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Castillo follows new cobalt promise

13 April 2022

ASX:CCZ

Jack Baker

Castillo Copper has expanded cobalt potential following remarkable new intercepts at the Broken Hill project near BHP’s famed high-grade deposit in the far west of outback New South Wales, Australia.

The project — surrounding the world’s largest high-grade zinc-silver-lead deposit — is highly prospective for the mainstay minerals in the western section and is now showing extensive cobalt promise and iron oxide copper-gold mineralisation in the east.

The company said assays from Fence Gossan and Ziggy’s Hill prospects have incremental evidence of an extensive eastern cobalt system.

“The assays are outstanding and provide the board with increased confidence there is potentially a significant underlying cobalt system,” managing director Dennis Jensen said.

The results will form part of the block model, and mineral resources estimate following consistency verification with earlier results at the Tors & Reef Tank prospects.

Meanwhile, the company hopes to confirm Co-Zn-PGE in the northwest quadrant following imminent outcomes from 180-metre diamond core drilling at The Sister prospect.

Best intercepts

  • 23m @ 660ppm Co from 28m including 3m @ 1,300ppm Co from 37m (3E49N)
  • 4m @ 925ppm CO from 53m including 2m @ 1,300ppm Co from 55m (3E45N)
  • 4m @ 647ppm Co from 46m including 1m @ 1,700ppm Co from 48m (TT05W10N)
  • 3m @ 620ppm Co from 52m including 1m @ 1,100ppm Co from 54m (TT05W14N)
  • 2m @ 500ppm Co from 7m (TT4W035S)
  • 14m @ 262ppm Co from 84m including 1m @ 600ppm Co from 93m (ZIG01)
  • 6m @ 336ppm Co from 39m (RABZIG097)
  • 7m @ 250ppm Co from 5m (ZH0210W)

CCZ’s Australian Stock Exchange-listed share price has risen 4.35 per cent today, selling at 2.2c (10.43 am UTC+8 hours).

COMPANY OVERVIEW

Castillo Copper Limited (ASX: CCZ) is an ASX-listed base metal explorer primarily focused on copper then nickel, zinc & cobalt.

The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by three core pillars:

    • Pillar I: Cangai Copper Mine in northern New South Wales, which is one of Australia’s highest grading historic copper mines with a JORC inferred resource of 3.2Mt @ 3.35% Cu.
    • Pillar II: The Mt Oxide project in the Mt Isa district, north-west Queensland, which delivers significant exploration upside through having a sizeable untested anomaly within its boundaries in a copper-rich region.
    • Pillar III: Several high-quality prospective assets in Zambia, which is the second largest copper producer in Africa.

In addition, Castillo Copper is progressing a dual listing on the standard board of the London Stock Exchange.

COMPANY INFORMATION

ASX:CCZ

Website
castillocopper.com

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