Castillo Copper (ASX:CCZ)
CCZ has unveiled a maiden 21,556 tonne cobalt resource (64 million tonnes at 318 parts per million) at the BHA project in NSW.
The resource at BHA’s ‘East Zone’ — at relatively shallow depths between 2-80m — also includes 44,260t of copper (63Mt at 0.07%).
It was calculated using old drilling data between 1970 and 2014.
A bunch of other prospects modelled weren’t included in the mineral resource estimate, because the drilling was either sparse or sketchy.
That means there is “considerable potential” to expand this cobalt-copper resource with new extensional drilling.
“To extend and increase confidence in the delineated deposits, CCZ’s geology team have mapped out a comprehensive drilling campaign that is intended to target diamond coring the known cobalt mineralisation downdip to at least 100m,” the company says.
“The board plans to implement the drilling campaign once all key approvals are secured.
“In addition, the board intends to re-assess the potential of the West Zone for cobalt mineralisation, given it is proximal to Cobalt Blue’s (ASX:COB) advanced operation.”
COB’s 81,000t Broken Hill cobalt project (BHCP) is the only large scale, non-African, greenfield primary cobalt project in the world. It could be in production by mid-to-late 2025.
$20m market cap CCZ is down 40% year-to-date. It had $6.2m in the bank at the end of March.