Castile Resources’ (ASX:CST) investors are bullish on today’s news the company has found further copper mineralisation on-site.
Castile has today highlighted its most recent assay data for the Jupiter Deeps project from nearby an existing drillhole reported earlier this month.
New assay data shows a twenty seven metre thick long core with middle-upper grade copper mineralisation present.
The close proximity of the two drillhole locations provides evidence that iron-oxide-copper-gold (IOCG) mineralisation may significantly extend underground on-site in a consistent fashion.
Castile's share price is up 14.29% over the last week, which may indicate the company is landing on smallcap investors’ radars.
By all accounts, a nine metre thick core may not be infallible proof of a commercial opportunity.
However, the 9.5m @ 9.6g/t result announced on July 4th appears to have been met with little fanfare.
Jupiter Deeps is the name of a target underground on-site the company’s Rover project in the Central Desert region of the Northern Territory.
While gold may be present on-site, Castile is more focused on chasing after copper.
Management intends to become a player in the battery market; BloombergNEF research notes copper demand is projected to reliably increase for decades as part of battery manufacturing.
“This latest result has been terrific for the company,” Castile managing director Mark Hepburn said.
“It has returned a broad intercept of copper which is located outside the area of our current resource estimate models.”
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