Castillo Copper has boosted its battery metal potential securing rights to explore copper-complimentary prime lithium assets in Western Australia and the Northern Territory.
The company has 90-day options to acquire the highly prospective Picasso Lithium project, near Liontown Resources’ 14.9 million tonnes Buldania project in the Goldfields and the equally exciting Litchfield Lithium project contiguous with Core Lithium’s soon-to-be-operating 7.4 million tonne Finniss Lithium project in the NT.
Lithium carbonate has skyrocketed to above $US988,058 per tonne in September, the highest since April 2018, and extending year-to-date gains to around 220 per cent, amid surging demand and supply concerns.
CCZ said lithium-hosting pegmatites mapped across both projects assisted with detailed exploration planning, most notably providing a primary target area of Litchfield’s northwest boundary.
“Acquiring prospective lithium projects, which complement the copper assets, arguably provides CCZ with a strong comparative advantage moving forward,” managing director Simon Paull said.
“In focusing on developing copper and lithium projects, the board is positioning CCZ to potentially create significant incremental value from the transition towards renewable energy sources and accelerating demand for electric vehicles globally.”
Meanwhile, the company has reaffirmed its strong cash position moving forward with core projects, including receiving all assays ahead of mobilizing crews to test-drill a 130-metre thick sulphide target at the Arya prospect, part of the aptly named Big One deposit, in the famous Lachlan Fold belt in Queensland’s historic Mt Isa region.
In Zambia, induced polarisation is progressing at the Luanshya and Mkushi projects. The company is confident the results will provide incremental targets for test drilling and the first drilling campaign for the Luanshya project.
The company’s Australian Stock Exchange-listed shares opened today at 3.2c (8:00 am GMT+ 8 hours).