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Castillo follow up on rare opportunity

20 December 2022 11:01
ASX: CCZ

Castillo Copper is closing out 2022 strong, having just completed an auger sampling campaign targeting a 6.5 square kilometre zone for rare earth elements at Broken Hill’s east zone.

The objective of the campaign is to identify the full extent of rare earth mineralisation at the project and provide new drill targets for follow-up in the new year.

Samples were taken from a zone proximal to the Fence Gossan prospect, which returned surface intercepts up to 20m @ 1,780ppm total rare earth oxide previously, and from depths between 0.1 and 0.4 metres, with all samples sent to the lab for assay.

Castillo opted to commission the survey after results from its recent drilling campaign across the silver city revealed that REE mineralisation may be more widespread than initially believed, with rare earths being picked up across the East Zone’s Fense Gossan, Reefs Tanks and Tors Tank prospects.

Previously, cobalt was the jewel in the East Zones crown, but uncovering rare earths change caused a shift in strategy for Castillo, with the company saying that the rare earth discovery was the highlight of 2022.

“Without question, the highlight event for 2022 has been the shallow REE discovery within BHA Project’s East Zone. The board is eagerly awaiting assay results from the drilling and auger sampling campaigns, as they will enable us to chart the next phase of exploration,” managing director Dr Dennis Jensen said.

Castillo expects the results of the auger survey in the next six weeks, after which it will begin planning the next phase of REE-focused exploration at the east zone.

CCZ’s Australian Stock Exchange-listed share price has risen 6.66 per cent today, currently selling at 1.6c (10:13 am UTC+ 8 hours)

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