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Castillo ready to prove up cobalt returns

21 March 2022 09:39
ASX: CCZ

Castillo Copper diamond cored drilling as uncovered broad zones of high-grade cobalt-zinc from The Sisters prospect, part of the Broken Hill project in the far west of outback of New South Wales.

The priority follow-up drilling revealed up to 1705 parts per million Cu and 9.63 per cent Zn over several wide intervals ranging from seven to nine metres.

The promising result builds on the impending low-cost cobalt-focused JORC estimate while rising pressure from the lithium-ion battery sector has the lustrous grey metal trading at a hefty US$82,000 per tonne.

The company said assays should hold enough data to prove the resource.

“Preliminary results from analysing The Sisters Prospect’s diamond core has delivered an excellent outcome, we now have compelling evidence there is high-grade cobalt-zinc mineralisation apparent and a prime target for future test drilling,” chief executive Dennis Jensen said.

Next up for Castillo are assays from the Arya Prospect’s copper trove while timing the next campaign for the Big One Deposit and working on its Zambian projects.

CCZ’s Australian Stock Exchange-listed price was trading at 2.3c today (5.34 am UTC+8 hours).

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