Castillo spots new cobalt targets, looks to build Resource
Castillo Copper (ASX:CCZ) todayannounced that an updated desktop review has identified newprimary cobalt targets at the Cangai Cobalt Project(previously Jackaderry North).
A key finding is the material exploration upside for cobalt mineralisationacross both Cangai cobalt/copper projects.
Exploration for new cobalt targets is set to progress concurrentlywith the Cangai Copper Mine expansion campaign.
Moving forward, the next steps will be reviewing geophysics and implementingfollow-up geochemistry and field geological mapping.
Encouragingly, the desktop review has highlighted the fact that CCZ'sground has occurrences more than 300 parts per million cobalt surface - this is 150parts per million than CCZ's neighbour Corazon's (ASX:CZN) latest soil sampling program across four new targetareas.
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 millioncobalt. CCZ expects to soon receive Hetherington Exploration & Mining Title Services'interim recommendation on how to monetise the five stockpiles.
Get the latest articles straight to your inboxkeep me postedSeveral outcomes of a strategic review held by the board on-siteat Cangai include:
Expediting the Phase II drilling campaign atCangai Copper Mine, which has been submitted to the regulator for approval andtargets 39 drill-holes focused on supergene ore near the historic workings; andFor the Broken Hill project: Process and acquire open-and-closed-fileairborne electromagnetic data (where available) over the project area; andA geology team will be sent to site tocommence 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 LGGroup, enhancing the Broken Hill region's profile
CCZ chairman, Peter Meagher, commented: "Our first on-site boardmeeting at Cangai Copper Mine commencedwith total agreement to re-brand the project name to Cangai Cobalt and CangaiCopper, reflective of where mineralisation has been identified."
"While the core focus remains Cangai Copper Mine, the board iskeen to garner a greater understanding of the extent of cobalt mineralisationacross the entire tenure and ramp up exploration efforts in Broken Hill. The board is focused on creatingvalue for shareholders where practical, which explains the recent move tomonetise the legacy stockpiles," added Meagher.
Of course, as with all minerals exploration,success is not guaranteed - consider your own personal circumstances beforeinvesting, and seek professional financial advice.
