Castillo Copper has completed a $2.1 million fundraising endeavour to finance its international operations including at Mt Oxide near Mount Isa.
Last year Castillo Copper Ltd's geology team visited Mt Oxide Copper Project 150 kilometres north of Mount Isa where they aim to develop a copper mining operation in an area that hosts a number of historical and operating copper mines.
Now they are close to drilling at Mt Oxide, one of three pillars of their operation along with Cangai in New South Wales and a third prospect in Zambia.
An aero electromagnetic survey has identified the Arya Prospect, which is the Mt Oxide Project's top target.
The electromagnetics suggest a possible copper sulphide orebody and this is supported by rock chips grading up to 1.84% copper located near the site.
The company has approval in principle to progress drilling at the Arya prospect, subject to finalising timelines with a drilling contractor and full ratification from the landowner - a large corporate agricultural group - for access/compensation.
It also has approval to send in a team to conduct non-invasive fieldwork to finalise the targets to test-drill ahead of the campaign getting underway.
The company is focused on eight prospects, with varying styles of mineralisation, including four IOCG targets.
Last week the company raised $2.1 million after completing a placement to institutional investors.
Castillo Copper is in the final stages of its planned listing on the Secondary Board of the London Stock Exchange.
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