Castillo Copper has option to secure two prime lithium projects

Projects located in Australia and Zambia

Castillo Copper (LON:CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, announced on Wednesday that it has entered into a 90-day option agreement to acquire – subject to due successful due diligence – two granted, highly prospective lithium projects.

The Litchfield and Picasso Lithium Projects are located in prime regions in the Northern Territory (NT) and Western Australia (WA) respectively.

Castillo confirmed it has the option for 90-days to acquire – subject to successful due diligence – two highly prospective lithium projects in prime locations:

• Litchfield Lithium Project (Northern Territory) is contiguous to Core Lithium’s (ASX:CXO) strategic Finniss Lithium Project which has JORC compliant ore reserves (7.4Mt @ 1.3% Li2O), with production slated to commence in H2 2022¹
• Picasso Lithium Project (Norseman region, WA) is proximal to Liontown’s Resources’ (ASX: LTR) Buldania Project, with a JORC compliant resource at 14.9Mt @ 0.97% Li2O³, and has mapped pegmatites⁴ that potentially host lithium mineralisation

Simon Paull, Managing Director of Castillo Copper, commented: “This is a strategic acquisition to complement our existing copper assets and strengthen Castillo’s exposure to critical metals for the clean energy transition. We consider the projects to be highly prospective and they are situated in prime locations nearby to proven Lithium reserves.”

“By focusing on developing copper and lithium projects, the Board is positioning Castillo to potentially create significant incremental value from the transition towards renewable energy sources and accelerating demand for electric vehicles globally.”

The Castillo Copper share price is down by 0.56% during the morning session on Wednesday.