Join our daily newsletter At The Bell to receive exclusive market insights
- Base metals explorer Castillo Copper (CCZ) has been told by the NSW Resources Regulator that it can only remove historic stockpiles at Cangai if it is granted a mining lease
- The company is finalising documentation that would allow it to extend three exploration licences which cover the copper mine that operated from 1904 until 1917
- Castillo is now focused on increasing the inferred mineral resource for Cangai and is planning a sampling and ground geophysics campaign to target a north-east extension
- Company shares are currently trading 6.25 per cent higher for 1.7 cents each
Castillo Copper (CCZ) has been told by the NSW Resources Regulator that it can only remove historic stockpiles at Cangai under a mining lease.
The base metals explorer is now finalising documentation that would allow it to extend three exploration licences which cover the copper mine that was operated between 1904 and 1917.
Castillo has already confirmed an inferred mineral resource of 3.2 megatonnes at 3.35 per cent copper, and is now focusing on increasing that resource size.
The company is currently working out the best time to commence a sampling and ground geophysics campaign to target a north-east extension from Sellars lode.
Within this area, there are several massive sulphide conductors which have already been identified, as Castillo Managing Director Simon Paull explained.
“Extending the known orebody and highlighting the potential scalability of the high-grade Cangai Copper Mine pillar is our main focus moving forward. Fortunately, we have several sizeable massive sulphide targets to drill-test, which are interpreted to be open at depth.”
“In addition, our geology team will conduct further work at the North East Extension, where the Canberra and Sydney anomalies are located, so we can identify incremental targets,” he added.
Soil readings at the Canberra and Sydney anomalies returning 1660 parts per million (ppm) of copper and 500 ppm respectively. Rock chip sampling in the area also returned 23.9 per cent copper and 55.5 grams per tonne of gold.
Company shares are currently trading 6.25 per cent higher for 1.7 cents each at 1:36 pm AEST.
