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Castillo’s clay-hosted game changer

15 November 2022 08:25
ASX: CCZ

Castillo Copper have marked a clay-hosted rare earth discovery at the Broken Hill project, continuing its march on turning the Silver City into a battery metal bastion.

While cobalt returns were as expected, a clay discovery with grades up to 2410ppm TREO and boasting a high proportion of high value magnet oxides will shift Castillo’s direct focus to REE’s

Easily mined and processed, clay-hosted rare earths are the prized resource around which China has built up its dominance in the rare earth market.

And aiming to curtail China’s dominion, the US is incentivising its auto manufacturers to secure the critical minerals from Australia, adding the possibility of lucrative deals to the nation’s smaller suppliers.

The company said it was delighted to have confirmed a new shallow clay hosted rare earth discovery with global demand on an upward trajectory.

“This is a game-changing event for the group, as exploration efforts moving forward are going to focus on extending known REE mineralisation, especially at the Fence Gossan and Iron Blow Prospects in due course,” chairman Ged Hall said.

“In particular, the Board notes drill-hole FG_003RC which intersected an aggregate 52m of REE mineralisation.”

Results have urged a full mapping and sampling program over the Fence Gossan prospect area, where mineralisation is open in all directions, to extend known strike to the west and spot up new targets for drilling.

Significant results

  • 20m @ 1,780ppm TREO (28.9% Magnet REO) from surface including 2,410ppm TREO from 16m (FG_003RC)
  • 7m @ 1,048ppm TREO (29.9% Magnet REO) from 12m (TT_002RC)
  • 19m @ 847ppm TREO (29.6% Magnet REO) from surface (TT_003RC)
  • 8m @ 773ppm TREO (24.0% Magnet REO) from 48m (FG_004RC)
  • 4m @ 732ppm TREO (27.1% Magnet REO) from 24m (TT_001RC)
  • 19m @ 661ppm TREO (28.0% Magnet REO) from surface (FG_002RC)
  • 32m @ 636ppm TREO (25.7% Magnet REO) from 52m (FG_003RC)
  • 28m @ 614ppm TREO (27.8% Magnet REO) from 4m

CCZ’s Australian Stock Exchange-listed share price was trading at 2.6c today (8.20 am UTC+ 8 hours).

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