Castillo Copper Ltd - Perth, Australia-based exploration company - Extends 90-day option to acquire the Litchfield and Picasso lithium projects in Australia, due to more than 650 surface assays for Litchfield remaining in process queues.
Analysing and interpreting the assay results is expected to allow Castillo's geology team to determine if lithium mineralisation is contiguous between Litchfield and the Finniss project.
"The board has advised the vendor group that it is extending the option period to acquire the Litchfield and Picasso Lithium Projects due to ongoing delays in receiving key assay results for both projects. Encouragingly, however, the board is pleased with the due process undertaken to date and believes both assets have considerable potential to host lithium mineralisation," says Managing Director Simon Paull.
Current stock price: 1.95 pence, up 1.3% on Wednesday
Year-to-date change: down 4.9%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Castillo Coppe. (CCZ)