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Castillo inspired on rare earth returns

15 February 2023 08:40
ASX: CCZ

Castillo Copper have considerably raised its conviction in the shallow, clay-hosted rare earth discovery at Broken Hill after the return of results from hole TT_005DD and assays from the Tors Tank and Fence Gossan prospects.

The highlight was a return of 13 metres at 1550 parts per million total rare earth oxides from 5 metres, with high value magnetic rare earths as an exceptional 38.9 per cent of the grade.

Not all rare earths are equal, and the presence of high value magnetic rare earth oxides significantly higher than the peer average of 25 per cent further contributed to the allure of Castillo’s discovery, especially if they can be easily extracted from a clay-hosted source.

Re-assay of four metre composite samples from both prospects also provided greater clarity on the underlying geology and further evidence of an extensive, shallow rare earth mineralisation system.

Additionally, assays from a recent hand auger surface sampling campaign at Fence Gossan identified a hefty 4.5 square kilometre anomalous area for rare earth mineralisation, with a preliminary interpretation suggesting there would be several more prime targets to test drill and potentially extend known mineralisation between the two prospects.

The company said after bringing in these exceptional results, it was eagerly awaiting the return of the remaining assays and charting the next phase of its exploration campaign.

“The Board is delighted with the latest results, especially the diamond core assay at Tors Tank and exceptional MREO value, as it increases confidence in the underlying REE system,” managing director Dr Dennis Jensen said.

“In addition, the hand auger surface sampling campaign is proving to be a treasure trove of insights, with several new targets now on the radar.”

Castillo will release a fuller interpretation once all assays are received from auger sampling and drill hole RT_002-004RC are received.

Best intercepts:

  • 17m @ 1,605ppm TREO from 2m and 1m @ 3,236 TREO from 19m
  • 10m @ 1,013ppm TREO from 49m
  • 6m @ 1,480ppm TREO from 7m
  • 5m @ 1,598ppm TREO from 14m
  • 4m @ 1,342ppm TREO from 28m
  • 2m @ 3,491ppm TREO from 7m

CCZ’s Australian Stock Exchange-listed share price has risen 6.66 per cent today, currently trading at 1.6c (8.39 am UTC+ 8 hours).

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