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Castillo Copper has trading halt extended by ASX pending drill results

Published: 03:35 20 Aug 2018 BST

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The company aims to reopen the historical Cangai Copper Mine

Castillo Copper Ltd (ASX:CCZ) has had its trading halt extended by the ASX pending drilling results from the Cangai Copper Project in northeast New South Wales.

The halt, which was granted last Thursday, will remain in place until the company makes an announcement to the market, which is expected to occur before the market opens on Tuesday.

Castillo last traded at 3.5 cents at market close last Wednesday.

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

The company aims to reopen the historical copper mine and has been carrying out drilling aimed at expanding the size of the resource.

Phase II drilling has targeted three areas along the line of lode targeting supergene ore near legacy workings and massive sulphide intersections identified in inaugural drilling.

The project comprises a volcanogenic massive sulphide (VMS) 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, along with cobalt.

READ: Castillo Copper shares surge after achieving solid copper concentrate recoveries at Cangai

Ongoing test work is also resulting in improved recoveries and demonstrating that the ore beneficiates materially.

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