The pre-site visit work conducted by the company’s geology team has revealed further evidence suggesting cobalt at surface in Broken Hill is more widespread than initially anticipated.
Meanwhile, drilling work commenced over the weekend at the Cangai Copper Mine with significant drilling already completed.
Alan Armstrong, executive director commented: “The recent uptick in the cobalt price above US$70,000/t on the London Metal Exchange is timely given the geology team is ramping up the search for cobalt mineralisation at our Broken Hill project.
“The board looks forward to updates from the geology teams at Broken Hill and Cangai Copper Mine and will inform shareholders once news comes to hand.”
Cobalt surface occurrences at Broken Hill
Castillo has sourced updated surface sampling and compilations of regional geophysical surveys as part of the current exploration program.
This incremental data highlights more extensive cobalt anomalism at surface across the tenure than previously reported.
Notably, there are several prominent and more subtle trends, mainly north-south, and northeast to southwest across the project area.
Updated magnetic imagery uncovers new highly anomalous zones
A review of geophysical imagery for the area from the Geological Survey of New South Wales has uncovered updated airborne magnetics.
The updated magnetic imagery shows new highly anomalous zones trending south-west across the tenure, which had not been previously sampled or drilled.
Preparing for inaugural Broken Hill drilling program
The new areas uncovered by the magnetic imagery, in addition to the priority targets disclosed earlier, are now focal points for the geology team to conduct reconnaissance surface surveys.
Castillo’s planned fieldwork will include works to establishing larger grid patterns over the magnetic anomalies, soil and rock chip sampling and follow up laboratory analysis.
Upon concluding the current field trip, the geology team expects to be in a position to identify key targets for the inaugural Broken Hill drilling program.