Australian-based exploration company Castillo Copper (ASX:CCZ) has approved further work on known targets within the Luanshya Copper Project located in Zambia.
The company says based on current plans, the work schedule is set to progress during the first half of 2023 focusing on a 6km zone of copper surface anomalism where 14 chargeable zones were delineated.
The geology team plan to conduct an infill induced polarisation (IP) campaign with the core objective of refining key targets, and boosting the confidence in identifying structurally controlled copper mineralisation.
Castillo Copper Managing Director Dennis Jensen says: “The company’s board is determined to align with a new development partner or undertake a trade sale for the Zambia copper assets to crystallise value for shareholders. All the exploratory work undertaken to date indicates the Luanshya and Mkushi Projects are highly prospective for copper mineralisation.”
Castillo states due to ‘extremely’ difficult equity market conditions, London-based Metallea Group (previously known as Hyperion Copper) have cancelled plans to list on the AIM/LSE. As a result, Castillo’s board has been advised the option to acquire the Zambia assets will not be exercised, also noting Metallea paid the company a US $100,000 non-refundable deposit for the option.
With all previous exploration work indicating the Luanshya and Mkushi projects are ‘highly’ prospective for copper mineralisation, Castillo’s board says it remains committed to creating value for shareholders which could include aligning with a development partner.
Another option is undertaking a trade sale for the Zambia copper assets or a transaction of a similar nature.
The Luanshya Project is located 6km to 10km south of China Nonferrous Mining Corp’s 3 operating mines, with a combined proven and probable reverse of 52.3 million tonnes @ 1.26% Cu.
Across the region are 4 northwest to southeast trend lines which are around 5km to 10km wide that host numerous historic and current operating mines and deposits.
Castillo Copper is an Australian-based explorer primarily focused on copper across Australia and Zambia. The company is underpinned by its core projects including a large footprint in the Mt Isa Copper-Belt district in northwest Queensland, 4 ‘high-quality’ prospective assets across Zambia’s copper-belt, a large tenure footprint proximal to Broken Hill, and the Cangai Copper Mine in northern New South Wales.
Images: Castillo Copper Ltd & iStock
