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Critical cobalt the priority for Castillo 

9 February 2022 10:37
ASX: CCZ

Castillo Copper is moving quickly to model a cobalt resource estimate following forensic exploration uncovering 6200 target-ready drill holes at the Broken Hill Alliance project just a stone’s throw away BHP’s historic Broken Hill sites.  

With cobalt nudging US$71,000 a tonne this year, the company registered cobalt readings up to 9500 parts per million at the project’s east zone, tipping the explorers hand to place a firm priority on getting the resource modelled.  

It is a timely discovery supported by the New South Wales government new offering new money for critical battery mineral producers in line with a federal government push to make Australia a global leader in electric vehicles.  

The company said the grades encountered from only 108 drill holes processed so far is an exciting prospect.  

“Pleasingly, there are seven reverse circulation and diamond drill core samples that will be re-analysed for cobalt mineralisation which should increase confidence in the final modelled outcome,” chief executive Dennis Jensen said.  

Apart from BHA, next steps include a gravity and magnetics survey at the Cangai project in northern NSW while also modelling a JORC 2012 compliant mineral resource estimate at the much anticipated Big One deposit within the core Mt Oxide Project in northwest Queensland.  

In Zambia, work is underway towards completing a geophysical report on the Mkushi Project, while an inaugural drilling campaign for the Luanshya Project is expected to be completed shortly. 

CCZ’s Australian Stock Exchange-listed price has risen over 9.09 per cent today, trading at 2.4c (9:25 am UTC+8 hours) 

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