to 1.37ppm Au and 606ppm Cu3
    • Stream sediment: up to 820ppb Au and 50ppm Cu3
    • Soil: up to 81ppb Au and 292ppm Cu3
  1. Around 600m south-west of Flapjack's soil-grid is a 250m by 150m sub-surface anomaly, discovered by an aeromagnetic GEOTEM survey and on the fault line, which is a future primary drill target, subject to follow up field work verification3
  1. While the current focus is progressing the Big One Deposit and the Arya prospect drilling campaign, discovering a large mineralised system, comprising Flapjack, Crescent and Johnnies, will generate a significant number of future drill targets

***

Castillo Copper's Managing Director Simon Paull commented: "As we wind up the current geological review on the eight prospects across the Mt Oxide pillar, we continue to be surprised to the upside by the findings. Having

  1. large relatively under-explored mineralised system, comprising three prospects that are known IOCG and shear-hosted copper targets, still leaves plenty of work ahead to extend these areas materially. Our teams are now working at a rapid pace to secure the necessary approvals to commence drilling at the Arya prospect and Big One Deposit."

Castillo Copper Limited ("CCZ") is delighted to announce a large mineralised system has been identified at the Mt Oxide pillar which captures the Flapjack, Crescent and Johnnies prospects.

LARGE MINERALISED SYSTEM

A closer review of the Flapjack prospect has verified it is within a zone of structurally controlled ENE trending haematitic-quartz veins. More significantly, based on interpretations by CCZ's independent geology consultant (through analysing historic geophysics and geochemical data3), the Flapjack and Crescent prospects, which are circa 6km apart, are on the same fault system (Figure 1).

This is a significant finding as the Flapjack and Crescent prospects are both prospective IOCG targets. Further work, specifically targeting the trajectory of this fault, will be required to determine the extent and scale of prospective IOCG mineralisation, allowing test-drill targets to be formulated.

Incrementally, factoring in Johnnies, a shear-hosted copper / supergene ore target, proximity to the fault line, there is anecdotal evidence all three prospects are sub-components of a larger mineralised system. Holistically, this significantly enhances Mt Oxide pillar's exploration upside, especially IOCG potential, through providing further targets to investigate along the prospective mineralised trend.

FIGURE 1: FAULT INTERPRETATION LINKING FLAPJACK & CRESCET PROSPECTS

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

2

For the Flapjack prospect specifically, historic geology reports3 confirm the presence of haematitic-quartz veins laced with gold and a distinct chlorite alteration which is an indicator for prospective IOCG mineralisation.

More specifically, high-grade surface assay results for coincident gold-copper occurrences highlight key evidence supportive for IOCG mineralisation including:

o Stream sediment: up to 820ppb Au, 50ppm Cu, 57ppm Pb & 374ppm Zn3;

o Soil: up to 81ppb Au, 292ppm Cu, 212ppm Pb & 803ppm Zn3; and

o Rock chip: up to 1.37ppm Au, 606ppm Cu, 981ppm Pb & 463ppm Zn3.

In 1992, a previous historic tenure holder conducted an aeromagnetic GEOTEM survey which identified a sub-surface magnetic anomaly circa 250m by 150m. Notably, the anomaly - called PC13 - is 600m southwest of the main soil grid within the Flapjack prospect1.

A follow up field trip is necessary to conduct incremental soil sampling above PC13, which is on the southern edge of the trendline that is interpreted to connect the Flapjack and Crescent prospects, to reconcile its suitability as a future primary drill target.

FIGURE 2: SUB-SURFACE ANOMALY "PC13" RELATIVE TO FLAPJACK SOIL GRID

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

Figures 3-6 below are Isopach contour maps for the Flapjack prospect comprising gold-copper-lead-zinc readings. These highlight the concentration and surface mineralisation trends from the soil data based on gold - the dimensions reach circa 800m ENE by 300m NNW (refer to Appendix B for further information). The historic exploration3 at Flapjack could have followed the ENE mineralisation to the east or west, particularly for anomalous gold. Incrementally, it is unclear why the magnetic anomaly that initially identified near surface conductivity at Flapjack, PC13, did not undergo surface sampling.

Meanwhile, replacement carbonate mineralisation within the Quilalar Formation appears to explain the occurrence of elevated zinc-lead at the Flapjack prospect.

3

FIGURE 3: FLAPJACK - ASSAYED GOLD SOIL SAMPLE ISOPACH

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

FIGURE 4: FLAPJACK - ASSAYED COPPER SOIL SAMPLE ISOPACH

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

4

FIGURE 5: FLAPJACK - ASSAYED ZINC SOIL SAMPLE ISOPACH

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

FIGURE 6: CRESCENT - ASSAYED LEAD SOIL SAMPLE ISOPACH

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

5

To recap, CCZ commissioned an independent geology consultant to review all eight prospects at the Mt Oxide pillar (refer Appendix A), as they can potentially deliver high-grade, near surface deposits that could be suitable for multiple open-pit operations. So far, there has been adequate historic geochemical and geophysics data3 to determine preliminary test-drill targets.

