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Cashed-up Castillo targets local experience for a large-scale study

1 July 2021 09:04
ASX: CCZ
Surveyor at mine with theodolite

Perth-based Castillo Copper Limited has appointed local consultants Geophex Surveys to undertake comprehensive inducted polarisation surveys across the company’s highly prospective Luanshya and Mkushi projects in Zambia.

In an announcement today, The Australian Securities Exchange-listed company said Geophex came with a packed resume of experience undertaking geophysical survey work on various copper-gold projects in Zambia and the neighbouring Democratic Republic of Congo.

With recent capital raising funds in the kitty, the company said it was confident of delivering the results in about 6-8 weeks while also maintaining momentum at its Mt Oxide project in Queensland.

The news comes as copper continues to outshine most other metals, with prices coming back only slightly from recent 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.

“Having already completed soil sampling campaigns that have delineated anomalous areas across the Luanshya and Mkushi Projects, undertaking comprehensive IP surveys will potentially facilitate identifying targets to test drill,” managing director Simon Paull said.

“Overall, the Board looks forward to receiving the geophysicist’s interpretations, as the Luanshya and Mkushi projects deliver significant exploration potential.”

With its eye on copper prospects across Australia and Zambia, Castillo aspires to develop into a mid-tier copper group boasting a suite of high-quality projects, including 22 viable targets at its Mt Oxide project.

The company is rapidly advancing its exploration activities with an imminent report on drilling and geophysics work completed at the very promising Big One deposit, plus a timely update on physics work and a geophysics overview on the Arya project ahead of plans for drilling to commence.

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