- Castillo Copper (CCZ) confirms a “significant” shallow rare earth element (REE) discovery within its BHA project’s East Zone in New South Wales
- The discovery extends for 800 metres starting near the Fence Gossan prospect’s eastern boundary and was identified by recent drilling work
- Castillo highlighted assays of up to 2410 parts per million total rare earth oxide, with magnet rare earth oxides representing 29.9 per cent of the grade
- With mineralisation still open at Fence Gossan, the company is now conducting follow-up geological mapping, sampling and auger drilling in the area
- Castillo shares spiked in early trade but have since reversed, down 11.54 per cent to 2.3 cents at 2:53 pm AEDT
Castillo Copper (CCZ) has received assays from seven holes drilled across the Fence Gossan (FG) and Tors Tank (TT) prospects within its BHA project’s East Zone in New South Wales.
The company said the results from three of the holes in the FG area confirmed a “significant” shallow, clay-hosted rare earth element (REE) discovery that extended for 800 metres of strike, starting near FG’s eastern boundary.
Highlighted results from this area include 32 metres at 636 parts per million (ppm) total rare earth oxide (TREO) — of which 25.7 per cent were magnet rare earth oxide (MREO) — from 52 metres and 20 metres at 1780 ppm TREO (28.9 per cent MREO), including four metres at 2410 ppm TREO from 16 metres.
Additional results come from the TT prospect and include seven metres at 1048 ppm TREO (29.9 per cent MREO) from 12 metres.
“With global demand for REEs on an upward trajectory, the board is delighted the assays confirm a new shallow clay hosted REE discovery within the BHA project’s East Zone,” Castillo Chair Ged Hall said.
The FG prospect spans roughly four kilometres long by one kilometre wide, and mineralisation in the area is open in all directions.
Following today’s results, Castillo has decided to conduct follow-up geological mapping, sampling and auger drilling to extend the 800-metre strike to the west. The company said it also hoped to identify new targets for drill testing.
Further, the company plans to drill at the nearby Iron Blow prospect to determine the extent of REE mineralisation.
Castillo shares spiked in early trade but have since reversed, down 11.54 per cent to 2.3 cents at 2:53 pm AEDT.