This release continues the review that is drilling down into target areas across the Mt Oxide pillar.

FIGURE 7: MINERALISATION SUMMARY FOR THE MT OXIDE PILLAR PROSPECTS

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

Arya

Sizeable massive sulphide anomaly with IOCG 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*

Source: CCZ geology team (* Refer ASX Releases - 14 January, 10 & 19 February 2020)

Next steps

The geology team are working towards securing necessary approvals to commence drilling operations at targets within the Arya prospect and Big One Deposit.

For and on behalf of Castillo Copper

Simon Paull

Managing Director

6

ABOUT CASTILLO COPPER

Castillo Copper Limited (ASX: CCZ) is a base metal explorer primarily focused on copper then zinc & nickel.

The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by three core pillars:

  1. Pillar I: The Mt Oxide project in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in

a copper-rich region.

  1. Pillar II: Four high-quality prospective assets across Zambia's copper-belt which is the second largest copper producer in Africa.
  1. Pillar III: Cangai Copper Mine in northern New South Wales, which is one of Australia's highest grading historic copper mines.

In addition, Castillo Copper is progressing a dual listing on the Standard Board of the London Stock Exchange.

References

  1. CCZ ASX Release - 28 April 2020
  2. CCZ ASX Release - 6 April 2020
  3. Mount Isa Mines ("MIM") Exploration Reports 1993-98 which comprise:
    1. M.I.M Exploration Pty Ltd, 1998. Exploration Permit for Minerals No. 7804 "Fiery Creek" Queensland. Final Report. QDEX
      Report number: 30006.
    2. M.I.M Exploration Pty Ltd, 1996. Exploration Permit for Minerals No. 7676 "Pandanus Creek", Queensland. Final Report. QDEX Report number: 27982.
    3. M.I.M Exploration Pty Ltd, 1994. Exploration Permit for Minerals Nos. 7676 "Pandanus Creek", and 7804 "Fiery Creek".
      Annual Report for the 12 months ended February 25, 1994. QDEX Report number: 25492.
    4. M.I.M Exploration Pty Ltd, 1993. Exploration Permit for Minerals Nos. 7676 "Pandanus Creek", and 7804 "Fiery Creek".
      Annual Report for the 12 months ended February 25, 1993. QDEX Report number: 24522.
    5. M.I.M Exploration Pty Ltd, 1993. Exploration Permit for Minerals Nos. 7448 "Lagoon Creek". Second Annual Report 18 May 1991 to 17 May 1992, Queensland Australia. QDEX Report number: 24523.

Competent Person Statement

The information in this report that relates to Exploration Results for the Mt Oxide pillar Crescent 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 Nicholas Ryan, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Nicholas Ryan is Consultant Resource Geologist employed by Xplore Resources Pty Ltd. Mr Ryan has been a Member of the Australian Institute of Mining and Metallurgy for 14 years and is a Chartered Professional (Geology). Mr Ryan is employed by Xplore Resources Pty Ltd. Mr Ryan 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 Ryan consents to the inclusion in the report of the matters based on his information and the form and context in which it appears.

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

7

APPENDIX A: MT OXIDE PILLAR

Source: CCZ ASX Release - 14 January 2020 & CCZ geology team

8

APPENDIX B: FLAPJACK - GOLD-COPPER-ZINC-LEAD SURFACE MINERALISATION PLANS

FIGURE B1: GOLD ROCK CHIP DATA

Source: Xplore Resources (for data sources refer Reference 1 & Appendix C)

FIGURE B2: GOLD SOIL THEMATICS

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

9

FIGURE B3: GOLD STREAM SEDIMENT DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B4: COPPER ROCK CHIP DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

10

FIGURE B5: COPPER SOIL THEMATICS

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B6: COPPER STREAM SEDIMENT DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

11

FIGURE B7: ZINC ROCK CHIP DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B8: ZINC SOIL THEMATICS

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

12

FIGURE B9: ZINC STREAM SEDIMENT DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B10: LEAD ROCK CHIP DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

13

FIGURE B11: LEAD SOIL THEMATICS

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B12: LEAD STREAM SEDIMENT DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

14

FIGURE B13: ROCK CHIP ASSAY DATA*

SAMPLE

EASTING (mE)

NORTHING (mN)

Cu (ppm)

Pb (ppm)

Zn (ppm)

Au (ppm)

