Mineral Resources put on watchlist by shareholder
Superannuation fund HESTA has placed the Perth-based mining services firm on watchlist over governance concerns.
Castillo Copper (ASX: CCZ) announced that in the coming weeks it will be ramping up work at its Mt Oxide project in north-west Queensland, following positive results from the ongoing exploration campaign.
The Australian miner said it will be undertaking a comprehensive geophysical survey to identify potential massive sulphide bedrock conductors that would extend known mineralization at the project’s Big One deposit and provide incremental test-drill targets along the strike extent.
Geological interpretations of historic and fresh assays suggest a shallow, high-grade scalable copper system apparent at the Big One deposit
The company said that it also wants to finish the current RC drilling campaign as soon as possible. This program involved drilling 20 holes at Big One, comprising six drill-holes for the 200 series with partial assays for visible copper confirming up to 4.1% Cu and 14 drill-holes for the 300 series with visible copper mineralization apparent in BO_301-06RC.
Once this is done, Castillo plans to explore the Arya prospect, start working on modelling up a JORC-compliant resource at the Big One deposit and then, subject to the results of modelling, apply for a fresh mining lease.
“With geological interpretations of historic and fresh assays suggesting a shallow, high-grade scalable copper system apparent at the Big One deposit, the Board is optimistic that 2021 will be a transformative year and that significant shareholder value can be created as the Mt Oxide project is developed,” Simon Paull, the firm’s managing director, said in a media statement.
