28 February 2022

 

CASTILLO COPPER LIMITED
("Castillo" or the "Company")

 

Castillo Provides Maiden Mineral Resource Estimate for Big One Deposit

 

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is delighted to report a maiden JORC 2012 compliant MRE for the Big One Deposit.

 

Highlights

·    Modelling the 2020-21 reverse circulation and diamond core drilling campaigns² at the Big One Deposit produced a maiden JORC 2012 compliant MRE at 2.1Mt @ 1.1% Cu for 21,886t contained metal

·    In calculating the MRE, the geology team primarily used data from the 2020-21 reverse circulation and diamond core drilling campaigns to model the final outcome

·    In addition, there is an estimated 2,459kg (2.1Mt @ 1.2g/t Ag) of contained silver metal credits that modestly boost the overall result

·    The underlying orebody - which commences from surface - is not fully defined, as it remains open to the east, north and down dip

·    Castillo's geology team have already mapped out the next drilling campaign (slated to start once ground conditions improve), which will target extending the known orebody:

o  The campaign comprises infill drilling around the known orebody (drill-holes 301RC, 303RC & 318R²); and

o  Drill-testing a significant bedrock conductor, north of the line of lode, which is larger than the known orebody along strike²

·    With plans underway to develop the Big One Deposit's full potential, especially given strong demand for copper globally¹, the Board will review the requirements to apply for a mining lease and map out viable routes to market via utilising third party processors   

·    In New South Wales, Castillo's geology team are working on modelling a JORC 2012 compliant MRE (cobalt focused) on the BHA Project³ and will then review Cangai Copper Mine has an inferred MRE at 3.2Mt @ 3.35% Cu for 108,000t contained metal⁴

 

Dr Dennis Jensen, CEO of Castillo Copper, commented: "The Board is delighted to announce the maiden JORC 2012 compliant mineral resource estimate (MRE) for the Big One Deposit is 2.1Mt @ 1.1% Copper, which translates to 21,886t contained metal. Encouragingly, with the underlying deposit open to the north, east and down dip the next drilling campaign will focus exclusively on extending the known orebody. In addition, the underlying copper orebody commences from surface which is a significant positive attribute if the project is fully developed. Concurrently, against a backdrop of strong global demand for copper¹, the Board is investigating potential routes to market via utilising third party processors and applying for a mining lease."

 

BIG ONE DEPOSIT

Figure 2: Resource Tonnages Big One Deposit

Tenure Name	Ore Type	Inferred (Mt)	Indicated (Mt)	Measured (Mt)	Copper Grade (%)	Silver Grade (g/t)	Contained Copper (t)	Contained Silver (kg)
Mine Dumps	Oxidised	0	0.007	-	1.2	4.0	86	29.6
Mine Insitu	Oxidised	1.7	0	-	1.0	1.1	17,000	1,870
Mine Insitu	Fresh	0.4	0	0	1.2	1.4	4,800	560
Sub-Totals		2.1	0.007	0			21,886	2,459

Note: Cut-off grade 0.45% Cu Source: CCZ geology team

A key feature of the Big One Deposit is the copper orebody commences from surface - this is a significant positive in the event the prospect is fully developed. The reporting contains a small-indicated tonnage estimate from ex-mine dump material accurately mapped by drone survey and channel sampling (Appendix D).  However, the full extent of the underlying copper orebody is still undetermined at this stage as it remains open to the east, north and down dip.  A detailed evaluation of the geology, block model, and mineral resource estimate methodology is given in Appendices A, B. C and E below.

As such, Castillo's geology team have mapped out the next drilling campaign that will specifically target extending the known copper orebody through the following actions:

·    Infill drilling focused around known high-grade copper mineralisation which includes drill-holes 301RC, 303RC & 318R²; and

·    Drill-testing the sizeable bedrock conductor north of the line of lode that is potentially larger than the known orebody along strike². 

The timing for the next campaign getting underway is contingent on a significant improvement in ground conditions.

With current plans to fully develop the Big One Deposit's potential, the Board intends map out optimal routes to market through utilising third party processors. In addition, the Board will review the key requirements necessary to apply for a mining lease.  

 

Next steps

In Queensland:

·          Assay results for Arya Prospect.

·          Big One Deposit - drilling campaign once ground conditions allow.

In NSW: 

·          JORC 2012 compliant MRE for the BHA Project East Zone. 

·          Review of Cangai Copper Mine JORC 2012 compliant MRE.

In Zambia: 

·          Complete geophysical report on the Mkushi Project.

 

In addition to this release, a PDF version with supplementary information and images can be found on the Company's website: https://castillocopper.com/investors/announcements/ 

 

For further information, please contact:  

 

Castillo Copper Limited	+61 8 6558 0886
Dr Dennis Jensen (Australia), Chief Executive Officer  Gerrard Hall (UK), Director
SI Capital Limited (Financial Adviser and Corporate Broker)	+44 (0)1483 413500
Nick Emerson
Luther Pendragon (Financial PR)	+44 (0)20 7618 9100
Harry Chathli, Alexis Gore

 

About Castillo Copper 

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects: 

 

·    A large footprint 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. 

·    Four high-quality prospective assets across Zambia's copper-belt which is the second largest copper producer in Africa. 

·    A large tenure footprint proximal to Broken Hill's world-class deposit that is prospective for zinc-silver-lead-copper-gold. 

·    Cangai Copper Mine in northern New South Wales, which is one of Australia's highest grading historic copper mines.

 

The group is listed on the LSE and ASX under the ticker "CCZ." 

 

References

1)                    "Copper is the new oil" Goldman Sachs (18 May 2021) Available at:  https://www.goldmansachs.com/insights/podcasts/episodes/05-18-2021-nick-snowdon.html

2)                    CCZ ASX Release - 30 November 2021

3)                    CCZ ASX Release - 15 February 2022

4)                    CCZ ASX Release - 6 September 2017

 

Competent Person Statement

The information in this report that relates to Exploration Results for "Big One Deposit" is based on information compiled or reviewed by Mr Mark Biggs.  Mr Biggs is a director of ROM Resources, a company which is a shareholder of Castillo Copper Limited.  ROM Resources provides ad hoc geological consultancy services to Castillo Copper Limited.  Mr Biggs is a member of the Australian Institute of Mining and Metallurgy (member #107188) and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, and Mineral Resources. Mr Biggs holds an AusIMM Online Course Certificate in 2012 JORC Code Reporting.  Mr Biggs also consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

 

 

 

 

 

APPENDIX A: BIG ONE DEPOSIT MODELLING & MRE

CCZ's 100%-owned Big One Deposit and surrounding prospects within tenement EPM 26574 covers an area of 323.4 square kilometres. Whilst some areas have been selectively drill-tested, most of the tenement package surrounding the historic mine has not been subject to well targeted and methodical exploration work.  Further drilling is warranted along the orebody to the east, north and downdip, as it is not fully defined.  Furthermore, there are strong historical surface copper anomalies in the north-west and south-east of EPM 26574 which should be covered by detailed geological mapping and soil sampling and then drill testing.

Recent work has involved extensive creation of a new database, geological block model and MRE.  

A maiden 2012 JORC Inferred Resource of 2.1Mt @ 1.1% Cu (Table 1) is reported at this stage and a well-placed drilling program focussing on diamond coring has the potential to greatly increase this number and confidence class, as the deposit is open to the east and downdip.  The resource estimate includes some areas adjacent to, and downdip of, the main resource shell which have sufficient information that allows estimation of an Exploration Target mid-range of 0.76Mt @ 0.8-1.2 % Cu (Table A-1).  Further, a new, small, Indicated MRE of ex-mine stockpiles has been included. 

TABLE A-1:  RESOURCE TONNAGES BIG ONE DEPOSIT

Tenure Name	Ore Type	Exploration Target Range Low (Mt)	Exploration Target Range High (Mt)	Exploration Target Range Mid (Mt)	Inferred (Mt)	Indicated (Mt)	Measured (Mt)	Copper Grade %	Silver Grade g/t	Contained Copper (t)	Contained Silver (kg)
Mine Dumps	Oxidised	0	0	0	0	0.007	-	1.2	4.0	86	29.6
Mine Insitu	Oxidised	0.02	0.10	0.06	1.7	0	-	1.0	1.1	17,000	1,870
Mine Insitu	Fresh	0.2	1.2	0.7	0.4	0	0	1.2	1.4	4,800	560
Sub-Totals		0.22	1.3	0.8	2.1	0.007	0			21,886	2,459.6

Source: Castillo Copper geology team

A forward geological work program, including a ground geophysical campaign has been planned (magnetics and gravity), more reverse circulation drilling to the immediate north and east of Big One Deposit, and deep core drilling at the dyke.  A detailed drilling plan has been established with an initial 6-hole campaign followed by a larger program to convert the Exploration Target to a JORC Resource.

