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Castillo Copper update on Noble Group progress-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
11/23/2018 有色金属展- Copper exhibition -non-ferrous metals expo |
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Castillo Copper Limited’s Board provide an update on its arrangements with Noble group to progress metallurgical test-work on all legacy stockpiles. Castillo Copper’s Chairman Mr Peter Meagher said that “Behind the scenes, CCZ’s various teams have been working extremely hard to progress the Board''s strategic agenda to re-open Cangai Copper Mine. Once the metallurgical results for the various stockpiles are returned, we hope to finalise our agreement with Noble Group, as this will be an important source of early stage cash flow. Incrementally, the Board is looking forward to presenting an update to shareholders on the drilling campaign targeting high grade ore and DHEM survey findings at Cangai Copper Mine."
1. As part of its agreement with Noble Group, CCZ’s geology team have collected samples from the stockpiles around Cangai Copper Mine and the old smelter:
o The samples have been sent to a specialist metallurgical group offshore for third party verification and optimisation
o Metallurgical test-work undertaken to date on samples from McDonoughs’ stockpile demonstrated copper concentrate recoveries >80%, with grades up to 22%2
o The team anticipates these results can be improved upon - shareholders will be informed when these materialise
2. Upon acceptable completion of this process, CCZ will aim to complete a binding off-take agreement with Noble Group to distribute up to 200,000t of copper concentrate
3. Meanwhile, work on the current drilling program has continued - the Board intends to release field and assays results for the diamond and RC drilling campaigns imminently
4. In addition, the latest phase of the drill-hole electromagnetic survey work has concluded, with updated findings to be reported shortly 有色金属展-铜材展-2019年广州国际有色金属工业（铜业）展览会-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition -Non-Ferrous Metal exhibition, 2019
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