Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:70R) is in a trading halt ahead of an announcement regarding a capital raising being managed by CPS Capital Group Pty Ltd.
The trading halt will remain in place until the start of regular trading on Friday, June 4, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded yesterday at A$0.051 and are up from A$0.039 at the market close on March 30.
Set for expanded Big One drilling
Castillo has finalised its plans for an expanded drilling campaign at Big One deposit within the Mt Oxide Project in northwest Queensland, which will comprise 26 drill holes for 2,828 metres compared to the 2020 drilling program of 21 reverse circulation holes for 1,467 metres.
Logistical support for the upcoming campaign is in place, while the drilling crew is slated to arrive and begin work within the next one to two weeks.
Factoring in the recent geophysics survey that comprised six 500-700 metre lines across the 1,200-metre strike, the program is designed to extend mineralisation and build on previous drill results.
These results include:
- 40 metres at 1.64% from surface, including 11 metres at 4.40% from 24 metres, 5 metres at 7.34% from 28 metres and 1-metre at 16.65% from 29 metres;
- 44 metres at 1.19% copper from surface, including 14 metres at 3.55% from 27 metres, 3 metres at 10.88% from 37 metres and 1-metre at 12.6% from 37 metres; and
- 34 metres at 1.51% copper from surface, including 21 metres at 2.25% copper from surface, 12 metres at 3.44% from 3 metres, 6 metres at 4.79% from 3 metres and 1-metre at 9.4% from 9 metres.