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Castillo finds more cobalt promise in Broken Hill

31 March 2022 09:54
ASX: CCZ

Castillo Copper has uncovered new cobalt potential at the Broken Hill Project within a 20km radius of the famous mining town’s world-class silver-zinc-lead deposit in New South Wales, Australia.

New cobalt assays – within the Defined Target Area that hosts the Tors & Reef Tank Prospects – captured the new finds (results below) in 20 shallow drill holes not captured in the Geological Survey of NSW’s database.

As lithium-ion battery demand pushes the critical mineral beyond US$80,000 a tonne, Castillo will eventually use the promising results as part of 6,380 drill holes which will inform the geological model for the project’s JORC mineral resource estimate.

The company said discovering high-quality incremental data builds a compelling case to prove a primary cobalt JORC 2012 compliant mineral resource estimate.

“More than ever, the Board is optimistic there is ample data to model up a primary cobalt mineral resource estimate that complies with the JORC (2012) code,” chief executive Dr Dennis Jensen said.

The company’s next steps will be the completion of an MRE for the project’s East Zone.

In Queensland, planning is underway for the next drilling campaign at the Big One deposit – assay results are pending for the Arya prospect.

In Zambia, a geophysical report on the Mkushi Project is pending while the completion of drilling at the Luanshya Project advances.

Results

New:

5m @ 1,200ppm Co from 15m (AGSO2740) 10m @ 510ppm Co from 5m including 5m @ 690ppm Co from 10m (AGSO2716)1

Reported:

7m @ 1,600ppm Co from 30m (1800E1180N) 15m @ 760ppm Co from 67m (3E51N) 10m @ 520ppm Co from surface (2925E1240S) 5m @ 520ppm Co from 45m (TT05W10N)

CCZ’s Australian Stock Exchange-listed share price is trading at 2.3c today (9:21 am UTC+ 8 hours).

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