MGA94 zone 54

MGA94 zone 54

QQ86385

333397

7894022

8

BDL

21

0.009

QQ86386

333342

7893982

18

28

17

0.002

QQ86387

333172

7893772

12

5

78

0.004

QQ86427

333332

7893772

5

12

55

0.01

QQ86428

333287

7893772

606

404

128

0.015

QQ86431

333172

7893822

3

139

463

0.002

QQ86432

333197

7893822

3

9

44

0.001

QQ86433

333157

7893772

6

95

111

0.046

QQ86434

333137

7893747

4

69

160

0.001

QQ86435

333122

7893672

9

21

58

1.37

QQ86436

333212

7893602

16

6

168

0.001

QQ86437

333197

7893582

15

15

24

0.365

QQ86438

333222

7893572

8

BDL

19

0.002

QQ86439

333122

7893572

48

5

159

0.011

QQ86440

333122

7893647

5

5

46

0.07

QQ86441

333172

7893672

10

156

237

0.005

QQ86442

333162

7893697

2

14

121

0.001

QQ86443

333082

7893697

BDL

9

121

0.001

QQ86444

333147

7893712

2

BDL

37

0.001

QQ86445

333172

7893622

9

BDL

45

0.371

QQ86446

333247

7893582

9

BDL

15

0.001

QQ86447

333347

7893822

BDL

9

88

0.001

QQ86448

333322

7893822

3

9

207

0.001

QQ86449

333372

7893872

4

11

101

BDL

QQ86450

333372

7893832

2

19

296

0.001

QQ86451

333322

7893722

2

BDL

66

BDL

QQ86452

333497

7893722

41

9

134

BDL

QQ86455

333457

7893722

6

6

49

0.008

15

SAMPLE

EASTING (mE)

NORTHING (mN)

Cu (ppm)

Pb (ppm)

Zn (ppm)

Au (ppm)

MGA94 zone 54

MGA94 zone 54

QQ086455

333457

7893722

6

6

49

0.008

QQ098444

333317

7893757

71

12

23

0.165

QQ097811

333465

7894161

BDL

BDL

BDL

Not Tested

QQ097916

333530

7894203

21

18

63

BDL

QQ 98427

333437

7893854

6

6

9

0.002

QQ 98428

333462

7893780

27

31

79

0.007

QQ 98429

333462

7893722

49

12

52

0.009

QQ 98430

333567

7893791

11

157

321

0.001

QQ 98431

333608

7893840

3

53

213

BDL

QQ 98432

333315

7893708

85

981

56

0.007

QQ 98433

333459

7893994

23

22

99

0.001

QQ97664

333490

7893969

22

3

9

0.021

QQ97809

332889

7894338

52

3

99

BDL

QQ97810

333492

7894130

46

3

19

BDL

  • = Source: Compiled by Xplore Resources (for data sources refer Reference 1 and Appendix C for further information) Note: (1) BDL = Below Detectable Limit (testing at Analabs Townsville)
    Note: (2) NT = Not Tested for a repeat gold (Au ppb) at ALS

16

APPENDIX C: JORC Code, 2012 Edition - Table 1 - M.I.M. Exploration Pty Ltd Surface Sampling Summary

Primary source of information and data are QDEX reports, the five (5) QDEX reports that were reviewed for this ASX Release and the accompanying JORC Code

(2012) Table 1 are:

  1. M.I.M Exploration Pty Ltd, 1998. Exploration Permit for Minerals No. 7804 "Fiery Creek" Queensland. Final Report. QDEX Report number: 30006.
  2. M.I.M Exploration Pty Ltd, 1996. Exploration Permit for Minerals No. 7676 "Pandanus Creek", Queensland. Final Report. QDEX Report number:
    27982.
  3. M.I.M Exploration Pty Ltd, 1994. Exploration Permit for Minerals Nos. 7676 "Pandanus Creek", and 7804 "Fiery Creek". Annual Report for the 12 months ended February 25, 1994. QDEX Report number: 25492.
  4. M.I.M Exploration Pty Ltd, 1993. Exploration Permit for Minerals Nos. 7676 "Pandanus Creek", and 7804 "Fiery Creek". Annual Report for the 12 months ended February 25, 1993. QDEX Report number: 24522.
  5. M.I.M Exploration Pty Ltd, 1993. Exploration Permit for Minerals Nos. 7448 "Lagoon Creek". Second Annual Report 18 May 1991 to 17 May 1992,
    Queensland Australia. QDEX Report number: 24523.

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling

Nature and quality of sampling (e.g. cut channels, random

Three (3) surface sampling methods were described in the

techniques

chips, or specific specialised industry standard measurement

current ASX Release, these are:

tools appropriate to the minerals under investigation, such as

o

Soil Samples - Flapjack soil samples were taken on

down hole gamma sondes, or handheld XRF instruments, etc).

multiple grid spacings, with a final 'coarse scale grid' of

These examples should not be taken as limiting the broad

approx. 200m by 25m grid, to final 'fine scale grid' of

meaning of sampling.

approx. 50m by 25m grid. In some portions the grid

Include reference to measures taken to ensure sample

pattern was by either DGPS navigation or set out using a

representivity and the appropriate calibration of any

Theodolite. Samples were collected in the minus 80#

measurement tools or systems used.

fraction and analysed for a standard suite of elements.

