Castillo Copper (LON: CCX) provided an update on its Picasso Lithium Project on Monday morning, stating that the project, from Australia, is prospective for lithium mineralisation.
A geology team who mapped and collected samples from the high-density corridor for the company confirmed a 10km zone of pegmatite occurrences in the north-eastern part of the tenure, which significantly exceeds government mapping.
“The observed pegmatites are potentially related to lithium mineralisation which enhances prospectivity of the tenure's north-eastern quadrant,” stated Castillo.
Simon Paull, Managing Director of Castillo Copper, explained: “The geology team's visit to the Picasso Lithium Project delivered encouraging news, confirming that a 10km zone of pegmatites is apparent in the tenure's north-east quadrant.Â
“The Board's preliminary conclusion, based on due diligence undertaken to date, is the Picasso Lithium Project is prospective for lithium mineralisation and delivers significant incremental exploration potential.”
Castillo Copper shares rose to a high of 2.05p earlier in the session. However, they are currently down 0.4% at 2.02p.
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