Castillo Copper (ASX:CCZ) is rechanneling its efforts into the Harts Range Uranium, Niobium, and Rare Earths Project in the Northern Territory, amid changing the company’s name to New Frontier Minerals.
On 21 October, the company signed a binding term sheet with Audax Holdings to obtain an 85% interest in Harts Range. The project sits across a 12km corridor and has recorded historical rock chip assays up to 23.2% niobium, 12.7% uranium, and 12.7% total rare earth elements.
This news comes after Infinity Mining’s (ASX:IMI) shareholders approved the acquisition of the Cangai Copper Mine.
During October, Castillo and Infinity entered into a conditional all-scrip agreement to sell the Cangai Copper Mine in New South Wales.
Infinity will issue 40 million shares and 20 million options, exercisable at $0.07 within a five-year period, to Castillo for the tenements.
As a result of shareholders approval, a binding tenement sale agreement has been executed between both parties.
Chairman Ged Hall says this coincides with the company shortly changing its name to New Frontier Minerals.
“The board’s strategy to hold non-core assets until the right development partner materialises has the potential to unlock significant value that can be redeployed to advance the core Harts Range Project,” Hall says.
“The board has an exciting exploration agenda for 2025 and looks forward to progressing this at an accelerated pace.”
In the last 12 months, Cangai is the second copper asset Castillo has divested.
For the remaining copper assets, the company plans to secure a strategic partner to progress the NWQ Copper Project, and intends to hold the remaining two non-core projects, Broken Hill East in New South Wales and Mkushi in Zambia.
Castillo Copper is an Australian-based mineral explorer focused on its strategy to develop multi-commodity assets that demonstrate potential as an economic mining operation.
Write to Aaliyah Rogan at Mining.com.au
Images: Castillo Copper
