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Castillo Move on Cangai Copper

9 March 2023 10:47
ASX: CCZ

Castillo Copper take aim at one of Australia’s highest-grade historic copper mines, with the Board now approving plans to update and enhance confidence in the Cangai copper mines’ massive 107,589t contained copper metal inferred JORC Mineral resource estimate.

The Company’s decision to refocus on Cangai comes from a recent visit to the Project by geologist and director David Drakely, his first project visit since becoming the Company’s director in January.

Since the MRE was released in 2017, Cangai has seen a total of 5,222 square metres of drilling, with the best intercepts including 11m @ 5.94% Cu; 2.45% Zn & 19.13g/t Ag from 40m and 5m @ 1.56% Cu, 4.43g/t Ag & 0.4% Zn from 92m, and the Company plan on factoring these drill assays and others into the updated geological model.

On top of drill results, Castillo will also use bulk sampling and metallurgical sampling taken over several historical stockpiles in updating the MRE which could support higher confidence indicated MRE.

Even with such a massive MRE, Cangai still has room to grow, with downhole electro-magnetic surveys identifying two untested bedrock conductors interpreted to be open at depth, giving Castillo new avenues for exploration as they fire up over the Project once again.

The Company said that work at Cangai is expected to take between four and eight weeks, after which the Board will review findings and determine the best way to develop Cangai to its full potential.

“Cangai Copper Mines’ underlying geology is impressive, but more work is required to understand the system fully. As such, the Board sees considerable potential to create incremental value for shareholders by updating the 2017 MRE for subsequent drilling campaigns and geophysical surveys,” geologist and Director David Drakeley said.

“Once the updated MRE and key geological interpretations are complete, the Board looks forward to outlining optimal steps to fully develop Cangai Copper Mine.”

CCZ’s Australian Stock Exchange-listed share price was trading at 1.5c today (9.25 am UTC+ 8 hours).

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