Castillo Copper Ltd - Base metals explorer focused on copper across Australia and Zambia - Receives preliminary report from the Australian Nuclear Science & Technology Organisation, concerning metallurgical test-work performed on six samples from Fence Gossan, Reefs and Tors Tanks prospects in the Broken Hill Alliance project in New South Wales. Total rare earth element plus yttrium grades ranged from 227 to 1,632 parts per million. Yttrium is a rare earth element. Proportion of high-value magnetic rare earth oxides to total rare earths oxide ranged from 22% to 27%. Best total rare earth element plus yttrium extraction was 30%, using a direct leach process at pH 1. Board is reviewing next steps proposed by ANTSO, including trialling alternate leach tests to improve extraction results. Entech Mining Ltd meanwhile is completing pit optimisation and mine design study for Big One deposit. Castillo's geology team is close to finishing an update on the 2017 mineral resource estimate for Cangai Copper Mine in New South Wales.
Chair Ged Hall says: "The board is pleased the work by ANSTO ratified the earlier assay results and high MREO to TREO ratio...[our] focus is now on the Australian copper assets, with critical reports due on Cangai Copper Mine and Big One deposit that could aid materially in securing development partners."
Current stock price: 0.59 pence, down 5.9% on Wednesday
12-month change: down 38%
By Emma Curzon, Alliance News reporter
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Castillo Coppe. (CCZ)