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Castillo Copper Ltd - Perth, Australia-based exploration company focused on copper across Australia and Zambia - Updates on drilling results at Fence Gossan Prospect within the BHA project's East Zone. Says positive initial observations are comparable to Tors Tank Prospect. "Subject to confirmation from final assay results, the geology team believe there is potential for cobalt, copper-gold and rare earth elements mineralisation," Castillo says.
Four holes were drilled for a total of 516 metres, with targeted cobalt mineralisation zones hit across all four drill holes - with intersected sequences comprising clay, amphibolite, schist and gneiss. "Numerous disseminated sulphide layers" were logged, with thicknesses up to 17 metres, which "could potentially host cobalt mineralisation", it says.
"With the drilling campaign at the halfway mark, the board is optimistic that known mineralisation at the Tors Tank & Fence Gossan Prospects has potentially been extended. Moreover, for Fence Gossan in particular, the board is delighted to note the significant pegmatite intercepts which have the potential to host REEs as well as platinum group elements," says Managing Director Dennis Jensen.
Current stock price: 1.10 pence, up 7.3% on Monday in London
12-month change: down 49%
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