The company first detailed its intention to acquire the Zambian projects in July 2019.
Castillo will pay the project's vendor, Zed Copper Pty Ltd, $25,000, taking the total consideration paid to date to $50,000.
The acquisition’s completion is expected over the coming weeks, which will coincide with Castillo issuing the vendor 31.25 million Castillo shares.
Zambia represents the third pillar
Exploration in Zambia represents the third pillar in Castillo’s three-pillar strategy to build itself into a mid-tier copper company.
The Cangai Copper Mine in NSW represents Pillar I, the Mt Oxide Project in QLD represents Pilar II and the Zambia projects represent Pilar III.
Castilo’s managing director Simon Paull said: “Behind the scenes our various teams have been working towards formally closing the Zambia acquisition, which make up the critical third pillar of our strategy to transform CCZ into a mid-tier copper group.
“With exploration work across the three pillars and preparation plans for CCZ’s upcoming dual listing in London moving ahead, we look forward to updating shareholders on developments shortly.”
Fieldwork exploration working towards drill program
In January 2020, Castillo received results from 1,126 soil samples collected from the Mkushi Project in Zambia.
Samples discovered five new anomalous areas with strike lengths ranging from 2 to 7 kilometres along a 20.5-kilometre aggregate strike length.
Notably, 28 of the samples returned copper values over 250ppm.
Furthermore, the geology team found no evidence of prior pitting, trenching or drilling in the new anomalous zones, which were identified in the field using a portable XRF analyser.