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Castillo see a battery metal bullseye

12 October 2022 09:14
ASX: CCZ

Castillo Copper are off the blocks at the Broken Hill Alliance project, with all four initial holes hitting into targeted zones of cobalt mineralisation at the Tors Tank prospect.

And nearby lie magnetite-rich zones, associated with pegmatite as thick as 14 metres, holding the potential to host rare earth elements.

Cobalt mineralisation was evidenced by intersecting sequences comprising clay, amphibolite, schist and gneiss, backed up by both qualitative logging and field XRF observations.

While focused on forging up its cobalt estimate, the campaign added a rare opportunity after re-assays of a diamond core from the Iron Blow prospect returned rare earths with a top intersection of eight metres at 1270 parts per million total rare earth oxides.

The company said drilling was off to an excellent start after confirming the targeted zones had been intersected.

“Moreover, whilst subject to final assay results, the Board is delighted to learn that significant pegmatite zones have been intersected which could potentially host rare earth elements,” managing director Dennis Jensen said.

Castillo expect to receive the final assay results within the coming weeks.

CCZ’s Australian Stock Exchange-listed share price was trading at 1.9c today (8.51 am UTC+ 8 hours).

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