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Castillo adds precious glimmer to cobalt resource

9 March 2022 10:35
ASX: CCZ

Castillo Copper sampling from the Iron Blow prospect returned a 3.7 grams per tonne platinum along with an inspiring 6.1g/t gold at the Broken Hill Alliance project surrounded by BHP’s original leases in New South Wales.

While at 12 per cent copper indications remains the focus, the Perth-based company is fully funded to leverage multi-commodity exploration, holding $6.7 million cash on hand in a sellers boom market.

Platinum prices have risen above US$1160 per pound, the highest since June on more robust demand and possible supply disruptions caused by sanctions on Russia, a significant producer of the shiny, silvery-white metal used in jewellery but also increasingly in catalytic converters for cars, trucks and buses.

Meanwhile, gold has remained interestingly robust, surging to $US2,066 an ounce on Tuesday, just $9 shy of its record peak hit in August 2020 as the war in Ukraine sent investors scrambling for a safe place to park their cash.

The company said the timing could not be better for exploration with the Big One and Cangai copper mine drill ready.

“Discovering the potential for platinoid mineralisation within the BHA Project is excellent news, as it provides another avenue to create shareholder value,” chief executive Dennis Jensen said.

Castillo will continue to build with the BHA resource estimate already underway.

CCZ’s Australian Stock Exchange-listed price has risen 5.5pc today, selling at 1.9c (8:05 am UTC+8 hours)

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