RE: POORLY WORDED RNS...10 May 2021 11:34
The Mt Oxide open cutting is about 1 km from the deserted Waggabundi settlement. My research is more or less complete. CCZ and the drillers have seen no rain there for over a month, and are dragging their heels after a series of stalling RNSs. I have sold the balance of stock and transferred it to ARCM.. For the record -
"Mount Oxide was discovered by Ernest Henry in 1882. Owing to the remote location, little mining took place until the 1920s. Mount Oxide Mine is located 140 km north of Mount Isa and 40 km north-east of Mount Gordon Mine (formerly known as Gunpowder).
"The main mining periods were 1927 to 1943 and 1955 to 1960, when the higher grade ore was worked by underground methods with access via an adit; and 1967 to 1971, when the lower-grade envelope and remnants of high-grade ore were bulk mined in an open-cut. Underground mining produced 79,000 tonnes of ore (15.9% Cu) for a yield of 12,500 tonnes of copper, and some 355,000 tonnes of ore averaging 2.5% Cu were treated at the Gunpowder concentration plant in 1970 –71. Leaching and precipitation operations in the 1962 to 1965 and 1978 to 1982 periods yielded an additional 1,369 tonnes of copper.
"Between World War I and World War II an Aboriginal townsite existed on the site named Waggabundi (after the Waggabonga Aboriginal tribe). The abandoned townsite is about 1 km south of the existing open pit".
Castillo is going to need a lot more energy and a lot more cash. They might do it via a divestment but progress on it has been negligible.
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