Commencement of the 2021 drilling campaign comes after a successful A$11.4 million capital raise. The company is aggressively pursuing a strategy to transform into a mid-tier copper producer.
Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:70R) has begun a comprehensive drilling campaign comprising reverse circulation and diamond drilling across three key prospects at its flagship Mt Oxide Project in Queensland’s Mt Isa Copper-belt.
At Big One deposit, work has begun on 26 drill holes across a 2,828-metre area, with the focus on intersecting new targets off the 1,200-metre strike event to extend known copper mineralisation.
At the Game of Thrones-themed Arya and Sansa deposits, Castillo’s logistics and geology teams are finalising access, program design and site preparation as it seeks to drill several bedrock conductors once work concludes at Big One.
Castillo Copper raises A$11.7 million to turn up the heat at Mt Oxide and Zambian projects
The placement will assist in rapidly progressing development of the company’s core projects in Australia and Zambia, which dovetails in with CCZ’s strategic intent to transform into a mid-tier copper group. The company will issue 278,395,961 new shares at a price of $0.042 (£0.023) per share.
Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:70R) will ramp up development at its Mt Oxide and Zambian copper projects after raising A$11.7 million (£6.4 million) in a placement strongly supported by institutional and sophisticated investors in Australia and the UK.