Castillo spots new cobalt targets, looks to build Resource

By Zachary Graves. Published at Apr 19, 2018, in Mining

Castillo Copper (ASX:CCZ) today announced that an updated desktop review has identified new primary cobalt targets at the Cangai Cobalt Project (previously Jackaderry North).

A key finding is the material exploration upside for cobalt mineralisation across both Cangai cobalt/copper projects.

Exploration for new cobalt targets is set to progress concurrently with the Cangai Copper Mine expansion campaign.

Moving forward, the next steps will be reviewing geophysics and implementing follow-up geochemistry and field geological mapping.

Encouragingly, the desktop review has highlighted the fact that CCZ’s ground has occurrences more than 300 parts per million cobalt surface — this is 150 parts per million than CCZ’s neighbour Corazon’s (ASX:CZN) latest soil sampling program across four new target areas.

Initial assay results from the Smelter Creek stockpile were encouraging, with up to 1.25 per cent cobalt, 2.57 per cent zinc and 357 parts per million cobalt. CCZ expects to soon receive Hetherington Exploration & Mining Title Services’ interim recommendation on how to monetise the five stockpiles.

Several outcomes of a strategic review held by the board on-site at Cangai include:

  • Expediting the Phase II drilling campaign at Cangai Copper Mine, which has been submitted to the regulator for approval and targets 39 drill-holes focused on supergene ore near the historic workings; and
  • For the Broken Hill project:
  1. Process and acquire open-and-closed-file airborne electromagnetic data (where available) over the project area; and
  2. A geology team will be sent to site to commence follow-up field work on prospective targets for cobalt mineralisation, especially with Cobalt Blue’s (ASX:COB) ground 2-3 kilometres and its recently announced strategic alliance with LG Group, enhancing the Broken Hill region’s profile

CCZ chairman, Peter Meagher, commented: “Our first on-site board meeting at Cangai Copper Mine commenced with total agreement to re-brand the project name to Cangai Cobalt and Cangai Copper, reflective of where mineralisation has been identified.”

“While the core focus remains Cangai Copper Mine, the board is keen to garner a greater understanding of the extent of cobalt mineralisation across the entire tenure and ramp up exploration efforts in Broken Hill. The board is focused on creating value for shareholders where practical, which explains the recent move to monetise the legacy stockpiles,” added Meagher.

Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.

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