Castillo Copper Limited
Castillo Copper Limited
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Australian-based explorer Castillo Copper has lined up a development partner for four Zambian copper belt projects with the grant of a 12-month option to African-focused copper-gold explorer Hyperion Copper.
The proposed £2.25M share-swap deal will result in Castillo holding at least 25% in UK-based Hyperion, which is aiming for an AIM listing in H2 2022 with a portfolio that includes the Yansse gold project in Burkina Faso. It may receive a further £1.5M in shares in a milestone payment.
Australian explorer Castillo Copper is ready to begin talks with potential offtake partners after declaring a maiden resource of 21,556t contained cobalt alongside 44,260t contained copper at its Broken Hill Alliance project in NSW.
The JORC-compliant inferred resource of 64.4Mt @ 318ppm Co and 0.07% Cu in the BHA East Zone has been calculated by the company using data from drilling campaigns between 1970-2014 by past explorers including North Broken Hill Group.
Australian explorer Castillo Copper is mapping out viable routes to market using third-party processors at its 100%-owned NWQ project in Queensland's Mt Isa copper belt after posting a maiden JORC resource of 21,886t contained copper (2.1Mt @ 1.1% Cu) for the Big One deposit.
The underlying orebody commences from surface and remains open to the north, east and downdip. CEO Dr Dennis Jensen says, once ground conditions allow, Castillo’s next drilling campaign will focus exclusively on extending the orebody.
Australian explorer Castillo Copper is preparing for a possible restart of mining operations at the Big One deposit, part of its Mt Oxide project in North Queensland’s Mount Isa copper belt, in a strategic switch triggered by strong assay results and highly favourable global market forecasts.
An inaugural JORC-compliant resource at Big One is nearing completion based on recent drilling results and reviews of historical assays.
Hopes for a future new sizeable base metals development close to Australia’s historic Broken Hill mining centre will be boosted by plans to establish an alliance comprising listed explorers Castillo Copper and Impact Minerals with privateer investor Squadron Resources.
The non-binding MoU proposes a Broken Hill Alliance that will comprise nine tenements that surround Broken Hill’s world-class zinc-lead-silver deposits. Each partner will hold 33.3% of the alliance.
Australian explorer Castillo Copper has laid out a path to development for its Cangai project in N NSW, opting to take one of the country’s highest-grade copper deposits to a BFS.
Under the new strategy, Castillo aims to upgrade Cangai’s resource and progress through a scoping study, PFS, optimisation and mine planning stages alongside regulatory approvals.
Australian explorer Castillo Copper’s hopes of reviving a northern NSW mine after more than 100 years have been boosted by encouraging assay results from legacy stockpiles.
Castillo, chasing hopes of a straightforward opportunity to generate early stage cash-flow at the historic Cangai project, achieved head grades averaging 2.03% Cu at the small Smelter Creek mine and 1.23% Cu along the original mine’s line of lode.
Australian explorer Castillo Copper is free to resume work on its Cangai copper project after satisfying the NSW Resources Regulator over environmental and rehabilitation breaches that triggered its suspension in Dec 2018.
Castillo has spent $A0.3M on disturbed sites rehabilitation while implementing environmental controls and appointing independent experts to complete site assessments and a compliance audit.
It’s now negotiating an enforceable undertaking with the regulator to retrieve its shares from suspension.
Australian explorer Castillo Copper says it’s confident of getting approval soon to resume exploration at its Cangai copper project in NSW after being ordered to shut down operations by the state’s Resources Regulator.
Matthew Newton, the regulator’s compliance director, said the company’s two exploration licences were suspended due to environmental management and rehabilitation breaches identified during a recent inspection of the historic mine site.
Australian explorer Castillo Copper has appointed consultant Hetherington Exploration & Mining Title Services to navigate the fastest route to gain approval to process stockpiles at the historic Cangai copper mine in NSW.
It aims to use cash-flow from the stockpiles to advance exploration on the long-forgotten mine, part of its Jackaderry project in NSW.