Castillo Copper Ltd (ASX:CCZ, LSE:CCZ) has acquired an 85% stake in the Harts Range Project, expanding its exploration footprint in Northern Territory, Australia.
Located 120 kilometres northeast of Alice Springs, the project targets niobium, uranium, and rare earth minerals.
The decision follows a successful site visit by Castillo’s geological team, confirming promising mineral potential at the Cusp Prospect, where past rock samples revealed notable concentrations of niobium and rare earths.
The company plans to accelerate exploration at Harts Range with surface sampling, geophysical surveys, and bulk sampling for metallurgical testing.
Additionally, Castillo has applied for an exploration license for nearby Harts Range East, expanding its holdings by 25%.
This strategic expansion is part of Castillo's ongoing efforts to capitalise on high-value mineral deposits, complementing its projects in Australia and Zambia.
"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," said chairman Ged Hall.
"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."