 

[1] It should be noted that the Exploration Target tonnage range quoted above are conceptual in nature and there has been insufficient exploration to define a copper resource.  Although a preliminary analysis was undertaken, insufficient data exists to confidently correlate mineralised horizons within the Exploration Target area.  It is uncertain whether further exploration may lead to the reporting of a JORC-standard resource however there is some evidence to support the current exploration tonnage calculations, and the sufficient mineralised thicknesses interpreted from historical drilling to warrant further investigation in some areas.

 

Location and Scope

CCZ has been exploring the Big One Deposit and historical mine within EPM 26574, some 160km north of Mt Isa in Northwest Queensland, Australia.

The Board has prioritised geological modelling and JORC (2012) Code estimation for an inaugural resource for the Big One Deposit and commissioning an infill drilling campaign. The primary reasons for taking this stance are: 

·    Recent and historical drilling campaigns have intersected relatively shallow copper mineralisation; and

·    There is a significant bedrock conductor, north of the line of lode, which is larger than the anomaly drilled in 2020 that is yet to be drill-tested.

 

2021 Work Programme

After a first stage of drilling in late 2020, a second tranche of drilling was completed between June to August 2021, with the salient outcomes being noted below:

·    The 2021 drilling program concluded on the 20 August 2021, with the CCA with the landowner ending 30 August 2021. A total of 20 reverse circulation drill holes (including one pre-collar) for 2,631.85 m was completed and one partially HQ diameter diamond-cored for 32.13m of core was secured. 

·    Most holes were downhole geophysically logged with deviation, caliper, natural gamma, and several had acoustic scanner tools run.  About 25% of the holes collapsed so coverage downhole is variable.  The ground around the dyke is quite fractured and jointed.

·    A review of the geological logging found that most lithologies adjacent to the dyke were found to be fine-grained, with the feldspar alteration early relating to dacite intrusives both in the dacite and at varying distances into the wall rocks on both sides.  Further, there is mainly greenish sericite (very fine-grained mica) alteration of the dacite and some thin veins of the same in the wall rock sandstones and siltstones.  There can be local epidote and chlorite alteration of the dacite, but it is not pervasive as first logged.  If mineralization is present, it is later and overprinting the early alteration in the dyke.  In BO_321RC pyrolusite, rather than chalcocite was present in thin veins in the sandstone/quartzite.

·    Both 2020 and 2021 drillhole collars were ground DGPS surveyed, and a small drone survey produced an orthophoto image of Big One Deposit dyke area with a high accuracy.  When compared to handheld GPS measurements errors were small (± <1m).

·    All RC chips were passed for analysis, and where geological logging did not identify visible sulphide or carbonate mineralisation 4m composites were forwarded, else 1m samples were reduced to 2-3kg for laboratory assaying for 48 elements.  All chips were tested with the handheld magnetic susceptibility meter.  One metre RC chip samples from drillhole BO_315RC were scanned using the portable XRF gun.

·    The best intersections are reported below (Table A-2), with a complete list of assay results is given in the end of hitch report.

·    Analysis of the assay data has shown that that the porphyritic dacite dyke can be characterised by high chromium and lithium lab assay levels compared to background (up to six times for Cr and ten times for Li).

·    Drillholes 315-318RC, 326RC, 327RC, 332RC, and 333RC had significant mineralisation.  For the most part the other holes were drilled into various southern IP anomalies, and where there were no dyke intersections, there was little mineralisation recorded visually nor returned from the lab assays.  The HQ diamond core hole, BO_334DD, whilst intersecting 9m of dacite dyke, was only mineralised at the top of the dyke (Table A-2).

·    The best, deepest, mineralisation was BO_318RC with 16m (apparent) from 166 to 182m @ 0.59% Cu, including 3m from 176-179m @ 1.76% Cu. The mineralisation appears best developed over a 400m strike length of the 1,200m mapped extent of the dyke where it intersects at a sharp angle with a major regional fault.  In this region the mineralisation extends beyond the confines of the 6m wide dyke into the country rock of quartzites and siltstones.

·    Generally, the IP anomalies near the southern side of the dyke have only returned minor copper anomalies (<500ppm).

 

TABLE A-2: BIG ONE 2021 DRILLING BEST INTERSECTIONS

Drillhole	From (m)	To (m)	Apparent Length (m)	Cu (%)	Notes
BO_315RC	61.0	69.0	8.0	0.50%	Visual mineralisation 62-69m
including	65.0	68.0	3.0	1.22%
BO_316RC	137.0	146.0	9.0	0.64%	Visual mineralisation 129-146m
including	141.0	146.0	5.0	1.06%
BO_317RC	88.0	97.0	9.0	1.42%	Visual mineralisation 90.5-103m
including	92.0	96.0	4.0	3.06%
including	92.0	93.0	1.0	9.19%	Also 3.4 g/t Ag
BO_318RC	166	182	16.0	0.59%
including	176	179	3.0	1.76%
BO_323RC	64	65	1.0	0.06%
BO_323RC	94	96	2.0	0.11%
BO_326RC	100	104	4.0	0.56%
including	100	101	1.0	1.58%
BO_327RC	93	98	5.0	0.77%
including	95	97	2.0	1.57%
BO_327RC	103	104	1.0	0.43%
BO_327RC	122	123	1.0	0.11%
BO_333RC	42	45	3.0	0.15%
including	43	44	1.0	0.31%
BO_334DD	86.43	87.43	1.0	0.52%
including	86.93	87.43	0.50	1.02%

Source: Castillo Copper geology team

Mapping and rock chip sampling was carried out along the IP traverse lines with several high copper values returned from laboratory assay.  The stockpile sampling was a standout with more material and good grades evident than originally envisaged.  Accurate volumes were calculated from the drone survey.  The was a total 7,407t @1.17% Cu estimated over the 12 stockpiles, with the highest value lab assay 3.89% Cu.  There will need to be further metallurgical testing and a mining lease applied for and granted to access this material, however.

 

Geology Review

Post the field logging some drillholes and RC chips were reviewed by Dr P Gregory of GeoDiscovery (Gregory 2021), who noted the ferruginous fine-grained nature of the sandstones and siltstones does not aid recognition of K-feldspar alteration which is just a more subtle pink rather than red brown. Most lithologies adjacent to the dyke were fine-grained, with the feldspar alteration early relating to dacite intrusives both in the dacite and at varying distances into the wall rocks on both sides.  Further, there is mainly greenish sericite (very fine-grained mica) alteration of the dacite and some thin veins of the same in the wall rock sandstones and siltstones.  There can be local epidote and chlorite alteration of the dacite, but it is not pervasive as first logged.  If mineralisation is present, it is later and overprinting the early alteration in the dyke. In BO_321RC pyrolusite, rather than chalcocite was present in thin veins in sandstone/quartzite.

Additionally, Gregory (2021) noted there is likely orthoclase in some of the sandstones that may not be alteration, just of a primary origin and that confuses the picture. Most common is quartz veining that is extremely fine-grained and chalcedonic. So, one cannot rule out that perhaps epithermal character may locally be present.  Recording of probable K-feldspar-albite alteration is important, as while some is obviously related to the known dyke, if other zones away from the dyke are noted, then the possibility of relationship to buried intrusives is there.  But so far, Castillo can't be sure that the dyke is necessarily the source of the copper, or whether fluids from below (metamorphic fluid from Eastern Creek Volcanics reservoir) fortuitously used this conduit.

The western extent of the dyke may run into a poorly exposed intrusive (hint of oval pattern and perhaps different character on Google satellite image).  The objective of the planned mapping and sampling grid is to see if there is any evidence of intrusive or ironstone lag material or even poorly exposed gossan (collect any ferruginous material or interesting rocks for analysis).

In BO_323RC close observation did detect very fine chalcopyrite and possibly chalcocite and digenite, maybe a touch of covellite, but not in great quantities. The alteration picture is certainly early albite and overprinting K-feldspar (orthoclase).  The albite is usually a pale pink to even pale green, but distinction between albite and K-feldspar can be difficult.  Logging did see chalcopyrite in a K-feldspar vein and in a quartz, vein cutting albite-altered host.  There was also some dissemination in the albite-altered host, but extremely fine.  Castillo's logging suggests that if you haven't got dacite or albite or K-feldspar altered rocks, you won't find mineralisation as these are the ground preparation for later overprinting mineralising fluids using the same conduits. 

