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Castillo Copper approves further exploratory work at Luanshya in Zambia’s copper belt

Published 07/12/2022, 10:52 am
Updated 07/12/2022, 11:30 am
© Reuters.  Castillo Copper approves further exploratory work at Luanshya in Zambia’s copper belt

© Reuters. Castillo Copper approves further exploratory work at Luanshya in Zambia’s copper belt

Castillo Copper Ltd (ASX:CCZ, LSE:CCZ) has approved an incremental development work program on known key targets at the highly prospective Luanshya Project in the heart of Zambia’s copper belt.

The company’s geology team plans to roll out an induced polarisation (IP) geophysics campaign to build on work undertaken in 2021 which focused on a six-kilometre zone of copper surface anomalism that delineated up to 14 chargeable zones.

Notably, a key focus of the upcoming IP campaign will be to refine targets for test drilling and enhance confidence in finding structurally controlled copper mineralisation

These plans follow London-based Metallea Group’s decision to pull out of its acquisition of Castillo’s Zambian assets, due to ‘extremely difficult’ equity market conditions in London.

Moving forward, Castillo remains committed to aligning with a development partner or undertaking a trade sale for the Zambia copper assets.

Strategic intent unchanged

Castillo managing director Dr Dennis Jensen said: “CCZ’s board is determined to align with a new development partner or undertake a trade sale for the Zambia copper assets to crystallise value for shareholders.

“All the exploratory work undertaken to date indicates the Luanshya and Mkushi projects are highly prospective for copper mineralisation.”

Forward plan

With all previous exploratory work indicating the Luanshya and Mkushi projects being highly prospective for copper mineralisation, Castillo remains committed to creating value for shareholders which could include:

  • aligning with a development partner; or,
  • undertaking a trade sale for the Zambia copper assets or a transaction of a similar nature.
The company aims to kick off further exploration in the first half of 2023.

Read more on Proactive Investors AU

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