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- With copper prices on the rise, Castillo Copper (CCZ) is refocussing its efforts on the Big One Deposit at its Mt Oxide Project in Queensland
- Supply constraints and an expected boom in demand from the battery sector have push copper prices to a nine-year high, causing the company to accelerate its plans and bring the deposit to production as soon as possible
- With that in mind, CCX’s geological consultant is in the midst of modelling the deposit’s inaugural JORC-compliant resource, while the company’s board is preparing to apply for a mining lease
- The Big One was first mined back in 1997 and produced 4400 tonnes of supergene ore at an average grade of 3.5 per cent copper
- Castillo Copper is up 4.17 per cent and is trading at 5 cents per share
With copper prices on the rise, Castillo Copper (CCZ) is refocussing its efforts on the Big One Deposit at its Mt Oxide Project in Queensland.
Supply constraints and an expected boom in demand from the battery sector have push copper prices to a nine-year high, causing the company to accelerate its plans and bring the deposit to production as soon as possible.
With that in mind, CCX’s geological consultant is in the midst of modelling the deposit’s inaugural JORC-compliant resource, while the company’s board is preparing to apply for a mining lease. The Big One was first mined back in 1997 and produced 4400 tonnes of supergene ore at an average grade of 3.5 per cent copper.
Meanwhile, the company is gearing up for more work the project, which will begin with an induced polarisation survey to scope out future drill targets at the Big One.
Those targets will likely be interrogated once the region’s wet season is over and drilling can recommence. Once another round of exploration is complete at Big One, the company will move over to the nearby Arya Prospect.
Given the global demand and outlook for copper, Managing Director Simon Paull believes it was “prudent to start preparing the groundwork to potentially recommence mining operations” at Big One.
“Buoyant global demand for copper has been a key catalyst for the Board to sharpen its strategic intent for Big One Deposit. With outstanding assays, the board is highly optimistic further planned exploratory work has the potential to extend known mineralisation,” he added.
Castillo Copper is up 4.17 per cent and trading at 5 cents per share at 10:11 am AEDT.
