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Castillo adds precious glimmer to cobalt resource

9 March 2022
ASX: CCZ
Jack Baker

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)

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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