29th Sep 2021 17:49
Castillo Copper Ltd - Australia and Zambia-focused base metal copper exploration company - Secures 90-day option for the acquisition of the Litchfield and Picasso lithium projects in the Northern Territory and Western Australia respectively.
Litchfield has JORC compliant ore reserves at 7.34 million tonnes at 1.3% lithium oxide, while Picasso has a resource at 14.9 million tonnes at 0.97% lithium oxide.
Castillo will pay an AUD50,000 non-refundable deposit, and then pay up to AUD3 million in shares. Acquisition is subject to successful due diligence.
"This is a strategic acquisition to complement our existing copper assets and strengthen Castillo's exposure to critical metals for the clean energy transition. We consider the projects to be highly prospective and they are situated in prime locations nearby to proven lithium reserves. By focusing on developing copper and lithium projects, the board is positioning Castillo to potentially create significant incremental value from the transition towards renewable energy sources and accelerating demand for electric vehicles globally," says Managing Director Simon Paull.
Current stock price: 1.75 pence
Year-to-date change: down 14%
By Dayo Laniyan; [email protected]
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