- Castillo Copper (CCZ) reveals a $28 million NPV for its Big One deposit after receiving results from a preliminary pit optimisation study
- The study tested near-surface components of its known mineralisation at the prospect which has an MRE of 2.1Mt at 1.1 per cent copper for 21886 tonnes copper metal
- Key findings indicate an optimised pit shell could deliver 6266 tonnes of copper at a head grade of 1.42 per cent, 4362 ounces silver, and 1469 tonnes cobalt
- These findings accelerate Castillo toward a mining license once it secures a strategic development partner
- Shares are up 18.8 per cent, trading at 1 cent at 3:10 pm AEST
Castillo Copper (CCZ) has revealed a $28 million net present value (NPV) for its Big One deposit as part of its North West Queensland copper project.
The NPV comes following results from a preliminary pit optimisation study completed by Perth-based Entech Group.
The study focused on the near-surface component of known mineralisation at the prospect, which has an inferred mineral resource estimate (MRE) of 2.1 million tonnes (Mt) at 1.1 per cent copper for 21,886 tonnes copper metal.
The key findings indicated that an initially optimised pit shell could potentially deliver up to 6266 tonnes of copper at a head grade of 1.42 per cent copper, 4362 ounces silver, and 1469 tonnes cobalt.
Castillo has known mineralisation open to the southwest and down dip from the pit shell, highlighting the potential for CCZ.
These findings aim to accelerate the company towards a mining license for the area, once it secures a strategic development partner.
CCZ Chairman Ged Hall said the board was “delighted” with the findings of the preliminary pit optimisation study.
“…it provides significant confidence that a standalone mining operation can potentially be developed at Big One deposit,” he said.
“More importantly, the Board believes the study’s insights will be key to securing a strategic partner to progress critical development work moving forward.”
The company has more than 20 incremental copper, gold, lead, and zinc prospects
across its NWQ copper project which are highly prospective for copper mineralisation.
These prospects could potentially provide the foundations for developing a series of satellite deposits.
CCZ shares were up 18.8 per cent, trading at 1 cent at 3:10 pm AEST.