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Cobalt powers Castillo’s BHA project  

15 February 2022
ASX: CCZ
Jack Baker

Castillo Copper is fast-tracking the comparatively low-cost development of a JORC compliant cobalt mineral resource, focusing exploration on four encouraging shallow zones in search of the lustrous grey metal, which is currently commanding US$71,000 a tonne. 

Cobalt, a critical component used in batteries, is tipped to increase significantly over the long term, fuelled by soaring demand from EVs. Analysts expect usage to at least double to 270,000 tonnes by 2030.   

The company, already well advanced with preliminary coding of the 2.5km x 600m wide target area and its 6182 holes, said it was encouraging how quickly it can move on its newfound battery metal trove.  

“In the Board’s view, uncovering and leveraging high-quality legacy assays to potentially model up a JORC 2012 compliant Mineral Resource Estimate can materially advance the East Zone and create value for shareholders,” chief executive Dennis Jensen said.  

The company’s next steps are to release the highly anticipated assay results from Arya Prospect and Big One Deposit in northwest Queensland.   

Abroad, geophysical work is progressing on the Mkushi copper project in Zambia ahead of inaugural drilling at the nearby Luanshya copper project. 

CCZ’s Australian Stock Exchange-listed price is currently trading at 2.3c (5:53am UTC+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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