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Castillo Copper director demonstrates faith in copper strategy with on-market purchase

The company recently commissioned an independent geology consultant to review all eight prospects at Mt Oxide in northwest Queensland.

Castillo Copper Ltd - Castillo Copper non-executive director demonstrates faith in the company’s copper strategy with share purchase
The Mt Oxide pillar contains the Flapjack, Crescent and Johnnies prospects

Castillo Copper Ltd (ASX:CCZ) non-executive director Gerrard Hall has demonstrated his faith in the company’s strategy to become a mid-tier copper producer with the purchase of shares in an on-market transaction.

On May 27 Hall acquired 800,000 shares worth more than $18,000 in a direct interest, increasing the number of securities held to 5.1 million shares.

Shares in CCZ have risen from 0.6 cents at close on March 23 to 2.4 cents at close on May 25 and last traded at 2,3 cents.

Large IOCG targets identified

The company recently identified another large mineralised system with iron oxide-copper-gold (IOCG) targets at the Mt Oxide pillar in northwest Queensland, enhancing the project's exploration upside and potential scale.

Detailed work on IOCG target Flapjack has interpreted it to be part of a larger mineralised system that comprises the Crescent (IOCG) and Johnnies (shear-hosted copper/supergene ore) prospects.

A closer review of Flapjack verifies that it is within a zone of structurally controlled east-northeast trending haematitic-quartz veins.

Managing director Simon Paull said at the time: “As we wind up the current geological review on the eight prospects across the Mt Oxide pillar, we continue to be surprised to the upside by the findings.”

Mt Oxide is one of three pillars the company is pursuing as part of its strategy with the others being the Cangai Copper Mine in northern NSW and several highly prospective projects in Zambia's prolific copperbelt.

Quick facts: Castillo Copper Ltd

Price: 0.039 AUD

ASX:CCZ
Market: ASX
Market Cap: $36.23 m
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