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Castillo Copper confirms a 10-bagger for the Big One

19 July 2022
ASX: CCZ
Tim Cornish

Castillo Copper’s preliminary metallurgical test-work has delivered certified upgrades (from 0.72%) ranging from 5x to 10x for copper metal at the company’s aptly named Big One deposit, part of the NWQ project in far north Queensland’s prestigious Mt Isa copper belt.

This timely development comes on the heels of an S&P report last week, which predicted an upcoming copper shortage that could derail the transition to alternative energy.

The report found that while copper is booming, shortages will jeopardise global attempts to achieve net-zero carbon emissions by 2035.

Copper is an essential element in alternative energy sources such as solar and wind and is pivotal in the growing electric vehicle market.

The Big One has become one of Castillo’s most promising sites, with tests constantly raising confidence in the area. The most recent mineral resource estimate stands at 21,886 tonnes contained copper.

The company said it is excited by the recent results but will continue testing to further de-risk the site and advance discussion with possible processing partners.

“The Board is ramping up efforts to secure a processing agreement and clear path to market,” managing director Dr Dennis Jensen said.

The next steps will be a third drilling campaign to extend known mineralization by focusing on the sizeable known bedrock conductor north of the line of lode and additional geophysical surveys to identify new targets.

The company’s Australian Stock Exchange-listed share price has risen 8.3 per cent today, trading at 1.3c (8:24 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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