Castillo spots new cobalt targets, looks to build Resource
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:
- Process and acquire open-and-closed-file airborne electromagnetic data (where available) over the project area; and
- 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.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.