While albite can be more distant from the dacite, orthoclase is more proximal.  One other comment is whether K-feldspar alteration exists in medium-grained sandstones well into the hanging wall to the west of the dacite.  Most of the albite and K-feldspar alteration near the dyke is in fine-grained sandstone or siltstone, not coarse sandstone which does not seem to be present there.  But one needs an open mind in that porous sandstone beds could show conversion of white feldspar to pink-red feldspar if K-rich fluids did move along porous beds.

A series of cross-sections has been previously generated to illustrate the mineralisation detected.

 

Stockpile Sampling

Twelve separate stockpile samples have been mapped and sampled and were covered by the drone survey, from which accurate volumes were estimated.  All of the stockpiles originated from historic mining Pits 1-3 and were mostly comprised of mineralised reject material (cupriferous dyke and quartzite) from the 1990's mining. 

Initial XRF readings on some indicated high copper (highest 3.84%).  All twelve separate stockpiles were grab sampled at regular spacings across the base of each stockpile, with multiple samples collected across each stockpile. Samples were dispatched to lab on the Monday 23 August and received on the 3 September 2021.  The XRF readings were vindicated with laboratory assays returning copper values as high as 3.89%.

 

Similar calculations for the other stockpiles (see Appendix C, D; and JORC Table 1) resulted in a total accumulation of 7,407t @ average of 1.17%Cu.  Further metallurgical testing would be required to verify recoveries, and a valid mining lease will be required to exploit this on-surface resource.

 

Modelling and Insitu Mineral Resource Estimate

Geological Modelling

Recent work included collating all surface sampling data sets and contouring significant anomalous elements (Au, Ag, Co, Zn, and Cu). A database of 79 drill-holes was created, and geological block model (20m x 20m x 2m) of the Cu, Au, Ag, and Co mineralisation at Mt Norma using the mine planning software Datamine's Minescape Block Model module.

 

The original investigations suggested that on rough estimation the resource was about 100,000-150,000t Indicated and 2-3Mt Inferred and some Exploration Target.  As time went on, the mineral resource estimate was downgraded to a smaller Inferred tonnage (with the initial Inferred tonnes downgraded to Exploration Target) due to the following factors:

·    Lack of an available previous computer-based geological models, with only vague hardcopy estimates reported.

·    Uncertainty as to levels and georeferencing of the open-cut mining component, especially the lack of any referenced mapping made available by previous owners.

·    Lack of accurately located historical mining sampling and assays resulting from any grab or channel samples

·    Lack of data for some of the non-CCZ drilling (lithology, some discrepancy from plans on locations, lack of QA/QC.

The interpolator used was a simple inverse distance squared due to mediocre semi-variogram modelling (insufficient sample pairs for ordinary kriging).  The first search ellipse is orientated 350 degrees and has a radius of 40m, the second pass 55m.  The interpolation bias is in the Y and Z directions, being smallest in the X direction.

 

Estimation Methodology

The mineral resource was constrained to mineralisation envelopes or lodes in 3D that were created using a nominal 0.45 % Cu cut-off.  To maintain continuity of interpretation, some drill intercepts <0.45% Cu were included within lode wireframes.  Copper, silver, and gold was interpolated into the block model.  Where drill density decreased, extrapolation was restricted to a distance generally equal to half the typical hole spacing i.e., if holes were spaced at 50m the interpretation extended 25m beyond the last hole.  A top cut of 12% Cu was applied.

The resource blocks were estimated using Inverse Distance Squared (IDS) at a parent block size of 40m by 40m by 5m sub-blocked to 10m by 10m by 2.5m using 1m fixed-length composites.  Each lode was estimated independently using hard boundaries, i.e., only composites that fell within the lode shell.  IDS validation included:

·    visual examination of the estimated block grades against the drill hole assays on plan and in section.

·    comparing 1m composite and IDS block statistics by lode and by swath plots. 

No material issues were noted.

The Big One Deposit is characterised by deep, irregular weathering down the main shear structure and variable weathering in the parent rock.  In situ bulk density was assigned to each block based on the degree of oxidation noted in geological logs, which was modelled as a surface.  The oxide-fresh rock boundary (BOCO) has been selected at the interface of moderate and partially weathered material. Typically, the mineralised oxide zone is a mix of weakly to strongly oxidised material with only minor amounts of completely oxidised material.  Oxidised and fresh lode material were assigned bulk densities of 2.45 t/m³ and 2.65 t/m³ respectively, which is considered conservative.  Laboratory-derived bulk density testing were available from BO_334DD which showed an average of 2.70 for unmineralised rock.

 

Cut-off Grades

A 0.45% Cu cut-off grade was assumed for potential open pit material down to the 160 m RL, around 60m below the lowest part of the historic pit.  Below this level the stripping ratio is likely to be too high for open pit extraction.  These cut-off grades are preliminary in nature and are subject to confirmation by feasibility work on the project.

 

Classification Criteria

Mineral Resource classifications were assigned on a block-by-block basis using estimation outputs.  Inferred resource blocks required the closest sample within 55m on the second pass, an average sample distance <35m, and a minimum of three drill-hole samples, with the remaining blocks between 55-90m assigned to Exploration Target. 

 

Resource estimate

Due to the uncertainty with the location of some historical holes (excluded from the modelling) and the distribution of drilling, only an Inferred Resource of 2.1Mt @ 1.1% Cu is reported at this stage, which compares favourably to several previous non-JORC estimates.  A well-placed drilling program has the potential to greatly increase this number and confidence class, as the deposit is open to the north, south, and downdip. 

The resource estimate includes some areas adjacent to, and down-dip to, the main resource shell which have sufficient information that allows estimation of an Exploration Target² mid-range of 0.76Mt @ 0.8 to 1.2% Cu (Table A-3).  Recent resource estimates of mine stockpiles have also been included, and 6,500t of previously mined material has been deducted from the oxidised ore estimate.  About 70% of the insitu ore is oxidised and the remainder fresh sulphide (chalcocite).

TABLE A-3:  RESOURCE TONNAGES BIG ONE PROJECT

Tenure Name	Ore Type	Exploration Target Range Low (Mt)	Exploration Target Range High (Mt)	Exploration Target Range Mid (Mt)	Inferred (Mt)	Indicated (Mt)	Measured (Mt)	Copper Grade %	Silver Grade g/t	Contained Copper (t)	Contained Silver (kg)
Mine Dumps	Oxidised	0	0	0	0	0.007	-	1.2	4.0	86	29.6
Mine Insitu	Oxidised	0.02	0.10	0.06	1.7	0	-	1.0	1.1	17,000	1,870
Mine Insitu	Fresh	0.2	1.2	0.7	0.4	0	0	1.2	1.4	4,800	560
Sub-Totals		0.22	1.3	0.8	2.1	0.007	0			21,886	2,459.6

Source: CCZ geology team

2 It should be noted that the Exploration Target tonnage range quoted above are conceptual in nature and there has been insufficient exploration to define a copper resource.  Although a preliminary analysis was undertaken, insufficient data exists to confidently correlate mineralised horizons within the Exploration Target area.  It is uncertain whether further exploration may lead to the reporting of a JORC-standard resource however there is some evidence to support the current exploration tonnage calculations, and the sufficient mineralised thicknesses interpreted from historical drilling to warrant further investigation in some areas.

 

 

APPENDIX B:  JORC TABLE 1

The following JORC Code (2012 Edition) Table 1 is primarily supplied for the provision of the final release of data for the 2021 Drilling Program at the Big One Deposit. There is additional commentary provided at the end of Section 2.

(Criteria in this section apply to all succeeding sections.)

