Castillo releases promising DHEM results from Cangai
Published 08-OCT-2018 11:25 A.M.
|
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Castillo Copper Ltd’s (ASX:CCZ) has released preliminary findings from downhole electromagnetic (DHEM) survey at the company’s Cangai Copper Mine in New South Wales.
The reports confirmed the presence of several sizeable conductors that are aligned with known and unknown mineralisation, highlighting the potential scalability of the project.
Castillo chairman Peter Meagher said, “Our core strategic objective to re-open the Cangai Copper Mine continues to gain momentum as we garner a greater understanding of the underlying mineralisation.”
As a backdrop, Castillo is a base metal explorer and the historic Cangai Copper Mine near Grafton in north-east NSW is its flagship project.
The mine comprises a volcanogenic massive sulphide ore deposit, with one of Australia’s highest grade Inferred Resources for copper with 3.2 million tonnes grading 3.35% copper.
A notable positive is the presence of supergene ore with up to 35% copper and 10% zinc which is ideal feedstock for direct shipping ore.
Incrementally, the project holds five historic stock piles of high-grade ore located near the Cangai Copper Mine.
The next phase of exploration will focus on undertaking incremental DHEM surveys along the line of lode and the commencement of the inaugural diamond drilling program.
Of course it is early stages and investors should seek professional financial advice if considering this stock for their portfolio.
Benefits of DHEM survey technology
Since mining ceased at Cangai Copper Mine, around the end of World War I, there has been minimal exploration in the region.
The current drilling program, which delivered excellent assay results for drill-holes CC0021-25R1 as seen below has clearly been the most extensive work undertaken at the mine in the last century.
Consequently, applying today’s modern exploration techniques, especially DHEM survey, there is a significant opportunity to quickly broaden the understanding of the underlying high-grade ore body apparent at Cangai.
Prospect of resource expansion
Demonstrating the mine’s potential scale, several off-hole conductors that are not associated with known massive sulphide mineralisation have been identified.
To gain a greater understanding of these anomalies the DHEM survey will test several drill-holes from the Phase I campaign.
Another key target the DHEM survey team will investigate is an off-hole conductor plate associated with Anomaly B which was identified when the fixed loop electromagnetic program was carried out earlier in the year.
The key facts about Anomaly B are that it is potentially highly mineralised and sizeable, estimated at 250 metres in strike along the line of the lode’s western end.
Further DHEM survey results are imminent, and management said that the diamond and reverse circulation (RC) drilling teams are all on site to progress their parts in the campaign.
General Information Only
This material has been prepared by Jason Price. Jason Price is an authorised representative (AR 000296877) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C), and a Director of S3 Consortium Pty Ltd (trading as StocksDigital).
This material is general advice only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with personal financial or tax advice and does not take into account your personal objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, Jason Price, StocksDigital, any of their related body corporates or any other person. To the maximum extent possible, 62C, Jason Price, StocksDigital, their related body corporates or any other person do not accept any liability for any statement in this material.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