Aspects of the determination of mineralisation that are Material

o

Stream Sediment Samples - were collected from

to the Public Report.

practically accessible locations, across active sections of

In cases where 'industry standard' work has been done this

the stream/drainage channels gravel beds. Sieving the

would be relatively simple (e.g. 'reverse circulation drilling was

field to -2mm fraction was conducted to obtain a ~2kg

used to obtain 1 m samples from which 3 kg was pulverised to

sample of stream sediment material.

produce a 30 g charge for fire assay'). In other cases more

o Rock Chip Samples - were collected from approximately

explanation may be required, such as where there is coarse

a 3m radius around the recorded co-ordinate location.

gold that has inherent sampling problems. Unusual

The rock chip fragments that were collected to make up

commodities or mineralisation types (e.g. submarine nodules)

may warrant disclosure of detailed information.

the sample included fragments that approximately

ranged from 2-5cm.

17

Sub-sampling occurred as described in the section 'Sub-sampling

techniques and sample preparation' in Section 1 of the current

Table 1.

The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

completed in order to geologically model and then estimate a

mineral resource.

Drilling

Drill type (e.g. core, reverse circulation, open-hole hammer,

Not Applicable - no Drilling results are discussed in this ASX

techniques

rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core

Release.

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).

Drill sample

Method of recording and assessing core and chip sample

Not Applicable - no Drilling results are discussed in this ASX

recovery

recoveries and results assessed.

Release.

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.

Logging

Whether core and chip samples have been geologically and

The records for surface sampling are shown in the Appendices of

geotechnically logged to a level of detail to support appropriate

each relevant MIM historical QDEX report as .dat files.

Mineral Resource estimation, mining studies and metallurgical

Typically for surface samples there were brief descriptions of the

studies.

lithology etc is recorded within sample ledgers/registers.

Whether logging is qualitative or quantitative in nature. Core (or

The surface sample results described in this ASX Release are

costean, channel, etc) photography.

suitable for

the reporting 'exploration results'

for mineral

The total length and percentage of the relevant intersections

prospectivity,

additional exploration work would

have to be

logged.

completed in order to geologically model and then estimate a

mineral resource.

Sub-

If core, whether cut or sawn and whether quarter, half or all

Sub-sampling occurred in the field for soil samples where a 2kg

sampling

core taken.

sample was taken for analysis.

techniques

If non-core, whether riffled, tube sampled, rotary split, etc and

The recovered samples for soil, and stream were predominantly

and sample

whether sampled wet or dry.

dry.

preparation

For all sample types, the nature, quality and appropriateness of

The surface sample results described in this ASX Release are

the sample preparation technique.

suitable for

the reporting 'exploration results'

for mineral

Quality control procedures adopted for all sub-sampling stages

18

to maximise representivity of samples.

prospectivity, additional exploration work would have to be

Measures taken to ensure that the sampling is representative

completed in order to geologically model and then estimate a

of the in situ material collected, including for instance results for

mineral resource.

field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the

material being sampled.

Quality of

The nature, quality and appropriateness of the assaying and

Drainage samples were collected, where practical, from active

assay data

laboratory procedures used and whether the technique is

gravel beds across the section of the stream. Sieving in the field

and

considered partial or total.

to - 2mm was carried out and approximately 2kg of material was

laboratory

For geophysical tools, spectrometers, handheld XRF

submitted to Analabs Townsville for analysis.

tests

instruments, etc, the parameters used in determining the

The samples were then dried and sieved to -80# (or -180µm) and

analysis including instrument make and model, reading times,

a small aliquot was then taken and analysed for base metals by

calibrations factors applied and their derivation, etc.

method GA 140. This method comprises of a mix acid digest with

Nature of quality control procedures adopted (e.g. standards,

AAS (Atomic Absorption Spectroscopic) finish.

blanks, duplicates, external laboratory checks) and whether

Elements analysed by this method were Cu, Pb, Zn, Fe, Mn, Co,

acceptable levels of accuracy (i.e. lack of bias) and precision

Ag, Ni, Mo and Cd. Not all batched, however, were analysed for

have been established.

all elements.

Gold was assessed by sampling techniques in the field then

assayed by method GI 142 which is a cyanidation technique (BCL

or Bulk Cyanide Leach) bottle roll which had detection limits as

low as 0.05 ppb Au.

Rock chips were collected by taking a series of chips

approximately 2 to 5cm in diameter across approx. a 3m radius

of the outcrop being sampled. The sample was then crushed and

analysed for a base metal suite by method GA 140.