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	·    Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. ·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. ·    Aspects of the determination of mineralisation that are Material to the Public Report. ·    In cases where 'industry standard' work has been done this would be relatively simple (e.g., 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information.	·      For the 2021 program, samples are taken off a cyclone for every metre drilled, put through a three tier, 87.5/12.5 splitter where approximately 2.5 kg of RC chip samples were collected for every metre drilled.  The remainder was bagged separately and stored in case additional sub sampling is required before the end of the program. ·      Weights recovered from riffle splitting varied between 1-2kg for both the 1970 and 1993 drilling programs. ·      For the 2021 program, samples were also composited every four metres where visual inspection did not initially indicate copper mineralisation.  All samples were collected to maximise optimal representation for each sample. ·      Each metre sample had an amount removed for washing and cleaning and sieving then place into metre allocated chip trays. These chips were logged on site by the rig geologists and those logs have been saved into a spreadsheet and stored on the Company server. Any visible mineralisation, alteration or other salient features were recorded in the logs. Industry-wide, acceptable, standard practices were adhered to for the drilling and sampling of each metre as per the drilling and sampling Procedures set out before commencement of the drilling programme.
Drilling techniques	·    Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core 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).	·      Reverse Circulation, RC, and HQ-sized diamond wireline drilling techniques were utilised for all holes drilled at the Big One Deposit.
Drill sample recovery	·    Method of recording and assessing core and chip sample recoveries and results assessed. ·    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.	·      For the 2021 program, within acceptable industry standard limits, all samples collected were of near equal mass and recoveries were also within acceptable limits for RC drilling and all recorded in the daily logs.  Every effort was made on site to maximise recovery including cleaning out the sample trays, splitter and cyclone and ensuring that the drillers progressed at a steady constant rate for the rig to easily complete each metre effectively.
Logging	·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. ·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. ·    The total length and percentage of the relevant intersections logged.	·      For all drilling programs, every metre drilled and sampled was logged geologically in accordance with industry-wide acceptable standard for RC logging and the logging was qualitative in nature with every metre logged. Unfortunately, lithology dictionaries and descriptions varied between programs.  The 2021 programs also recorded visible sulphide and carbonate concentrations and alteration minerals, such as orthoclase, epidote, chlorite, and sericite.
Sub-sampling techniques and sample preparation	·    If core, whether cut or sawn and whether quarter, half or all core taken. ·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. ·    For all sample types, the nature, quality, and appropriateness of the sample preparation technique. ·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. ·    Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. ·    Whether sample sizes are appropriate to the grain size of the material being sampled.	·      For the 2021 program, samples with pXRF copper <200ppm will be composited every four metres and all samples were collected to maximise optimal representation for each sample.  If XRF is not available, then all samples with no visible mineralisation will be sampled as above. ·      Each metre sample had an amount removed for washing and cleaning and sieving then place into metre allocated chip trays. These chips were logged on site by the rig geologists and those logs have been saved into a spreadsheet and stored on the Company server. Any visible mineralisation, alteration or other salient features were recorded in the logs. Industry wide, acceptable, standard practices were adhered to for the drilling and sampling of each metre as per the Drilling and Sampling Procedures set out before commencement of the drilling programme. ·      Any reporting of significant mineralised intervals was on a received apparent thickness x interval calculation (i.e., thickness averaged).
Quality of assay data and laboratory tests	·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. ·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. ·    Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	·      CCZ's DDH and RC holes will be assayed by an independent laboratory, ALS at Mt Isa, Townsville, or Brisbane Australia. Methods used were as follows: o  Gold - by method Au-AA25 30g charge (fire Assay with AAS finish); o  High gold values within oxide zone/supergene zone may need further testing by method Au-SCR21. o  Copper and 32 other - by method ME-ICP41 (HF-HN03-HCL04 acid digest, HCL leach and ICP-AES finish). o  Over-limit copper (>10,000 ppm [0.01%]) to be re assayed for copper by method Cu-OC62 (HF-HN03-HCL04 acid digest, HCL leach and ICP-AES finish). ·      These analytical methods are considered as suitable and appropriate for this type of mineralisation. ·      For the current drilling program ALS Brisbane will analyse all samples. All elements except for gold were analysed by method ME-MS61 (41 element testing via Aqua Regia digest then ICP-AES) and with any copper assays >1%, the copper will be redone using method Cu-OG46 with ICP-AES. The gold was done by method AA25.  All methods used were both suitable and appropriate for the styles of mineralisation present in the Big One Deposit at the time of sampling.
Verification of sampling and assaying	·    The verification of significant intersections by either independent or alternative company personnel. ·    The use of twinned holes. ·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. ·    Discuss any adjustment to assay data.	·      All CCZ's DDH and RC hole assay results from ALS have been reviewed by two independent consultant geologists. Assays from the BO_334DD have recently been resolved. ·      For current the rock chip sampling, Independent Laboratory assaying by ALS has confirmed, within acceptable limits, the occurrences of high-grade copper inferred from the initial XRF readings.  Laboratory standards and duplicates were used in accordance with standard procedures for geochemical assaying.
Location of data points	·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. ·    Specification of the grid system used. ·    Quality and adequacy of topographic control.	·      All twenty holes done by CCZ in 2021 have had their location surveyed by GPS and will, at then, at the completion of drilling, were surveyed by differential GPS by independent licensed surveyors (GMC Surveys). ·      The spatial location for these holes has been differentially surveyed into MGA94 - Zone 54. Collar heights are to the Australian Height Datum. ·      The locations of the 1970 drillholes and 1993 drillholes have been determined from georeferencing several plans and utilizing tables in historical reports.  Location errors for the 1970 drilling is ±20m whereas it is about ±12m that for the 1993 holes.
Data spacing and distribution	·    Data spacing for reporting of Exploration Results. ·    Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. ·    Whether sample compositing has been applied.	·      The final 20 RC holes were part of a 35-hole program that was set out on a nominal 100m pattern or to redrill 2020 holes that were found to be too short.  The 1970 drilling was set at a 30m spacing and the 1993 drilling also at a 50m spacing.  At the completion of all the planned holes, the drillhole collars were differentially surveyed by an independent, licensed surveyor and the grid pattern verified.  A drone survey over a 2.3Ha area was flown over the exploration area and covered the outcrop length of the dyke.  Data was supplied as spot height clouds, orthophoto and topographic contours in DXF / DWG format.
Orientation of data in relation to geological structure	·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. ·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	·      The current CCZ RC drilling programme has had all holes oriented to intersect the mineralised structure/zone subsurface perpendicularly and therefore does not constitute any perceived bias.  The typical dip direction of the new drillholes is 335-350 deg (Grid North). ·      Rock chip samples have also been taken at areas of interest from observed mineralisation along the line of lode of the mineralised dyke, secondary structures, and surrounding spoil heaps.
Sample security	·    The measures taken to ensure sample security.	·      Each day's RC samples were removed from site and stored in a secure location off site. ·      The RC chip samples taken were securely locked within the vehicle on site until delivered to Mt Isa for dispatch to the laboratory in person by the field personnel.
Audits or reviews	·    The results of any audits or reviews of sampling techniques and data.	·      This will be done once all 28 holes in CCZ's Stage 2021 program, and their assay results have been verified. ·      For the historical drilling, the sampling techniques and the data generated from the Laboratory Assay results have been peer reviewed by consultant geologists familiar with the overall Mt Oxide Project and deemed to be acceptable. To facilitate this, six (6) sites have twinned drillholes, with the current drilling spudded immediately adjacent to the historical 1970, 1993 and 2020 drilling programs.

 

