Kiran Morzaria of Cadence Minerals discusses Castillo Copper’s option extension to acquire Litchfield and Picasso Lithium Projects

Kiran Morzaria CEO of Cadence Minerals #KDNC discusses Castillo Copper’s option extension to acquire Litchfield and Picasso Lithium Projects plus a brief update on Amapa.

Highlights

·      CCZ is extending the 90-day option period to acquire the Litchfield and Picasso Lithium Projects1: 

o  More than 650 surface assays for the Litchfield Lithium Project1, which is contiguous to Core Lithium's (ASX: CXO) strategic Finniss Lithium Project (JORC compliant ore reserves: 7.4Mt @ 1.3% Li2O)2, remain in process queues at the laboratory

o  Analysing and interpreting these assay results should potentially enable CCZ's geology team to determine if lithium mineralisation is contiguous between the Lichfield and Finniss Lithium Projects1

·      Under the terms of the option agreement, the extension remains effective until 30 days after the receipt of the full suite of assay results.

Option Extended 

Whilst reviewing available information for both projects has been positive, enhancing their potential to host lithium mineralisation, the assays are critical to enable due diligence to be finalised. This is especially the case for the Litchfield Lithium Project as it is contiguous to CXO's Finniss Lithium Project which has JORC compliant ore reserves of 7.4Mt @ 1.3% Li2O2. 

There are over 650 surface samples from four zones on the boundary with the Finniss Lithium Project. Analysing and interpreting these assay results should enable CCZ's geology team to potentially determine if there is contiguous lithium mineralisation apparent and finalise due diligence.

Due to unprecedented demand, the timelines to process samples at laboratories have been extended significantly. Synergy's geology team are in regular contact with the laboratories and hope to have clarity on when the assays will be received shortly.