Rock chips analysed for gold were done by suite GG 326

comprising of a 30 gram charged fire assay fusion with carbon

rod finish with detection limits down to 0.001 ppm Au. Some

indicator element and whole rock analysis was undertaken by

ICP-MS at Analabs.

The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

completed in order to geologically model and then estimate a

mineral resource.

The Analabs analytical methods changed from March 1994, yet

19

the same collection method appears to be comparable to earlier

years:

March 1994 - Jan 1996 (cr_27982) Analabs Assay methods

employed for rock chip, soil, and stream sediment were:

o Method GI 142 (ICP) for elements Cu, Pb, Zn, Fe, Mn, Co,

P, & As;

o Method GX401 (pressed powder XRF trace

determination) for Ba; and

o Method GG334 (aqua regia with carbon rod finish) for

Au.

Detection limits across any year were suitable for detecting

'Trace Elements'. 'Ore grade' testing occurred when either,

visible base metal minerals were present and/or were Cu, Pb, or

Zn, exceeded 10,000ppm of the respective element.

The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

completed in order to geologically model and then estimate a

mineral resource.

Verification

The verification of significant intersections by either

Independent verification of surface samples had been completed

of sampling

independent or alternative company personnel.

for selected gold assay values.

and

The use of twinned holes.

Analabs Townsville Assays checked against ALS Townsville Assays

assaying

Documentation of primary data, data entry procedures, data

when high Au values were returned for stream sediment

verification, data storage (physical and electronic) protocols.

samples. The two sets of assay results generally showed an

Discuss any adjustment to assay data.

acceptable correlation, and this matched observations

historically reported by MIIM.

The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

completed in order to geologically model and then estimate a

mineral resource.

Location of

Accuracy and quality of surveys used to locate drill holes (collar

Flapjack soil samples were taken on multiple grid spacings, with

data points

and down-hole surveys), trenches, mine workings and other

a final 'coarse scale grid' of approx. 200m by 25m grid, to final

locations used in Mineral Resource estimation.

'fine scale grid' of approx. 50m by 25m grid. One soil sample

Specification of the grid system used.

dataset had the sample locations digitised from a map, with the

Quality and adequacy of topographic control.

assay values contained in a .dat file.

In some portions the grid pattern was by either DGPS navigation

20

or set out using a Theodolite. Samples were collected in the

minus 80# fraction and analysed for a standard suite of elements.

For rock chip samples, and stream sediment samples, positions

were recorded by handheld GPS with areas highlighting

anomalies sometimes returned to for additional sampling and

locations checked by handheld GPS.

Locational Data was recorded in local grid and/or AMG84 zone

54 Easting (mE) and Northing (mN). There was no topographical

control used for locations.

The Flapjack location dataset as a whole is anticipated on average

to have a +/-20m horizontal level of accuracy in sample locations

and range up to a +/-15m of accuracy in sample locations for

vertical accuracy, for all files with the exception of the digitised

soil sample locations are assumed to have a horizontal accuracy

of +/- 35m.

Surface sample and assay data had been prepared and compiled

into MapINFO 2019 (64 bit - Release Build 58: 12345.67), any

translation of co-ordinate data utilised the Discover package, an

add on to MapINFO.

The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

completed in order to geologically model and then estimate a

mineral resource.

Data

Data spacing for reporting of Exploration Results.

Flapjack Soil samples initially covered a grid, with lines that were

spacing

Whether the data spacing and distribution is sufficient to

spaced that approximately 200m apart east-west, and 25m,

and

establish the degree of geological and grade continuity

which was refined in locations to approximately 50m by 25m (or

distribution

appropriate for the Mineral Resource and Ore Reserve

less). The soil sample data spacing is considered appropriate for

estimation procedure(s) and classifications applied.

defining grade and trend of the base metal assay values for Zn,

Whether sample compositing has been applied.

Pb, & Cu, and for Gold (Au).

Flapjack rock chip and stream sediment samples were taken at

areas of interest and not confined by gridding.

There was no sample composing applied to surface samples

collected for Flapjack.

The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

21

completed in order to geologically model and then estimate a

mineral resource.

Orientation

Whether the orientation of sampling achieves unbiased

For 'Flapjack' rock chips and stream sediment samples, there was

of data in

sampling of possible structures and the extent to which this is

no fixed orientation as these methods were used in the first

relation to

known, considering the deposit type.

instance to define distinct areas of anomalisms.

geological

If the relationship between the drilling orientation and the

For soil samples at specific localities, the grid was often oriented

structure

orientation of key mineralised structures is considered to have

to cover the approximate trend of the anomalism(s) highlighted

introduced a sampling bias, this should be assessed and

from earlier regional soil sampling and/or rock chip sampling.

reported if material.

The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

completed in order to geologically model and then estimate a

mineral resource.

Sample

The measures taken to ensure sample security.