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	·    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. ·    The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	·      The following mineral tenures are held 100% by subsidiaries of Castillo Copper Limited, totalling an area of 736.8 km2 in the "Mt Oxide North Project": o  EPM 26574 (Valparaisa North) - encompasses the Big One historical mineral resource, Holder Total Minerals Pty Ltd, granted 12-June-2018 for a 5-year period over 100 sub-blocks (323.3Km2), Expires 11-June-2023. 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 (216.5 Km2), Expires: 28-Aug-2022. o  EPM 26525 (Hill of Grace) - encompasses the Ayra (previously Myally Gap) significant airborne EM 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 (74.2 Km2), Expires 12-Aug-2023; and o  EPM 27440 (The Wall) - An application lodged on the 12-Dec-2019 over 70 sub-blocks (~215 Km2) by Castillo Copper Limited.  The tenure was granted on the 18th of March 2021. ·      A check on the tenures in 'granted' status was completed in 'GeoResGlobe' on the 12th of Feb 2022.
Exploration done by other parties	·    Acknowledgment and appraisal of exploration by other parties.	·      Historical QDEX / mineral exploration reports have been reviewed for historical tenures that cover or partially cover the Project Area in this announcement. Federal and State Government reports supplement the historical mineral exploration reporting (QDEX open file exploration records). ·      Most explorers were searching for Cu-Au-U, and, proving satellite deposit style extensions to the several small sub-economic copper deposits (e.g., Big Oxide and Josephine). ·      With the Mt Oxide North 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 characteristically less than 50m). ·      The Mt Oxide North project tenure package has a significant opportunity 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. ·      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 26574.  The following unpublished work is acknowledged (and previously shown in the reference list): o  Katz, E., 1970, Report on the Big One, Mt Devine, and Mt Martin Mining Lease Prospects, Forsayth Mineral Exploration NL, report to the Department of Mines, CR5353, 63pp 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. ·      The reader of the current ASX Release is referred to the CCZ's first publication of the 1993 historical reverse circulation drilling results for additional diagrams and drilling information ("Historic drill data verifies grades up to 28.40% Cu from <50m in supergene ore at Mt Oxide Pillar") released on the ASX by CCZ on the 14-January-2020. ·      The SRK Independent Geologists Report released by CCZ on the ASX on 28-July-2020 contains further details on the 'Exploration done by other parties - Acknowledgment and appraisal of exploration by other parties' this report is formally titled "A Competent Persons Report on the Mineral Assets of Castillo Copper Limited" Prepared as part of the Castillo Copper Limited (ASX: CCZ, LSE: CCZ) LSE Prospectus, with the effective date of the 17-July-2020.
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 like that of the Broken Hill Block in western New South Wales. ·      The Mt Oxide North 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 several tight synclines- anticline structures along its length. ·      The Desktop studies commissioned by CCZ on the granted mineral tenures described four main styles of mineralisation account for most mineral resources within the rocks of the Mt Isa Province (after Withnall & Cranfield, 2013). o  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. o  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. o  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 o  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: o  Stratabound copper mineralisation within ferruginous sandstones and siltstones of the Surprise Creek Formation. o  Disseminated copper associated with trachyte dykes. o  Copper-rich iron stones (possible IOCG) in E-W fault zones; and o  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."): o  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. o  The mineralised porphyry dyke is vertical to near vertical (85o), with the 'true width' dimensions reaching up to 7m at surface. o  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. o  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 carbonaceous. o  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 cut pits. o  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 o  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 Cu, Co, and Ag. ·      Desktop studies commissioned by CCZ have determined the Boomerang prospect contains: o  Secondary copper staining over ~800m of strike length. o  Associated with a major east-west trending fault that juxtaposes the upper Surprise Creek Formation sediments against both the underlying Bigie Formation and the upper Quilalar Formation units. ·      At the 'Flapjack' prospect there is the additional potential for: o  Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from replacement carbonate mineralisation, particularly the Quilalar Formation. o  Thermal Gold Auroele 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/or o  IOCG mineralisation related to chloride rich fluids. ·      At the 'Crescent' prospect there is the additional potential for: o  Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from replacement carbonate mineralisation, particularly the Quilalar Formation; and/or o  Thermal Gold Auroele 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. ·      At the 'Arya' prospect there is the additional potential for: o  Supergene mineralisation forming at the surface along the fault, fault breccia, and the Surprise Creek Formation 'PLrd' rock unit ('Prd' historical). o  Epigenetic replacement mineralisation for Cu (with minor components of other base metals and gold) from replacement carbonate mineralisation, particularly the Surprise Creek Formation. o  Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from replacement carbonate mineralisation, particularly the Surprised Creek Formation. o  Sulphide mineralisation within breccia zones, along stress dilation fractures, emplaced within pore spaces, voids, or in other rock fractures; and/or o  IOCG mineralisation related to chloride rich fluids. ·      A selection of 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. ·      The SRK Independent Geologists Report released by CCZ on the ASX on 28-July-2020 contains further details on the 'Geology - Deposit type, geological setting and style of mineralisation': this report is formally titled "A Competent Persons Report on the Mineral Assets of Castillo Copper Limited" Prepared as part of the Castillo Copper Limited (ASX: CCZ, LSE: CCZ) LSE Prospectus, with the effective date of the 17-July-2020.
Drill hole Information	·    A summary of all information material to the understanding of the exploration results including a tabulation of the following 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 Person should clearly explain why this is the case.	·      For the current program, all drillhole information was coded to the same formatted spreadsheets used by CCZ, being hand-encoded from hard-copy reports, plans, and cross-sections. ·      For CCZ's current drilling program, this information has been recorded in formatted spreadsheets during the drilling and will be checked and verified at the conclusion of the current program. The current reported holes (315-317RC) are listed in Appendix 2, with previous drilling collars listed in the 11TH and 26th July ASX release and in Tables B2-2 and B2-3. ·      A summary of the holes drilled are given at the end of Appendix C.
Data aggregation methods	·    In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material 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.	·      Queries on some assays are currently pending on CCZ's current drilling program. ·      For historical surface sampling, Independent Laboratory Assay results for soil and rock chip samples from the Big One Deposit were averaged if more than one reading or determination was given. ·      Copper grades were reported in this ASX release as per the received laboratory report, i.e., there was no cutting of high-grade copper results as they are directly relatable to high grade mineralisation styles readily visible in the relevant samples and modelling has yet not commenced. ·      There were no cut-off grades factored into any assay results reported, however once modelling commences a high cut-off grade of 10,000ppm or 10% copper will be used.
Relationship between mineralisation widths and intercept lengths	·    These relationships are particularly important in the reporting of Exploration Results. ·    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. ·    If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	·      When available, all mineralised intervals (i.e., >500ppm) have been reported in this and previous ASX releases as the "as-intersected" apparent thickness (in metres) and given that most drillholes dip at -60 to -70 degrees from the horizontal, true intersection widths will be calculated during the block modelling process.
Diagrams	·    Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	·      This part will be done once CCZ's current drilling program is completed, and all samples have been assayed and verified. ·      Appropriate diagrams are presented in the body and the Appendices of the current ASX Release. Where scales are absent from the diagram, grids have been included and clearly labelled to act as a scale for distance. ·      Maps and Plans presented in the current ASX Release are in MGA94 Zone 54, Eastings (mE), and Northing (mN), unless clearly labelled otherwise. ·      A series of cross-sections have been generated at Big One displaying copper analyses in ppm to aid interpretation and exploration planning (in previous ASX releases in July and August 2021)
Balanced reporting	·    Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	·      Comprehensive reporting is planned once CCZ's current drilling program has all sample queries returned and have been verified. o  Appropriate diagrams are presented in the body and the Appendices of the current ASX Release.  Where scales are absent from the diagram, grids have been included and clearly labelled to act as a scale for distance. ·      A complete comparison of visual mineralisation estimated by the site geologist is given in Tables C2-6 through to C2-8 at the end of the next section.  All intersected intervals are apparent thicknesses in metres.
Other substantive exploration data	·    Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	·      Several airborne EM and magnetic surveys have been conducted nearby by historical explorers and Castillo Copper has conducted its own surface sampling program prior to drilling commencing as noted above. A major IP survey was completed during May 2021 across five (5) north-east trending survey lines (dipole-dipole array). Historical work has focussed on drilling and geochemical sampling, with no detailed geophysical data collection. The copper intersected to date appears to be associated with a NE-SW trending dyke. It occurs in two zones - oxidised (malachite, azurite, tenorite, cuprite) and chalcocite. The aim of the IP survey was to ascertain if the copper mineralisation intersected to date has a discernible electrical response (chargeable and / or conductive). If so, it is hoped that other zones of similar electrical response can be highlighted to better focus the upcoming drill program. As a result of the evaluation of data from the IP surveys carried out, the following recommendations are made: ·      The 2D section models are likely to give the most accurate representation of the earth's conductivity and chargeability variations and should be used when drill targeting. The 3D model output allows trends and structures to be mapped and may give some indications of off-line anomalies. ·      Treat anomalies on the edge of lines (and at depth) with caution. Although care was taken to remove spurious data, some edge effects may persist in the data. Before testing any anomalies, GeoDiscovery can check the raw data to verify if a particular anomaly likely to be real. ·      50m DP-DP is shown to be a cost-effective method to cover ground relatively quickly and map the electrical properties of the top 150m or so. If drill testing the regions of elevated chargeability proves successful, a larger 100m DP-DP or P-DP campaign may be considered to cover more ground and to greater depth. ·      Incorporate the 3D and 2D IP models into the available geological database to determine the extent to which the chargeable zones may or may not have been tested, as well as their geological / stratigraphic significance. ·      It is recommended that where IP anomalies occur near surface, a field visit is undertaken to see if anomaly can be explained by surficial clays / lithology.
Further work	·    The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling). ·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	·      Future potential work is described within the body of the ASX Release, and will include: o  Detailed mapping and rock chip sampling. o  Surface gravity and magnetic surveys, and potentially downhole EM surveys. o  Diamond Coring. o  Block modelling and wireframing. o  Update of Resource Estimation.

