Key service provider appointments at Big One

1 February 2021 

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

Key service provider appointments to accelerate developing new discovery at Big One Deposit

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is pleased to announce the appointment of two key service providers to accelerate the next phase of development at the new copper discovery at Big One Deposit, within the Company's 100% owned Mt Oxide Project in Queensland, Australia.

Following confirmation of the new high-grade copper discovery at Big One Deposit, with underlying mineralisation open in all directions, the Board is expediting the next phase of development as follows:

·    Geology consultancy, ROM Resources, has been formally appointed to leverage legacy and current data to model up a maiden JORC compliant inferred resource

·    In addition, GeoDiscovery Group, a geophysics consultancy, has been appointed to undertake an extensive geophysical survey, which has two core objectives:

o  Identify massive sulphide bedrock conductors along the 1,200m strike extent that potentially extends known mineralisation

o  Provide geophysical insights into several known yet under-explored nearby anomalies, which include previously mapped gossanous outcrops to the north-east of the recent drilling campaign

o  Once the survey results are known, the geology team should be able to further refine and optimise the drilling campaign to increase the probability of intersecting mineralisation

·    The geology team are working on a comprehensive update of the Big One Deposit which is expected to be released imminently

·    The Board has been delighted with the results to date and is optimistic Big One Deposit has the potential to scale  

Simon Paull, Managing Director of Castillo Copper, commented: "Based on the evidence to date, the Board is increasingly optimistic Big One Deposit can be fully developed. As a reflection of our optimism, we are now moving aggressively to extend known mineralisation, identify new targets and prove up an inaugural resource."

In addition to this release, a PDF version of this report with supplementary information can be found on the Company's website: https://www.castillocopper.com/asx-announcements/  

For further information, please contact: 

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:

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

·    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".

Competent Person Statement

The information in this report that relates to Exploration Results for the "Big One Deposit" relates to Exploration Results is based on information compiled or reviewed by Mr Mark Biggs, a consultant 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.