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Castillo add rare opportunity to Broken Hill

31 August 2022 14:43
ASX: CCZ

Castillo Copper will be widening its gaze to include rare earth elements in a upcoming drilling campaign at its Broken Hill Alliance project near the famed mining town in outback New South Wales.

Contractors are locked in a 2100 metre drilling campaign set to test targets for copper, cobalt, gold — and now rare earths — with Australia having secured preferred status for the United States’ electric vehicle ambitions.

Castillo will be paying particular attention to results from the Sisters and Iron Blow prospects, having already displayed rare potential with Iron Blow returning an intersection of eight metres at 1270 parts per million total rare earth oxides.

The company said after the agreement between the US and Australia, it was important that drilling revealed the project’s full battery potential.

“With sentiment currently positive towards REEs, the Board is interested in boosting its understanding of the potential across The Sisters and Iron Blow Projects,” managing director Dennis Jensen said.

Drilling is expected to begin before the end of the year.

CCZ’s Australian Stock Exchange-listed share price has risen 6.66 per cent today, currently selling at 1.6c (2:14 pm UTC+ 8 hours).

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