CCZ Seeks Approval to Recommence Work at Cangai

  • May 06, 2019 AEST
  • Team Kalkine
CCZ Seeks Approval to Recommence Work at Cangai

Castillo Copper Limited (ASX: CCZ) on 6th May 2019, updated its shareholders on the development of the new strategic intent and forward exploration plans across several projects. Most of the key issues with regards to CCM (Cangai Copper Mine) has already been discussed in the recent quarterly results, now the key focus for the management is the anticipated approval from the Regulator to restart exploration work.

The management, in a recent meeting, decided a diversified project portfolio on the basis of geographical presence as well as differing jurisdictions, which is tactically imperative to safeguard the motive to transform into a primarily mid-tier copper group is achieved. Additionally, the management is conscious about the requirement to ensure each project targeted for development delivers noteworthy exploration upside.

CCM will continue as a flagship project, followed by Mt Oxide within the current Australian portfolio. Finding out the strategic partners to develop the projects through to Definitive Feasibility Study for a free-carried interest is the best way to create value from the Broken Hill and Marlborough projects.

Thee company has no near-term plans to develop projects in Chile. The management has taken into consideration many highly prospective projects in the southern African copper-belt near major mines.

Cangai Copper Mine (CCM):

After completing the rehabilitation work for CCM, the management has been working with the Regulator to reach an agreement on the recommencement of activities at Cangai. The management will wait for such formal agreement with the Regulator for the regulatory approval to recommence the exploration activities on the exploration licences. The management is likely to announce to lift the voluntary suspension of its securities as per the 6th May 2019 voluntary suspension extension request upon receiving regulatory approval to restart exploration activities.

As per the management, as CCM continues to remain one of the highest grading historic copper mines in Australia, there is still more exploration work to be undertaken. The priority of the company is to advance an aeromagnetic survey to raise the scale of known high-grade copper mineralisation at Cangai and the nearby area. The drilling has identified DHEM conductors under Mark’s, Greenberg’s and Volkhardts lodes, where exuberant sulphide copper mineralisation has been mined in the past. Secondly, further DHEM surveys are expected to take place to recognise new target areas that extend the known ore body and suggest CCM’s potential scalability around the existing mine area.

The management has upheld an open dialogue with Noble Group about processing CCM’s legacy stockpiles in the last few months. The company is likely to update on further metallurgical test-work results expected to be released once these have been received from the laboratory.

Mt Oxide: Geoscience Australia released an AEM (Airborne Electromagnetic) survey in mid-Mach 2019 and highlighted that a bedrock conductor in the eastern part of the Mt Oxide project area (circa 180km north of Mt Isa). Castillo have named the AEM conductor the Arya prospect, which is in a region with many popular copper mines comprising of Capricorn, Lady Annie and Mt Oxide.

Next steps: The primary focus of the company is securing regulatory approval to restart activities at CCM and fully develop the exploration plan for the Mt Oxide project.

The last noted share price of CCZ was at $0.016, with its EPS noted at -$0.002.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK