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Castillo Copper confirms a 10-bagger for the Big One

19 July 2022 09:28
ASX: CCZ

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.

CCZ Aerofloat Danafloat Big One

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).

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