Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Castillo Copper aims to add to Cangai copper bounty with phase II drilling

The 39-hole reverse circulation program is targeting supergene ore and massive sulphides near the historical mine.
RC drill rig on site at Cangai project
An RC rig ready for action at the Cangai Copper Project

Castillo Copper Ltd (ASX:CCZ) has the drill bit spinning seeking further mineralisation to fulfil its goal of reopening the historical Cangai Copper Mine in northern New South Wales.

The phase II program will focus on three areas along the line of lode targeting supergene ore near legacy workings and massive sulphide intersections identified in inaugural drilling.

READ: Castillo Copper crosses another milestone towards re-opening Cangai Copper Mine

Castillo’s geology team have developed a 39-hole reverse circulation program aimed at building on work completed to date and expanding the resource size.


Chairman Peter Meagher said: “The board’s priority is to re-open Cangai Copper Mine and commencement of this second drilling campaign takes us one step closer to realising this strategic objective.”

The project near Grafton comprises a volcanogenic massive sulphide ore deposit, with one of Australia’s highest grade JORC-compliant inferred resources for copper.

This inferred resource stands at 3.2 million tonnes at 3.35% copper for 107,600 tonnes of copper, 11,900 tonnes of zinc, 2.1 million ounces of silver and 82,900 ounces of gold.

READ: Castillo Copper confirms high-grade supergene ore at Cangai Copper Project

Notably, this includes the presence of supergene ore with up to 35% copper and 10% zinc, which is ideal feedstock for direct shipping ore.

The project holds five historical stockpiles of high-grade ore near the former copper mine.

Considerable preparations have been made for the phase II drilling with new access tracks cleared and 13 drill pads shaped to cater for an RC rig.

Target areas for the phase II drilling campaign.

After the inaugural holes are reviewed and analysed for prospective mineralisation, the geology team will prepare preliminary field reports.

READ: Castillo Copper expedites cobalt exploration at Broken Hill project

As well as the flagship Cangai asset within the Jackaderry project, Castillo also has cobalt-zinc interests near Broken Hill in the state’s far west.

There are also two Queensland assets which include copper-cobalt and cobalt-nickel prospects and six exploration concessions in Chile.

View full CCZ profile View Profile

Castillo Copper Ltd Timeline

CN Research
September 11 2018

Related Articles

August 02 2018
Shefa Yamim has a highly prospective gemstone project in Israel
July 03 2018
The company’s goal is to be a leader in the battery metals sector, with cleaner cobalt in Australia
map of project area
March 26 2018
The prospect of an IOCG deposit, similar to Olympic Dam, has ignited interest in the stock.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use