Castillo Copper welcomes updated Cangai resource
Melbourne, Victoria
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July 26, 2023 01:00 PM Eastern Daylight Time
Castillo Copper Ltd (ASX:CCZ, LSE:CCZ) CEO Dennis Jensen tells Proactive the company has delivered a revitalised copper resource estimate at the Cangai Copper Mine in northern New South Wales, bringing it one step closer to developing one of the highest-grading copper resources in Australia.
Partnered with a specialist geology team, the copper stock established a 4.6-million-tonne orebody, grading 2.45% copper for around 114,000 tonnes of the versatile base metal.
There are also zinc, gold and silver credits (grading 0.57% zinc, 0.29 g/t gold and 15.3 g/t silver) that modestly boost the mineral resource estimate.
With the revised resource at hand, the Castillo board is highly optimistic it can align with a strategic partner to fully develop Cangai’s copper potential and map a path to market.
“Having a high-grade mineral resource estimate for circa 114,000 tonnes of copper metal plus significant exploration potential is an excellent value add outcome,” Castillo chairman Ged Hall told the market on Tuesday.
“Moreover, when reconciling Cangai Copper Mine’s favourable fundamentals with long-term global demand trends for copper, the board believes it has a compelling business case to leverage and align with a strategic development partner.”
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Jonathan Jackson
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