Castillo Copper defines NWQ Project as core asset

Castillo Copper (ASX:CCZ) is eyeing potential development partnerships after classifying its wholly owned NWQ Copper Project in Queensland as a ‘core’ asset. 

The classification comes as part of the $8.45 million market capitalisation company’s asset portfolio review. NWQ is home to over 20 prospects, and Castillo says its board is working to deepen its understanding of their prospectivity —  excluding the Big One deposit, which has been drilled — before engaging with potential partners. 

The status of the company’s Cangai Copper Mine, BHA Project, and Zambian projects are still under review. 

Castillo’s geology team conducted field trips to the Boomerang and Josephine prospects at NWQ — which are both interpreted to be prospective for structurally controlled copper mineralisation — to identify future exploration targets. 

If suitable targets are flagged, Castillo will launch a more systematic exploration campaign.

The company reports that assayed rock chip samples, which were gathered from the Surprise Creek formation at the Boomerang prospect, returned anomalous surface readings of up to 0.46% copper. Rock chips were also taken from outcrops of the Gunpowder, Paradise Creek, and Surprise Creek formations from the Josephine prospect. 

Castillo Copper Chairman Ged Hall says there is still a long road ahead to assess the collective exploration potential of NWQ fully.  

“With over 20 prospects across the NWQ Copper Project, which is now earmarked as a core asset, the geology team has considerable work ahead to fully assess the collective exploration potential.

This is critical information to have mapped out as the board channels its efforts into aligning with a strategic development partner.”

“this is critical information to have mapped out as the board channels its efforts into aligning with a strategic development partner”

Castillo Copper is a copper-focused explorer based in Perth, Western Australia, with a portfolio of projects across Australia and Zambia. 

The company’s Australian assets include the Broken Hill Project and Cangai Copper Mine in New South Wales and the NWQ Copper Project in northwest Queensland. 

Castillo also holds 4 ‘highly prospective’ exploration targets in Zambia. 

Castillo Copper had $2.9 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Castillo Copper
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.