FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Castillo Test Broken Hills REE Potential

13 April 2023 10:27
ASX: CCZ

Castillo Copper takes another step towards unearthing Broken Hill’s REE potential with the company appointing ANSTO to undertake comprehensive metallurgical test work on six samples taken from across the project’s East Zone to understand the potential to extract rare earth elements from shallow clay zones.

Test-work will study samples taken from the Fence Gossan, Reefs and Tors Tank prospects that range from fresh pegmatite tohighly weathered clay and show magnetic rare earth oxide grades up to 603 ppm.

Work will focus on providing an understanding of the potential to extract REE from shallow clay zones as well as characterising the REE leachability from the six samples and repeating out the high-value MREO with samples ranging from 362-603ppm MREO with results expected in 8 to 10 weeks.

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

Since uncovering the REE potential in the projects zone, the company has been dedicated to understanding the full extent of mineralisation, with drill interceptions returning assays up to 13m @ 1,550ppm TREO from 5m; 38.9% MREO from the Tors Tank prospect.

Other peak intersections include:

  • 17m @ 1,605ppm TREO from 2m; 28.6% MREO & 1m @ 3,236 TREO from 19m;28.9% MREO (FG_003RC) 2
  • 10m @ 1,013ppm TREO from 49m; 24.7% MREO (FG_001RC) 2
  • 6m @ 1,480ppm TREO from 7m; 28.9% MREO (FG_004RC) 2
  • 5m @ 1,598ppm TREO from 14m; 29.1% MREO (TT_002RC) 2

The company said this test work is a crucially important step towards materially advancing the viability of the BHA Project’s East Zone and securing interest from prospective development partners.

“Understanding the potential to extract REE mineralisation, especially MREOs, will greatly assist in our efforts to align with a future development partner. Pleasingly, the work done to date clearly confirms there is an extensive shallow REE system across the central part of the BHA Project’s East Zone,” Chairman Ged Hall said.

Alongside metallurgical test work, work continues at Castillo’s other projects with an optimisation study for the Big One deposit and a mineral resource update for the Cangai Copper Mine still underway.

CCZ’s Australian Stock Exchange-listed share price was trading at 1.4c today (10.24 am UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This