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Cashed-up Castillo full steam ahead at Mt Oxide

16 June 2021 10:28
ASX: CCZ
Abstract texture of the oxidated copper on the walls of the underground copper mine in Roros, Norway.

Perth-based explorer Castillo Copper has kicked off drilling across three prospects at its flagship Mt Oxide Project in Mt Isa’s copper belt in Queensland, building momentum as the copper price runs hot.

In an announcement today, the Australian Securities Exchange-listed Castillo said reverse circulation and diamond drilling have commenced at its Big One deposit, comprising 26 drill-holes for 2,828 metres, where several new and existing targets north and south of the 1,200m strike event will be tested.

The company will also carry out a follow-up downhole electromagnetic (DHEM) survey to determine the relative density of the underlying copper mineralisation.

The company’s logistics and geology teams are finalising access, program design and site preparation at its Arya and Sansa prospects to ensure optimal drilling once work concludes at Big One.

The news comes after Castillo Copper recently raised $11.7 million in a share placement to institutional and sophisticated investors in Australia and the UK to further its projects in Australia and Zambia, which has bolstered its cash position to $13.5m. The copper price has been trading around record highs as the global economy roars back to life from last year’s COVID-19 induced recession and investment increases in green and clean energy projects, boosting demand for the metal.

At Mt Oxide, up to 21 targets across have been identified in its geological review, with Castillo appointing geology consultancy group FieldCrew to manage its exploration program. The company is also building up a forward pipeline of targets to explore once the drilling program at Big One, Arya and Sansa Prospects concludes. 

 “Over the next few months, the Board’s core focus is to maximise exploration efforts (at) Mt Oxide,” managing director Simon Paull said.

 “More pointedly, with a plethora of high-quality drillable targets, shored up by ample funding, the Board’s strategic intent to transform Castillo into a mid-tier copper group is set to gain considerable momentum.”

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