Castillo Copper Ltd (ASX:CCZ) has received approval from the NSW Resources Regulator (NSWRR) for the resumption of exploration work at its Cangai Copper Mine (CCM) in New South Wales.
This is a significant development as it forms an important part of Castillo’s plans to develop the company into a mid-tier copper group anchored around CCM, Mt Oxide project and emerging opportunities in Africa.
READ: Castillo Copper to focus on Cangai Copper Mine and other projects in Australia and Africa
Castillo chairman Peter Meagher said: “The board is very pleased that exploration activities can resume at Cangai Copper Mine, as this forms a pillar for our plans to transform CCZ into a mid-tier copper group.”
Castillo has held positive discussions around its revised strategic intent with prospective investors in Sydney, Hong Kong and London.
Exploration ramp-up
The company plans to increase the scale of CCM through exploration, undertake follow up ground exploration at the Arya prospect (within Mt Oxide) and review emerging high-quality African copper opportunities.
CCZ will request a resumption of trading of its shares once an enforceable undertaking agreement with the NSWRR is finalised.