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Castillo Copper closes Zambia acquisitions to form copper strategy's third pillar

Castillo has acquired Zed Copper Pty Ltd which has ownership interests in four Zambian projects.

Castillo Copper Ltd - Castillo Copper closes Zambia acquisitions
CCZ will own 100% of all projects except Luanshya, where it can earn up to 80%

Castillo Copper Ltd (ASX:CCZ) has completed the acquisition of four projects in Zambia being Mkushi, Luanshya,  Lumwana North & South, and Mwansa.

As per the map below, the projects are near operating mines and proven JORC resources under development.

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 Pillar II and the Zambia projects represent Pillar III.

Progressing a dual-listing in London

Castilo’s managing director Simon Paull said: “With the three copper pillars now under CCZ’s umbrella, coupled with forming the Broken Hill Alliance, the Board’s focus is now fully tuned into developing the three copper pillars and dual listing in London.

“The process of transforming CCZ into a mid-tier copper group can be readily accelerated and progressed to the next level.

“The Board looks forward to updating shareholders on forward developments as they materialise.”

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 have discovered five new anomalous areas with strike lengths ranging from 2-7 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.

Mkushi surrounds a mining lease, which has an active copper mine.

Quick facts: Castillo Copper Ltd

Price: 0.038 AUD

Market: ASX
Market Cap: $35.22 m

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