 

 

 

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria / JORC Code Explanation	Commentary
Database integrity ·    Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. ·    Data validation procedures used.	Historical data from hard copy reports and electronic files such as excel and word, have been captured within a Datamine GDB database.  Historical data has been audited by ROM Resources Geologists before entered, and cross referenced with recent data.  Data base checks have been run by ROM Resources geologists before resource estimation commenced.  Where the location of historical drill holes was in question they have been removed from the model.  Reported collars have been adjusted to the topography model (drone) where the discrepancy is ±0.2m.
Site visits ·    Comment on any site visits undertaken by the Competent Person and the outcome of those visits. ·    If no site visits have been undertaken indicate why this is the case.	Mr Mark Biggs visited site on the 20th of November 2021 to observe the geology, as well as drilling and sampling procedures (Biggs, 2021).  Recommendations to: (1) collect additional bulk density data from mineralised lodes; and (2) employ triple tube diamond drilling methods and in split logging for geotechnical holes have since been implemented.  No other material issues were noted.
Geological interpretation ·    Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. ·    Nature of the data used and of any assumptions made. ·    The effect, if any, of alternative interpretations on Mineral Resource estimation. ·    The use of geology in guiding and controlling Mineral Resource estimation. ·    The factors affecting continuity both of grade and geology.	The deposits have been interpreted on vertical oblique sections at variable spacing by reviewing geological logging and copper grades, as well as considering interpretations from historic mining reports and previously mined voids.  Confidence is moderate in areas of close-spaced drilling. Data has been supplied as a drill hole database, including collar, survey, lithology, weathering, and assay data.  Magnetic susceptibility readings completed on the RC chips have not uniquely characterised mineralised zones, either within or outside the dyke wireframe.  The dyke is characterised by 10x Cr assay values. Alternate correlations of lodes between drill holes are possible in some places but would not materially affect the Mineral Resource estimate. Mineralised lodes have been interpreted using a 0.4% nominal copper cut off and aided with the use of lithology, veining, and structure to help identify the key shear structures.  Potentially economic mineralisation not always restricted to an easily identifiable sheared, porphyritic syenite or diorite.  Within the lodes higher grade copper (>2%) is erratically distributed.   The main lode wireframe includes some barren material between copper mineralisation. Due to its narrow nature the orientation of interpreted lode wireframes can be influenced locally due to the accuracy of down-hole surveys.
Dimensions ·    The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	The extent of Mineral Resource below the original topography is:  Main Strike = 1,200m, Depth = 200m, Width = 6 to 14m. Mineralisation extends from the historical pit floor for the main lode.
Estimation and modelling techniques ·    The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. ·    The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. ·    The assumptions made regarding recovery of by-products. ·    Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). ·    In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. ·    Any assumptions behind modelling of selective mining units. ·    Any assumptions about correlation between variables. ·    Description of how the geological interpretation was used to control the resource estimates. ·    Discussion of basis for using or not using grade cutting or capping. ·    The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	Block grade estimation for Cu was by inverse distance squared methods (ID2).  ID2 was considered suitable for the style of mineralisation, size of blocks relative to the drill hole spacing, and the assumed open pit and underground mining selectivity. Drill holes were composited to 1m and data was interpolated using Datamine Minescape Block Model software. Hard boundaries were adopted for lode wireframes, with each lode estimated independently.  No blocks outside the interpreted lodes were estimated.  Blocks were estimated using 1 - 8 samples with a maximum of 2 samples from any one drill hole. A two-pass search strategy was employed with search ellipsoids orientated in accordance with the average lode orientation.  Main Lode: Maximum search distance of 40m by 40m by 2m for search pass 1.  Maximum search distance of 55m by 55m by 4m for search pass 2.
Moisture ·    Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Resource tonnages are estimated on a dry in situ basis (air-dried).
Cut-off parameters ·    The basis of the adopted cut-off grade(s) or quality parameters applied.	Reporting cut-off grades of 0.65% Cu for open pit and will require confirmation through feasibility work.
Mining factors or assumptions ·    Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	Big One has previously been selectively mined by open cut mining methods.  A total of 6,500t of ore @ 6% Cu has been deducted from the resource estimate to reflect this. Portions of the remaining resources are considered to have sufficient grade and continuity to be considered for both selective open cut and underground mining but will require confirmation through feasibility work. No mining parameters or modifying factors have been applied to the Mineral Resources.
Metallurgical factors or assumptions ·    The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	Metallurgical test work and the treatment process and metallurgical recovery will need to be confirmed through feasibility work.
Environmental factors or assumptions ·    Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	Big One is a lapsed Mining License with an EA in place (only on the EPM).  Historically, ore processing and tailings storage has been conducted off-site, various third-party options are available for offsite ore processing and tailings storage. Mining has previously taken place at Big One with no significant environmental impediments.
Bulk density ·    Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. ·    The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. ·    Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	Bulk dry density has been determined from 0.3m unmineralised core from BO_334DD, which gave an average of 2.70 kg/m3 Measurements would been taken during the 1992-1996 open cut mining operation, which have not been sighted. Average density measurements were assigned to the Big One model as follows; Oxide non-lode = 2.45 t/m3, Oxide lode = 2.55 t/m3, Fresh = 2.65.
Classification ·    The basis for the classification of the Mineral Resources into varying confidence categories. ·    Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). ·    Whether the result appropriately reflects the Competent Person's view of the deposit.	The resources were classified on a block-by-block basis using estimation outputs.  Inferred resource blocks required the closest sample within 35m, an average sample distance <55m, and a minimum of 2 drill holes, with the remaining blocks assigned to Exploration Target ranges.   The resource classification appropriately reflects the Competent Person's view of the deposit.
Audits or reviews ·    The results of any audits or reviews of Mineral Resource estimates.	The Big One Mineral Resource estimate was undertaken by an external consultant but has not been audited or reviewed.
Discussion of relative accuracy/ confidence ·    Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. ·    The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. ·    These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code. Detailed statistical and geostatistical methods to quantify the relative accuracy of the resource have not been undertaken.  However, preliminary statistical analysis suggests the relative error of this estimate to be ±20-30% Lode geometry and grade can vary significantly over short distances, but continuity of mineralisation and grade is supported by close-spaced drilling in areas classified as Inferred. Drill hole data was collected and analysed using prevailing industry practices but a small amount of drilling pre-dates 1990.  This was excluded in the Mineral Resource classification.  There is a small possibility of the resource including minor amounts of undocumented underground voids from historical mining, however, post mining drilling did not intersect any underground voids. The resource statement relates to the global resource estimate.  The grade cut-offs and depth of potential open pit material used to determine the Mineral Resource were assumed and require confirmation through feasibility work.  The deposit is not currently being mined, but the resource estimate has a lower average grade than production records for the same mineralisation zone that was mined at higher elevations from 1972-1996.

 

APPENDIX C: 2021 DRILLING END OF HITCH REPORT

Detailed ground and drone survey

The surveyor (GMC Surveys) completed surveying of all forty 2020 and 2021 drillhole collars (Tables C-1, C-2). Average errors compared to the handheld GPS readings taken whilst each hole was drilled were negligible at ±0.7m in X and Y.

The surveyor picked up six of the 1993 drillhole collars where there was still casing evident; these needing rehabilitation.  The average error compared to the georeferenced 1993 coordinates (from a hard copy plan) were about ±12m in X and Y.  The detailed drone and ground survey including building a PSM at Big One and established that the QLD 1 Sec DEM topography model was on average 3.40m too high at the drillhole collars.

Co-ordinates of unrehabilitated historical holes was taken.

