REG - Castillo Copper Ltd - Operational Update on Copper and Lithium Assets

Castillo CopperAnnouncement

09/11/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211109:nRSI7210Ra&default-theme=true

RNS Number : 7210R  Castillo Copper Limited  09 November 2021

9 November 2021

 

CASTILLO COPPER LIMITED

("Castillo" or the "Company")

 

Operational Update: Copper and Lithium Assets

 

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily
focused on copper across Australia and Zambia, is pleased to provide an update
on the Company's copper and lithium assets.

 

OPERATIONAL OVERVIEW

 

Since the start of H2 2021, Castillo Copper has seen significant advances on
several fronts in progressing its copper operations in Queensland and Zambia.
Concurrently, the Company's geology team are conducting due diligence on the
Litchfield and Picasso Lithium Projects, located in the Northern Territory and
Western Australia, respectively.

Arya Prospect, North-West Queensland Copper Project

·      Pioneering drilling has progressed at the Arya Prospect,
overcoming challenging operational conditions

·      Interest in the Mt Isa copper-belt continues to grow, with Rio
Tinto recently acquiring contiguous ground(1) on the eastern boundary of the
NWQ Copper Project which is proximal to the Arya Prospect

·      A more detailed update will be released within the next week.

Litchfield Lithium Project, Northern Territory

·      Desktop due diligence on the Litchfield Lithium Project completed

·      The geology team are now awaiting over 650 surface sample
assays(2) to be returned from laboratories in Adelaide and Vancouver

·      Results to be received imminently, which will enable geology team
to determine the potential for contiguous mineralisation with Core Lithium's
(ASX: CXO) proximal Finniss Lithium Project(2).

Picasso Lithium project, Western Australia

·      Visit to the Picasso Lithium Project completed

·      Samples collected and assessed for the extent of pegmatite
outcropping along the eastern boundary(3)

·      A full update with the team's findings will be published shortly.

Luanshya Project, Zambia

·      Interpretation of 14 potential targets following Induced
Polarisation (IP) survey at the Luanshya Project

·      Work is now focused on formulating the inaugural drilling
campaign(4).

Mkushi Project, Zambia

·      Work on the IP Survey at the Mkushi Project, which is focusing on
known surface copper anomalies(5), is now in progress

·      Upon completion, a geophysical interpretation report will be
published which will determine the next course of action.

Simon Paull, Managing Director of Castillo Copper, commented: "We are pleased
to report that we have made significant advances on several fronts in our
copper operations in Queensland and Zambia. Specifically, the team on site at
the Arya Prospect have overcome harsh conditions to progress our pioneering
drilling campaign forward and we look forward to reporting on the full
progress in the coming week."

 

In addition to this release, a PDF version with supplementary information and
images can be found on the Company's
website: https://castillocopper.com/investors/announcements/
(https://castillocopper.com/investors/announcements/)

 

For further information, please contact:

 

 Castillo Copper Limited                                         +61 8 6558 0886
 Simon Paull (Australia), Managing Director

 Gerrard Hall (UK), Director

 SI Capital Limited (Financial Adviser and Corporate Broker)     +44 (0)1483 413500
 Nick Emerson                                                     
                                                                  
 Luther Pendragon (Financial PR)                                 +44 (0)20 7618 9100 
 Harry Chathli, Alexis Gore, Elsa Darlington

 

About Castillo Copper

 

Castillo Copper Limited is an Australian-based explorer primarily focused on
copper across Australia and Zambia. The group is embarking on a strategic
transformation to morph into a mid-tier copper group underpinned by its core
projects:

 

·      A large footprint in the Mt Isa copper-belt district, north-west
Queensland, which delivers significant exploration upside through having
several high-grade targets and a sizeable untested anomaly within its
boundaries in a copper-rich region.

·      Four high-quality prospective assets across Zambia's copper-belt
which is the second largest copper producer in Africa.

·      A large tenure footprint proximal to Broken Hill's world-class
deposit that is prospective for zinc-silver-lead-copper-gold.

·      Cangai Copper Mine in northern New South Wales, which is one of
Australia's highest grading historic copper mines.

 

The group is listed on the LSE and ASX under the ticker "CCZ."

 

References

1)     GSQ Open Data Portal. Available at:
https://geoscience.data.qld.gov.au/dataset?type=report&q=%22EPM%2028093%22,
and
https://geoscience.data.qld.gov.au/dataset?type=report&q=%22EPM%2026439%22

2)     CCZ ASX Release - 20 October 2021

3)     CCZ ASX Release - 27 October 2021

4)     CCZ ASX Release - 25 October 2021

5)     CCZ ASX Release - 1 July 2021

 

Competent Person Statement

The information in this report that relates to Exploration Results is based on
information compiled or reviewed by Mr Geoffrey Reed, a Non- Executive
Director of CCZ. Mr Reed is both a shareholder and director of Bluespoint
Mining Services, a company which is a shareholder of Castillo Copper Limited.
Bluespoint Mining Services provides ad hoc geological consultancy services to
Castillo Copper Limited. Mr Reed is a member of the Australian Institute of
Mining and Metallurgy (CP) (member #250422) and has sufficient experience of
relevance to the styles of mineralisation and types of deposits under
consideration, and to the activities undertaken, to qualify as a Competent
Person as defined in the 2012 Edition of the Joint Ore Reserves Committee
(JORC) Australasian Code for Reporting of Exploration Results, and Mineral
Resources. Mr Reed is a member of the Australian Institute of Geoscientists.
Further, Mr Reed consents to the inclusion in this report of the matters based
on information in the form and context in which it appears.

The London Stock Exchange has not reviewed and does not accept responsibility
for the accuracy or adequacy of this release.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBIBDBXUGDGBI