Castillo Copper inks $2.25m joint venture to explore Marlborough project
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Castillo Copper has successfully inked a joint venture deal with A-Cap Resources to uncover the potential of the Marlborough Ni-Co project in Queensland.
The deal means A-Cap Resources (ASX:ACB) will deliver $2.25 million over two years for the exploration of the highly prospective site, near Rockhampton, to earn 60 per cent interest in the project, with Castillo (ASX:CCZ) free-carried with 40 per cent.
The site is made up of three tenements which are highly prospective for nickel-cobalt mineralisation. The joint venture exploration deal is a win for Castillo to consider the potential of the site while also working on a range of other projects.
These include its re-opening of the Cangai copper mine in New South Wales, as well as work on its Broken Hill cobalt project, which is emerging as a substantial cobalt project with evidence it could host mineralisation similar to other big projects in the western NSW region.
Castillo chairman Peter Meagher said the partnership was a win on this front, as well as meaning “we are working with a first-rate strategic partner in ACB that brings project development expertise as well as prospective customers for nickel and cobalt in the all-important China market”.
Both A-Cap Resources and Castillo have timed their run on this project in line with global trends, with demand in the lithium-ion battery sector meaning projects like Marlborough present large opportunities to potentially contribute to international battery supply chains.
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