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Castillo Copper acquiring new projects to expand its mineralised footprint

The acquisition will result in the doubling of the key Jackaderry South project area.
Castillo Copper acquiring new projects to expand its mineralised footprint
Castillo’s objective is to establish three JORC resources this year

Castillo Copper Ltd (ASX:CCZ) is expanding its mineralised footprint across New South Wales and Queensland by acquiring a private company which owns cobalt, copper, zinc and nickel assets.

Castillo’s existing assets, which were acquired outright in mid-2017, comprise six highly prospective copper-cobalt-zinc project areas in New South Wales and Queensland.

Following the acquisition, Castillo will own 11 project areas in four geographic locations.

This will include Jackaderry (three prospects); Broken Hill (two); Mt Oxide (three) and Marlborough (three).

Importantly, this includes the historic Cangai copper-cobalt mine within the Jackaderry South prospect, where legacy data confirms the presence of supergene ore with up to 35% copper.

The acquisition will result in the doubling of the key Jackaderry South project area that houses the Cangai Mine.

The shareholders of the private company will receive 15 million shares of Castillo and a net smelter return royalty of 3% as consideration for the transaction

Castillo’s objective is to prove up to three JORC inferred resources starting with Cangai mine, then Broken Hill and finally Mt Oxide project later in the year.

The company’s share price has almost doubled in the past one month and is currently trading at $0.041.





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Castillo Copper Ltd Timeline

Newswire
April 27 2015

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