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Castillo paints a promising picture at Picasso

4 October 2021
ASX: CCZ
Rueben Hale

Castillo Copper is eyeing multiple lithium targets following the confirmation of surface mineralisation at the Picasso Lithium project, close to Liontown Resources’ massive Buldania lithium project in Western Australia.

The surface occurrences aligned with 69 pegmatite outcroppings mapped by the Geological Society of Western Australia in previous surveys of the area.

Additionally, an independent geological consultant has highlighted the site’s extensive lithium hosting potential, collecting more than 30 samples, most notably from the promising eastern quadrant within the tenure.

Castillo has secured a 90-day option to acquire the Litchfield and Picasso lithium projects as the essential battery mineral continues to outshine other commodities with a comparatively rosy outlook after recording more than a 250 per cent price increase since the beginning of the year.

“Straight out of the gates, the preliminary due diligence has hit a high note at the Picasso project, with multiple historical surface occurrences being confirmed and photographic evidence there is significant pegmatite outcropping with the potential to host lithium mineralisation,” managing director Simon Paull said.

“The board is delighted with these initial findings and looks forward to receiving the results of the assay back from the laboratory.”

Castillo plans to continue diligence across its lithium projects while awaiting the highly anticipated assay results ahead of the drilling at its aptly named Big One copper project in Queensland.

In Zambia, it plans to complete an induced polarisation survey at the Luanshya and Mkushi projects,  using the results to establish incremental test drilling and getting underway with the inaugural drilling campaign for the Luanshya project.

The company’s Australian Stock Exchange-listed shares had risen 5.88 per cent today, trading at 3.6c  (9:08 am GMT+ 8 hours).

COMPANY OVERVIEW

Castillo Copper is an Australian-based explorer primarily focused on copper across Australia and Zambia. We are embarking on a strategic transformation into a mid-tier copper group underpinned by our four high-quality assets: NWQ Copper: New discovery at the Big One Deposit within the Mt Isa copper-belt district of Queensland, with a further nine high-grade targets including the Arya Prospect Zambia – Zed Projects: Four high-quality prospective assets across Zambia’s copper-belt – the second largest copper producer in Africa Broken Hill: A large tenure footprint proximal to the world-class Broken Hill silver-zinc-lead deposit Cangai: One of Australia’s highest grading historic copper mines with a JORC compliant resource (3.2Mt @ 3.3%), up to 14.45% Cu and significant upside potential Castillo Copper is dual listed on the Australian Stock Exchange and London Stock Exchange under the ticker “CCZ”.

COMPANY INFORMATION

ASX: CCZ

Website

https://castillocopper.com/
https://www2.asx.com.au/markets/company/ccz

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