The Discovery of multiple areas of cobalt-copper and zinc mineralisation at its Broken Hill Alliance project in New South Wales move Castillo’s battery metal focus to cobalt.
Over 100 drill-holes with cobalt values of over 200 parts per million, including an eye-opening high of 9500ppm, were unearthed after a recent geological review of Broken Hill Alliance’s east zone.
With the price of the ferromagnetic metal over US$70,000 and nearing a three and a half year high, the discovery tipped the explorer’s hand to turn focus on the project and begin work on modelling a JORC compliant mineral resource.
Consequently, such a find has caused the company to opt against the potential acquisition of the Litchfield and Picasso lithium assets.
The company said the uncovering was at an opportune moment.
“This is a timely discovery that significantly enhances the project’s exploration potential for battery metals, especially as it coincides with the NSW government launching its critical minerals and high-tech metals strategy,” managing director Simon Paull said.
Modelling a JORC 2012 compliant resource at the Big One deposit and furthering the development of its graphite base metal discovery at the Arya prospect are other priorities.
CCZ’s Australian Stock Exchange-listed price is trading at 3.3c (8:26 am UTC+8 hours)
