Castillo joins forces with A-Cap
PERTH (miningweekly.com) – Juniors Castillo Copper and A-Cap Resources will joint venture (JV) to explore the Malborough nickel/cobalt project, in Queensland.
A-Cap will invest A$2.25-million over a two-year term to fund exploration activities on the Malborough project tenements, up to the completion of a bankable feasibility study, in order to earn a 60% interest in the project.
Castillo will remain free carried with a 40% interest.
A-Cap has committed to a minimum expenditure of A$200 000 during the first year, and A$300 000 during the second year.
“The proposed farm-in, JV agreement with Castillo is consistent with A-Cap’s implementation of its diversified mineral strategy and represents an important step for A-Cap with the clear intent to focus on cobalt opportunities,” said chairperson Angang Shen.
“As well as a clean energy approach to our vision of future energy requirements, A-Cap welcomes the close association with Castillo to further our goal to target other cobalt opportunities on a global basis.”
Castillo chairperson Peter Meagher said on Wednesday that this was an optimal arrangement to leverage creating value for shareholders from the company’s Queensland assets, while concurrently progressing the re-opening of its Cangai copper mine, and developing the Broken Hill copper/zinc project.
The Malborough project consists of three tenements which are considered prospective for nickel and cobalt.
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