There is no record of sample security methods were employed in

security

the field or by transport to the laboratory and measures taken in

the laboratory by earlier explorers.

Given the provenance of the data from a large mining entity and

the remoteness of the location, historical sample security is

deemed adequate for the reporting of surface assay grades and

trends.

The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

completed in order to geologically model and then estimate a

mineral resource.

Audits or

The results of any audits or reviews of sampling techniques

To date there are no known external audits or review reports

reviews

and data.

completed of the sample techniques and resultant data

generated from the historical research of earlier explorers'

records.

Section 2 Reporting of Exploration Results

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

Criteria

JORC Code explanation

Commentary

22

Mineral

Type, reference name/number, location and ownership

The following mineral tenures are held 100% by subsidiaries of

tenement

including agreements or material issues with third parties such

Castillo Copper Limited, totalling an area of approximately 961km2

and land

as joint ventures, partnerships, overriding royalties, native title

in the "Mt Oxide project":

tenure

interests, historical sites, wilderness or national park and

o EPM 26574 (Valprasia North) - encompasses the Big One

status

environmental settings.

historical mineral resource, Holder Total Minerals Pty Ltd,

The security of the tenure held at the time of reporting along

Granted 12-June-2018 for a 5 year period over 100 sub-

with any known impediments to obtaining a licence to operate

blocks (323.3Km2), Expires 11-June-2023.

in the area.

o

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.

o

EPM 26525 (Hill of Grace) - encompasses the Arya

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.

o 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

o EPMA 27440 (The Wall) - An application lodged on the 12-

Dec-2019 over 70 sub-blocks (~215Km2) by Castillo

Copper Limited.

Exploration

Acknowledgment and appraisal of exploration by other parties.

A selection of historical QDEX / mineral exploration reports have

done by

been reviewed for historical tenures that cover or partially cover

other

the Project Area in this announcement. Federal and State

parties

Government reports supplement the historical mineral

exploration reporting (QDEX open file exploration records).

Most explorers were searching for Cu-Au-U and/or Pb-Zn-Ag, 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

23

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.

The five (5) historical exploration reports generated by MIM that

contributed information and data to this ASX Release are detailed

in the Appendix C preamble to the JORC 2012 Code Table 1.

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):

o West Australian Metals NL, 1994. Drill Programme at the

"Big One" Copper Deposit, North Queensland for West

Australian Metals NL.

o Wilson, D., 2011. 'Big One' Copper Mine Lease 5481

Memorandum - dated 7 May 2011.

o Wilson, D., 2015. 'Big One' Mining Lease Memorandum -

dated 25 May 2015: and

o Csar, M, 1996. Big One & Mt Storm Copper Deposits.

Unpublished field report.

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

24

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).

  1. 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;
  1. 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.

  1. 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

    1. 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:
    1. Stratabound copper mineralisation within ferruginous sandstones and siltstones of the Surprise Creek Formation.

25

  1. Disseminated copper associated with trachyte dykes.
  1. Copper-richiron stones (possible IOCG) in E-W fault zones; and
    1. 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."):
    1. 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.

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

at surface.

  1. 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.
  1. 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

26

carbonaceous.

  1. 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
  1. 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
    1. 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:
    1. Secondary copper staining over ~800m of strike length.
    1. Associated with a major east-west trending fault that juxtaposes the upper Suprise Creek Formation sediments against both the underlying Bigie Formation and the upper Quilalar Formation units.

27

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

o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from

replacement carbonate mineralisation, particularly the

Quilalar Formation;

o Thermal Gold Aurole 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

o IOCG mineralisation related to chloride rich fluids.

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

o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from

replacement carbonate mineralisation, particularly the

Quilalar Formation; and

o Thermal Gold Aurole 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

o IOCG mineralisation related to potassic rich fluids.

All 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.

Drill hole

A summary of all information material to the understanding of

Not Applicable - no Drilling results are discussed in this ASX

Information

the exploration results including a tabulation of the following

Release.

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

28

Person should clearly explain why this is the case.

Data

In reporting Exploration Results, weighting averaging

No data aggregation methods are utilised in the current ASX

aggregatio

techniques, maximum and/or minimum grade truncations (e.g.

Release, due to the fact that the sampling types are surface

n methods

cutting of high grades) and cut-off grades are usually Material

samples (soil, rock, stream sediment, etc.).

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.

Diagrams

Appropriate maps and sections (with scales) and tabulations

Appropriate diagrams are presented in the body and the

of intercepts should be included for any significant discovery

Appendices of the current ASX Release. Where scales are absent

being reported These should include, but not be limited to a

from the diagram, grids have been included and clearly labelled to

plan view of drill hole collar locations and appropriate sectional

act as a scale for distance.

views.

Maps and Plans presented in the current ASX Release are in

MGA94 Zone 54, Eastings (mN), and Northing (mN), unless clearly

labelled otherwise.

