Castillo Copper Ltd (LSE:CCZ, FRA:7OR, ASX:CCZ) has confirmed the presence of large occurrences of surface lithium following preliminary due diligence across the Picasso Lithium Project in Western Australia’s south.
The company recently secured a 90-day option to acquire the Litchfield and Picasso lithium projects in a bid to diversify its portfolio of assets as part of an overall strategic review.
Read: Castillo Copper looks to paint a bright lithium picture to complement copper play
CCZ’s geologists undertook surface outcrop mapping to identify prospective pegmatites likely to contain lithium deposits across the project and adjacent tenure, detecting multiple elevated lithium surface readings.
These surface occurrences aligned with 69 pegmatite outcroppings mapped by the Geological Society of Western Australia in previous surveys of the area.
Numerous targets for exploration
A geological consultant organised by the Vendor Group – a full-service corporate communications firm – took photographs and samples within the tenure that have been sent for analysis.
The consultant noted there were multiple occurrences of pegmatite outcropping with the potential to host lithium mineralisation, providing numerous targets for exploration.
“Straight out of the gates, the preliminary due diligence has hit a high note at the Picasso Project, with multiple historical surface occurrences being confirmed and photographic evidence there is significant pegmatite outcropping with the potential to host lithium mineralisation,” CCZ managing director Simon Paull said.
“The board is delighted with these initial findings and looks forward to receiving the assays results back from the laboratory.”
Next steps
CCZ is a base metals explorer with its primary focus on copper across Australia and Zambia. The company is undertaking a strategic transformation to become a mid-tier copper group underpinned by four high-quality assets across Australia and Zambia.
The company’s initial focus on its lithium projects will involve ongoing due diligence on the Picasso and Litchfield areas, especially the return of assay results from surface sampling campaigns.
At the company’s Queensland copper assets, assay results are expected in the coming weeks for the Big One Deposit and drilling will soon commence at the Arya Prospect.
There are several ongoing steps for the Zambian operations, including completing the IP survey at the Luanshya and Mkushi projects with analyses of the results for incremental test-drilling targets and commencement of an inaugural drilling campaign for the Luanshya Project.
Read: Castillo Copper just days away from drilling next Queensland high-priority copper target
