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Share Watch – 19 June 2022

Updated: Sep 25, 2022

Castillo Copper (ASX:CCZ)

From Stockhead:

CCZ has unveiled a maiden 21,556 tonne cobalt resource (64 million tonnes at 318 parts per million) at the BHA project in NSW.

The resource at BHA’s ‘East Zone’ — at relatively shallow depths between 2-80m — also includes 44,260t of copper (63Mt at 0.07%).

It was calculated using old drilling data between 1970 and 2014.

A bunch of other prospects modelled weren’t included in the mineral resource estimate, because the drilling was either sparse or sketchy.

That means there is “considerable potential” to expand this cobalt-copper resource with new extensional drilling.

“To extend and increase confidence in the delineated deposits, CCZ’s geology team have mapped out a comprehensive drilling campaign that is intended to target diamond coring the known cobalt mineralisation downdip to at least 100m,” the company says.

“The board plans to implement the drilling campaign once all key approvals are secured.

“In addition, the board intends to re-assess the potential of the West Zone for cobalt mineralisation, given it is proximal to Cobalt Blue’s (ASX:COB) advanced operation.”

COB’s 81,000t Broken Hill cobalt project (BHCP) is the only large scale, non-African, greenfield primary cobalt project in the world. It could be in production by mid-to-late 2025.

$20m market cap CCZ is down 40% year-to-date. It had $6.2m in the bank at the end of March.

Financial indicators

The VIX fear gauge up by 7.66 points since 5 June to 31.13, getting more and more fearful.

The Dow Jones Industrial Average down 3,010.92 points or 9.15% since 5 June to 29,888.78, the STOXX 600 down 36.84 points or 8.37% to 403.25 and the Shanghai Composite index up 121.33 points or 3.80% to 3,195.46.

Gold on 1,841.60. US 10-year Treasury Bonds up to 3.236 and oil down to 110.48. Cryptos Bitcoin down by 9,368 points or 31.79% to 29,372.

ASX 200 down 754.00 points or 10.41% since 5 June to 6,474.80. The Aussie dollar down to 69.32 US cents.

Carbon Market Spot Prices

LGC $48.80                                                     STC $39.95

ESC $31.90                                                     VEEC $63.50

ACCU $35.25                                                  EU ETS €82.37

NZU $NZ76.60                                                 UK ETS GBP81.35

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