TABLE C-1: LOCATION ALL COMPLETED 2021 DRILLHOLES - GMC SURVEY

SiteID	Easting (GDA94)	Northing (GDA94)	Collar RL (m)	Total Depth (m)	Azimuth	Dip	Note	Comments
BO_315RC	335416.54	7880310.99	156.13	80.00	320.8	-57.6	Redrill 201RC	Breakdowns delayed hole.
BO_316RC	335426.88	7880296.19	156.04	155.00	349.6	-71.9	Redrill 202RC
BO_317RC	335392.82	7880285.23	154.67	125.00	347.6	-59.6	Redrill 306RC
BO_318RC	335431.00	7880282.63	155.58	203.00	344.2	-74.6	Redrill 203RC
BO_319RC	335288.27	7880265.10	152.63	149.00	331.9	-72.7	Redrill 312RC
BO_320RC	335309.56	7880203.56	155.53	83.00	329.3	-60.0	New hole	Abandoned due to high water flow
BO_321RC	335224.68	7880234.68	154.47	137.00	321.6	-66.0
BO_322RC	335191.11	7880219.79	154.75	131.00	324.2	-65.4
BO_323RC	335158.35	7880188.76	155.04	131.00	331.6	-61.9	Matched to 325RC
BO_324RC	335118.00	7880203.00	157.00	76.00	328.2	-61.8		Abandoned due to faulted ground and cavities
BO_325RC	335113.69	7880291.66	151.26	130.00	164.4	-64.5	Oriented south
BO_326RC	335175.53	7880306.22	151.81	191.00	160.4	-57.1	Oriented south	Breakdowns, abandoned due to high water flow
BO_327RC	335333.50	7880264.58	153.26	173.00	324.4	-61.6
BO_328RC	335376.95	7880295.83	154.36	131.00	332.6	-62.4
BO_329RC	335402.88	7880254.32	155.84	120.00	320.4	-60.0
BO_330RC	335412.00	7880211.00	163.00	130.00	333.2	-60.4
BO_331RC	335275.45	7880249.48	152.89	161.00	322.6	-56.0
BO_332RC	335294.48	7880240.07	153.76	132.00	330.8	-58.0		Redrill of 320RC
BO_333RC	335110.60	7880194.01	154.21	125.00	330.2	-60.3		Redrill of 324RC
BO_334DD	335458.29	7880313.59	157.59	104.98	335.0	-61.2	Between 207RC and 304RC	HQ cored from 68.85m; 32.31m HQ core
				2,667.98

Notes:

1.        All drillholes except BO_334DD downhole geophysically logged the entire hole.

2.        Azimuths and dips are averaged readings from downhole deviation tool over the length of the hole.

Source: CCZ geology team

TABLE C-2: LOCATION ALL COMPLETED 2020 DRILLHOLES - GMC SURVEY

SiteID	Easting (GDA94)	Northing (GDA94)	Collar RL (m)	Total Depth (m)	Azimuth	Dip	Note	Comments
BO_201RC	335414.80	7880310.43	156.04	50.0	306.5	-51.6
BO_202RC	335428.03	7880299.12	156.29	82.0	342.0	-62.2
BO_203RC	335432.18	7880283.98	155.60	107.0	330.5	-70.5
BO_206RC	335468.16	7880333.15	158.40	71.0	340.1	-65.5
BO_207RC	335476.25	7880316.80	158.42	95.0	332.1	-61.4
BO_211RC	335443.87	7880324.68	157.30	107.0	345.0	-67.9
BO_213RC	335389.02	7880302.33	155.35	107.0	338.4	-69.3
BO_301RC	335405.00	7880325.87	156.98	53.0	339.0	-66.7		Mineralised entire length
BO_302RC	335382.75	7880316.70	156.11	59.0	342.3	-68.1
BO_303RC	335425.16	7880339.52	158.31	53.0	342.6	-60.8		Mineralised entire length
BO_304RC	335448.96	7880312.64	157.18	107.0	340.8	-65.3
BO_305RC	335461.65	7880346.92	159.13	53.0	340.5	-69.0
BO_306RC	335391.40	7880285.01	154.58	107.00	337.4	-70.1
BO_307RC	335481.53	7880361.85	160.40	91.00	336.4	-69.2
BO_308RC	335339.75	7880305.93	153.40	53.0	335.8	-65.3
BO_309RC	335350.03	7880291.61	153.31	77.0	346.5	-68.5
BO_310RC	335347.89	7880277.61	153.62	107.0	336.1	-66.9
BO_311RC	335281.18	7880275.09	152.02	59.0	336.8	-66.7
BO_312RC	335286.17	7880264.98	152.23	83.0	344.0	-65.3
BO_313RC	335209.65	7880258.84	153.98	59.0	344.8	-66.8
BO_314RC	335221.14	7880250.74	153.92	71.0	330.2	-63.2
				1,651

Notes:

1         All drillholes except BO_314RC downhole geophysically logged.

2         Azimuths and dips are averaged readings from downhole deviation tool over the length of the hole.

Source: CCZ geology team

BO_315, 16, 17, 18, and 327RC have been the standouts so far. In addition, minor mineralisation was observed in BO_323RC, 324RC, 325RC, and 333RC. 

 

Results for major copper mineralisation of holes completed have now been received from the laboratory, as summarised in Table C-3.

TABLE C-3: BO_315-334DD LABORATORY ANALYSIS - COPPER ASSAY COMPARISON

Drillhole	From (m)	To (m)	Apparent Length (m)	Cu (%)	Notes
BO_315RC	61.0	69.0	8.0	0.50%	Visual mineralisation 62-69m
including	65.0	68.0	3.0	1.22%
BO_316RC	137.0	146.0	9.0	0.64%	Visual mineralisation 129-146m
including	141.0	146.0	5.0	1.06%
BO_317RC	88.0	97.0	9.0	1.42%	Visual mineralisation 90.5-103m
including	92.0	96.0	4.0	3.06%
including	92.0	93.0	1.0	9.19%	Also 3.4 g/t Ag
BO_318RC	166	182	16.0	0.59%
including	176	179	3.0	1.76%
BO_319RC	-	-	0	-	All samples <500ppm.
BO_320RC	-	-	0	-	Abandoned shallow; All samples <500ppm.
BO_321RC	-	-	0	-	All samples <500ppm.
BO_322RC	-	-	0	-	All samples <500ppm.
BO_323RC	64	65	1.0	0.06%
BO_323RC	94	96	2.0	0.11%
BO_324RC	46	49	3.0	0.05%	Abandoned shallow; All other samples <500ppm.
BO_325RC	88	89	1.0	0.05%	All other samples <500ppm.
BO_326RC	100	104	4.0	0.56%
including	100	101	1.0	1.58%
BO_326RC	102	103	1.0	-	0.15ppm Au
BO_326RC	141	144	3.0	-	0.16ppm Au
BO_327RC	93	98	5.0	0.77%
including	95	97	2.0	1.57%
BO_327RC	103	104	1.0	0.43%
BO_327RC	122	123	1.0	0.11%
BO_328RC	-	-	0	-	All samples <500ppm.
BO_329RC	-	-	0	-	No dyke; All samples <500ppm.
BO_330RC	-	-	0	-	No dyke; All samples <500ppm.
BO_331RC	75	76	1.0	0.05%
BO_332RC	110	111	1.0	0.05%
BO_333RC	42	45	3.0	0.15%
including	43	44	1.0	0.31%
BO_334DD					In the RC section, all samples <500ppm. Cored section not received yet.

Source: CCZ geology team

 

 

The major dyke and halo intersections are listed in Table C-4 below, followed by Table C-5, which documents the qualitative assessment of mineral ranges present for drillholes, from the geologist's logs.