The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

completed in order to geologically model and then estimate a

mineral resource.

Balanced

Where comprehensive reporting of all Exploration Results is

For the purposes of Balanced Reporting it is reiterated that the

reporting

not practicable, representative reporting of both low and high

information and data displayed in the current ASX Release is

grades and/or widths should be practiced to avoid misleading

pertaining to a spatial subset placed on and surrounding Flapjack

reporting of Exploration Results.

prospect - based on the following spatial bounds from MGA94

zone 54:

o

Easting minimum:

332,293.27mE

o

Easting maximum:

334,641.96mE

o

Northing minimum:

7,892,920.55mN

o

Northing maximum:

7,894,603.15mN

' Flapjack' soil assay values are summarised from the data files

submitted with the historical MIM reports (refer to Section 2,

subsection "Exploration done by other parties"), appropriate

29

plans of the distribution of soil samples and associated geochemical values are displayed in the release and its appendices:

Flapjack statistics summary - assayed soil samples

Descriptor:

Cu (ppm)

Pb (ppm)

Zn (ppm)

Au (ppb)

Ag (ppm)

Minimum

4

5

7

1

0.2

Maximum

292

212

803

81

0.6

Average

30.2

36.8

153.9

11.5

0.29

Std. Dev.

26.3

35.9

126.8

15.9

0.15

Count

459

455

459

305

8

    1. Note (1): 459 soil samples were collected over the "Flapjack" prospect. o Note (2): 4 soil samples were 'Below Detectable Limit' for Lead (Pb ppm).
      o Note (3): Only 445 soil samples were assayed for Gold (results presented in Au ppb), 140 assays were 'Below Detectable Limit'.
      o Note (4): Although all soil samples were assayed for Silver (Ag ppm) only eight
      1. retuned a result above the detectable limit.
  • Appropriate soil assay isopach / contours have been generated to demonstrate the trend of the soil data, there are not geologically modelled surfaces for the purposes of mineral resource estimation. The isopachs were developed in MapINFO 2019 (64 bit
    • Release Build 58: 12345.67). The parameters for generating the isopachs / contours were to use the 'Nearest Neighbour' raster method, automatic cell size, with a 200m search radius, average smoothing set to level 2, with "Near" clipping set to 8 respectively.
  • A Summary of 'Flapjack' Rock Chip assay data and location data is presented in "Appendix B14: Rock Chip Assay Data", a statistical summary is presented below:

Flapjack statistics summary - assayed rock chip samples

Descriptor:

Cu (ppm)

Pb (ppm)

Zn (ppm)

Au (ppb)

Minimum

2

3

9

1

Maximum

606

981

463

1,370

Average

32.8

67.5

101.4

74.1

Std. Dev.

96.4

176.2

95.9

246.0

Count

39

35

41

34

30

o

Note (1): 42 rock chip samples were collected over the "Flapjack" prospect.

o

Note (2): 1 rock chip sample in the Flapjack area did not appear to be tested for

Gold (Au ppb) after assay for base metals all returned 'Below Detectable Limits'.

o

Note (3): 41 rock chip samples were assayed for Silver (Ag ppm), 33 rock chip

samples were discovered to be 'Below Detectable Limits' for Silver (Ag ppm), 8

samples were 'Not Tested' and the single assay result above BDL was 4.3ppm

Ag.

o

Note (3): 41 rock chip samples were assayed for Gold (Au ppb), 7 were

discovered to be 'Below Detectable Limits' for Gold (Au ppb).

The surface sample results and/or isopach / contours presented

and described in this ASX Release are suitable for the reporting

'exploration results' for mineral prospectivity, additional

exploration work would have to be completed in order to

geologically model and then estimate a mineral resource.

'Flapjack' stream sediment assay values are summarised from the

data files submitted with the historical MIM reports (refer to

Section 2, subsection "Exploration done by other parties"),

appropriate plans of the distribution of soil samples and

associated geochemical values are displayed in the release and its

appendices:

Flapjack statistics summary - assayed stream sediment samples

Descriptor:

Cu (ppm)

Pb (ppm)

Zn (ppm)

Au (ppb)

Minimum

10

3

15

1.4

Maximum

50

57

374

820

Average

27.0

17.7

130.7

168.6

Std. Dev.

10.5

14.0

85.5

288.9

Count

21

21

21

12

o

Note (1): 24 stream sediment samples were collected over the "Flapjack"

prospect.

o

Note (2): 21 stream sediment samples were assayed for Silver (Ag ppm) all

returned results 'Below Detectable Limit'.

o

Note (3): 19 stream sediment samples were assayed for Gold (Au ppm), 10

stream sediment samples were tested and were discovered to be 'Below

Detectable Limits' for Gold (Au ppm).

