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Castillo Copper Ltd (ASX:CCZ) is acquiring a majority share in the Harts Range niobium, uranium, and heavy rare earths project in the Northern Territory through an earn-in agreement for which it has met all the precedent conditions.
According to the deal, CCZ will take on 85% of the play – located 120 kilometres northeast of Alice Springs – where historical assays from 28 rock chip samples have shown grades of up to 23.2% niobium (Nb), 12.7% ranium (U), and 12.7% heavy rare earth elements (including 2.85% Dy, 0.32% Tb, 14.9% Ta).
Following a recent field trip to the area, the company team is now mapping out exploration initiatives. Focus is on the Cusp prospect. Future work will encompass comprehensive surface sampling and geophysical surveys to guide both drilling and metallurgical testing.
CCZ has also applied for an exploration license across a territory 15 kilometres to the west, which has comparable underlying geology – this being known as the Harts Range East Project.
Castillo chairman Ged Hall said the latter decision indicated the confidence which CCZ had in the mineralisation of the region.
“Recognising the excellent exploration potential the Harts Range Niobium, Uranium, and Heavy Rare Earths Project delivers, the board has moved swiftly to close out this transformational transaction and increase the footprint within the region,” he said.
“The board is now working closely with the geology team to expedite ramping up
the development campaign.
“Concurrently, the board’s strategy to create value from non-core asset disposals is making solid progress: CCZ has exited its Rimfire Pacific Mining equity position and is working on closing the Cangai Copper Mine sale to ASX-listed Infinity Mining.”
CCZ shares rose on the news, and at 14:29 AEDT, they were trading at 0.8 cents – a rise of 14.29% since the market opened.
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