TABLE C-4:  MAJOR DYKE AND HALO INTERSECTIONS

Borehole	From (m)	To (m)	Apparent Thickness (m)	Comments
BO_315RC	58.0	61.0	2.0	Quartzite
BO_315RC	61.0	69.0	8.0	Trachyte to porphyry dacite
BO_315RC	69.0	71.0	2.0	Quartzite
BO_316RC	113.0	120.0	7.0	Quartzite
BO_316RC	129.0	146.5	17.5	Trachyte to porphyry dacite
BO_317RC	11.0	13.0	2.0	Haematite-rich Shale
BO_317RC	20.0	24.0	1.0	Quartzite; Pyrolusite
BO_317RC	42.0	43.0	1.0	Quartzite; Pyrolusite
BO_317RC	65.0	66.0	1.0	Quartzite; Pyrolusite
BO_317RC	75.0	76.0	1.0	Siltstone; Potassic Alteration
BO_317RC	90.5	103.0	12.5	Andesite dyke, plus sericite and chrysocolla
BO_317RC	103.0	105.0	2.0	Quartzite
BO_318RC	89.0	100.0	11.0	Dacitic
BO_318RC	153.0	187.0	34.0	Dacitic, some orthoclase
BO_319RC	55.0	64.0	9.0	Dacitic, some orthoclase
BO_319RC	83.0	84.0	1.0	Quartzite
BO_319RC	87.0	91.0	4.0	Dacitic
BO_319RC	96.0	98.0	2.0	Dacitic
BO_320RC	79.0	80.0	1.0	Quartzite, some orthoclase
BO_321RC	63.0	72.0	9.0	Dacitic
BO_321RC	86.0	88.0	2.0	Quartzite
BO_321RC	97.0	100.0	3.0	Quartzite
BO_322RC	57	73.5	16.5	Dacitic
BO_323RC	8	9	1.0	Dacitic, pervasive orthoclase
BO_323RC	82	97	15.0	Dacitic, some orthoclase
BO_324RC	3	6	3.0	Quartzite
BO_324RC	33	40	7.0	Fractured quartzite
BO_324RC	41	53	12.0	Dacite
BO_325RC	2	4	2.0	Dacite
BO_325RC	45	46	1.0	Dacitic
BO_326RC	5	9	4.0	Dacite
BO_326RC	27	28	1.0	Quartzite with abundant pyrite
BO_326RC	134	161	27.0	Dacite
BO_327RC	84	98	14.0	Dacite
BO_327RC	98	99	1.0	Quartzite
BO_328RC	62	73.5	11.5	Dacite
BO_328RC	101	102	1	Dacite
BO_329RC			0	No igneous intrusions
BO_330RC	70	75	5.0	No igneous intrusions; but skarn
BO_330RC	81	82	1.0	Skarn
BO_330RC	100	102	2.0	Skarn
BO_330RC	122	125	3.0	Skarn
BO_331RC	58	59	1.0	Dacite
BO_331RC	75.5	83.5	8.0	Dacite
BO_331RC	114.5	116	1.5	Dacite and skarn
BO_332RC	81.5	94.5	13.0	Dacite
BO_332RC	108.5	111	2.5	Dacite
BO_333RC	37	42	5.0	Dacite
BO_333RC	45	46	1.0	Dacite
BO_334DD	86.49	95.52	9.03	Dacite

Source: CCZ geology team

 

TABLE C-5: QUALITATIVE ASSESSMENT OF MINERALS IN DRILL-HOLES 315RC TO 334DD

Borehole	From (m)	To (m)	Apparent Thick. (m)	Magnetite (%)	Epidote (%)	Sericite (%)	Sulphides (%)	Comments
BO_315RC	58.0	61.0	2.0		0-1	1-3		Quartzite, very weakly mineralised
BO_315RC	61.0	69.0	8.0		1-2	1-8	1-4	Trachyte to porphyry dacite
BO_315RC	69.0	71.0	2.0			1-5	0-1	Quartzite, very weakly mineralised
BO_316RC	113.0	120.0	7.0			1-15	0-1	Quartzite, very weakly mineralised
BO_316RC	129.0	146.5	17.5		1-5	1-10	1-7	Trachyte to porphyry dacite
BO_317RC	11.0	13.0	2.0	1-3				Haematite-rich Shale
BO_317RC	20.0	24.0	1.0	0-1				Quartzite; 0-2% Pyrolusite
BO_317RC	42.0	43.0	1.0					Quartzite; 0-2% Pyrolusite
BO_317RC	65.0	66.0	1.0					Quartzite; 0-2% Pyrolusite
BO_317RC	75.0	76.0	1.0					Siltstone; 3-5% Potassic Alteration
BO_317RC	90.5	103.0	12.5	0-2	1-15	1-3	1-4	Andesite dyke, plus sericite and chrysocolla
BO_317RC	103.0	105.0	2.0		1-2			Quartzite, very weakly mineralised
BO_318RC	89	100	11	1-3	1-3	1-2	0-1		Drilled next to 203RC, Dacitic
BO_318RC	153	187	34	1-5	1-5		1-15		Dacitic, some orthoclase
BO_319RC	55	64	9	1-10	1-5	1-3	0-10		Drilled next to 312RC. Dacitic, some orthoclase
BO_319RC	83	84	1	0			1-5		Quartzite
BO_319RC	87	91	4	1-5			1-5		Dacitic
BO_319RC	96	98	2	0	1-5		1-5		Dacitic
BO_320RC	79	80	1	5-10					Quartzite. new hole abandoned at 83m due to high water flow; up to 10% orthoclase
BO_321RC	63	72	9	5-50	1-5				Dacitic
BO_321RC	86	88	2	5-10			1-3		Quartzite
BO_321RC	97	100	3	0-5	1-10		0-1		Quartzite
BO_322RC	57	73.5	16.5	1-10	0	1-2	0-5		Dacitic
BO_323RC	8	9	1.0	1-20	1-2	0	3-5		Dacitic, pervasive orthoclase
BO_323RC	82	97	15.0	1-10	1-5	0	0-3		Dacitic, some orthoclase
BO_324RC	3	6	3.0	1-5	0	1-3	1-5		Quartzite
BO_324RC	33	40	7.0	1-10	0	0	1-2		Fractured quartzite
BO_324RC	41	53	12.0	2-15	1-5	1-5	1-6		Dacite; hole abandoned at 76m
BO_325RC	2	4	2.0	5-10	0	0	1-5		Dacite
BO_325RC	45	46	1.0	1-5	1-5	1-5	1-3		Dacitic
BO_326RC	5	9	4.0	5-10	0	0	1-3		Dacite
BO_326RC	27	28	1.0	0-5	0	1-5	0-1		Quartzite with abundant pyrite
BO_326RC	96	100	4.0	0-5	0-2	1-5	1-3		Dacite
BO_326RC	134	160	26.0	0-25	1-5	0-10	1-6		Dacite
BO_327RC	60	68	8.0	0-10	1-3	0-2	1-5		Dacite
BO_327RC	81	90	8.0	0-15	1-5	0-3	1-5		Dacite
BO_327RC	90	99	9.0	0-20	1-3	0	5-10		Quartzite
BO_328RC	5	6	1.0	0	0	0	5-6		Azurite
BO_328RC	63	65	2.0	0	0	0	0-2		Dacite
BO_328RC	65	66	1.0	0	0	0	1-3		Dacite
BO_328RC	66	68	2.0	0	0	0	0-2		Also 2% chlorite
BO_329RC	29	32	3.0	0-5	0	0	0		Goethite
BO_329RC	116	117	1.0	0	2-10	0	0-1		Quartzite
BO_330RC	58	60	2.0	0	0	0	0-2		Chalcopyrite and Chalcocite
BO_330RC	60	61	1.0	0	0	0	0-1		Sphalerite
BO_330RC	70	75	5.0	0	0	0	0		Skarn 2-6% garnet
BO_330RC	110	111	1.0	0	0	0	0-2		Chalcopyrite
BO_330RC	127	128	1.0	0	0	0	0-2		Chalcopyrite
BO_330RC	131	132	1.0	0	0	0	0-2		Chalcopyrite
BO_330RC	133	134	1.0	0	0	0	0-2		Chalcopyrite
BO_331RC	58	59	1.0	0	0	0	0-1		Dacite
BO_331RC	75.5	83.5	8.0	0	0-1	1-5	0-3		Dacite
BO_331RC	104	105	1.0	0	0	0	0-1		Quartzite
BO_331RC	114.5	116	1.5	0	0	2-15	0		Skarn, Garnet 1-2%
BO_332RC	81.5	94.5	13.0	0-1	0-3	1-5	1-2		Dacite
BO_332RC	102	103	1.0	0	0	0-2	0-2		Quartzite
BO_332RC	108.5	111	2.5	0	1-10	1-5	0-2		Dacite
BO_332RC	120	122	2.0	0	0	0	0-1		Quartzite
BO_333RC	11	13	2.0	0	0	0	0-2		Siltstone
BO_333RC	19	21	2.0	0	0	0	0-2		Quartzite
BO_333RC	26	27	1.0	0	0	1.5	0-2		Quartzite
BO_333RC	37	42	6.0	0-1	1-5	1-10	0-3		Dacite
BO_333RC	45	46	1.0	0	0-5	1-3	0-3		Dacite
BO_333RC	104	108	4.0	0	0	0	0-1		Quartzite, 1-3% chlorite
BO_333RC	117	118	1.0	0	0	0	0-1		Quartzite
BO_334DD	71	78	6.0	0-1	0-2	0-2	0-1		Quartzite
BO_327RC	86.49	95.52	9.03	0-5	1-5	1-10	0-3		Dacite

Notes:

1.        Samples have been taken at 1m intervals.

2.        Mineralisation estimated from field geologists rock chip estimates.

3.        True vertical depths will be calculated by Minescape block model procedures.

4.        A zone of limited mineralisation inferred to be associated with the dyke was intersected in each deepened drill hole.

Source: CCZ geology team