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Castillo Copper shares surge after raising $3.4M for copper mine in New South Wales

The project already has an inferred resource of 3.2 million tonnes at 3.35% copper.
New South Wales map
Castillo’s Australian assets were acquired outright in mid-2017

Castillo Copper Ltd (ASX:CCZ) has raised $3.4 million via a share placement at $0.032 per share to progress its Cangai Copper Mine in New South Wales.

The company’s shares closed circa 21% higher on Thursday, at $0.041.

The offer was heavily oversubscribed with significant participation from current shareholders, in addition to new high net worth and Institutional investors from Hong Kong, Singapore and Australia.

Castillo Copper’s initial focus will be on proving a commercially scalable resource within and surrounding the historic Cangai Copper Mine.

Interestingly, the project already has a JORC inferred resource of 3.2 million tonnes at 3.35% copper from legacy data with key drilling targets already identified.

The work at Cangai is to be followed by the works at the Jackaderry project, Broken Hill project, Mt Oxide project and Marlborough projects.

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

The company’s wholly-owned Chilean assets comprise of exploration concessions across a total area of 1,800 hectares that are well known for high grade copper-gold projects.

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