Other exploration data, if meaningful and material, should be

GEOTEM: The airborne

electromagnetic

GEOTEM

geophysical

reported including (but not limited to): geological observations;

survey undertaken by MIM in 1992 on historical tenure EPM7676,

geophysical survey results; geochemical survey results; bulk

now significantly overlain by CCZ's tenure application EPM27440.

31

samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

A total of 828-line kilometres were flown on a SE-NW, flown by Geoterrex at a mean height of approximately 105m above the ground surface. Penetration of the GEOTEM method had been estimated to range between 200-300m below the ground surface, this is dependent on conductivity contrasts, size, and attitude of the subsurface targets. Sixteen (16) anomalies were identified, with nine (9) recommended for follow up, with only five (5) followed up by ground geophysical.

  • Flapjack (PC13 anomaly) was one of the anomalies followed up by surface geophysical survey methods. The aerial geophysical survey data, or the outputs of the surface geophysical survey for
    'Flapjack' are yet to be reviewed in detail, it is anticipated that this will occur during the planning of any field exploration campaigns, particularly exploration drilling campaigns. The PC13 geophysical anomaly appears on maps in this ASX Release, the historical location marker is assumed to be at the centre of the PC13 anomaly. The anomaly is circa 400m long by 300m wide anomaly.
  • Alteration observations: Ferruginous sandstones appeared to be an alteration product that was localised between the two east- north-east trending faults and comprised of abundant patchy haematisation, pervasive and as veins. Petrographic samples from within the alteration zone showed red K Feldspar haematite +/- tourmaline, altered lithologies - the alteration type, in conjunction with the Geoscience Australia IOCG prospectivity of the region requires further investigation into the Crescent prospect being part of an IOCG mineral system.
  • Furthermore, the alkali minerals appeared to be zoned with sodic- dominant on the southern margin passing to potassic-dominant on the northern margin near the Crescent Prospect.
  • Petrographic samples from Crescent showed similar alteration to that at the nearby Flapjack prospect (which falls within CCZ's EPMA 27440) where there was distinct red rock/green rock alteration associated with the potassic alteration of an argillaceous limestone.
  • Haematite-quartzveins bear the elevated Au: the CCZ Geology
    Team's interpretation is that, in conjunction with the Geoscience Australia IOCG prospectivity work, the various descriptive geology

32

recorded by MIM is indicative of alteration and mineralogy

reflective of characteristics attributable to an IOCG mineral

system.

Petrographic samples from the eastern portion of the Crescent

prospect showed similar alteration to that at the nearby Flapjack

Prospect (anomalous Au also within CCZ's EPMA 27440) where

there was distinct red rock/green rock alteration associated with

the potassic alteration of an argillaceous limestone. The

mineralisation is an indicator of IOCG alteration styles, the

presence of Haematitic-quartz veins that contain traces of gold.

Quartz veining is common throughout the ferruginous zone with

several rhyolite dykes outcropping in the alteration zone which

strike ENE and the dips in the alteration zone vary between

steeply south dipping to steeply north dipping.

An alternative explanation of gold (Au) mineralisation could be at

Crescent considered to be a thermal gold (Au) aurole

mineralisation model/event - due to the high silica alteration in

thermal aureole with contact of A-Type Weberra Granite - related

to the gold (Au) mineralisation. Based on the whole rock analyses

done by MIM where the results showed high silica (>74% SiO2).

Ongoing Work: Work is ongoing in reviewing the breadth of the

information contained on QDEX for the mineral tenure

application EPMA 27440 (The Wall), as the application had only

been recently had the application lodged on the 12-Dec-2019.

In light of the aforementioned bullet point, both the requirements

Chapter 5 of the ASX Listing Rules and the JORC Code (2012), no

material information pertaining to the surface sample exploration

results is known to exist within the area defined in the bounds of

Crescent prospect (refer to the current Table 1, Section 2,

subsection "Balanced Reporting").

Further

The nature and scale of planned further work (e.g. tests for

Work is ongoing in reviewing the breadth of the information

work

lateral extensions or depth extensions or large-scalestep-out

contained on QDEX for the mineral tenure application EPMA

drilling).

27440 (The Wall), as the application had only been recently had

Diagrams clearly highlighting the areas of possible extensions,

the application lodged on the 12-Dec-2019.

including the main geological interpretations and future drilling

Future releases to the market are proposed to occur in line with

areas, provided this information is not commercially sensitive.

the body of the ASX Release.

33

  • Future exploration work proposed in sequence or concurrently above will complete surface sampling (rock or soil as appropriate) and an appropriate geophysical surveys over specific to be defined areas within the Mt Oxide Pillar.
  • Future desktop work is anticipated to include a re-evaluation of additional QDEX data available for the prospect area, and/or a detailed drill design on specific targeted areas in the prospect.

34

Disclaimer

Castillo Copper Limited published this content on 19 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2020 22:42:01 UTC

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