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Castillo Copper raring on Red Metal

28 March 2023 10:41
ASX: CCZ

Castillo Copper is looking to refocus on its namesake metal as global demand-supply dynamics continue to favour the red metal, with the Company now expediting the development of its Big One and Cangai Copper Mine assets.

The explorer believes that with the transition to green energy consistently gaining momentum, long-term demand outlook for the red metal remains positive and there is likely to be persistent upward pressure on the price and greater exploration to establish new supply chains.

Castillo has now contracted Entech Mining to undertake a pit optimisation and mine design study for the Big One Deposit at the Company’s NWQ Copper Project on the renowned Mt Isa Copper belt to potentially plan out effective processing options and a viable path to market.

In addition to the pit optimisation and mine design study, indications suggest that the Big One Deposit, which already boasts a massive inferred 2.1Mt @ 1.1% Cu for 21,886t2 copper metal resources may have further potential for expansion, with known targets located north of the lode line presenting opportunities to extend known mineralisation.

Alongside the development at Big One, Castillo will also ramp up exploration at the Cangai Copper Mine to update and enhance its gigantic inferred JORC MRE of 3.2Mt @ 3.35% for 107,589t copper metal with data from the over 5,220 square metres of drilling, with the best intercepts including 11m @ 5.94% Cu; 2.45% Zn & 19.13g/t Ag from 40m.

Cangai also has further exploration potential 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 renewed focus on copper is especially timely with the global demand-supply dynamics for copper increasingly favourable.

“The Board is well-versed in the current global demand-supply dynamics for copper which by all accounts suggests explorers, like Castillo Copper with inferred resources are potentially prime beneficiaries,” Chairman Ged Hall said.

“Having recently outlined plans to ramp up advancing the Big One Deposit and Cangai Copper Mine, the Board is delighted to announce the appointment of this key service provider to progress development work.”

CCZ’s Australian Stock Exchange-listed share price has risen 7.142 per cent today, currently selling at 1.5c (9.55 am UTC+ 8 hours).

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