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Castillo Copper has raised more than $11 million to fast-track development of its core copper projects at Mount Oxide in North-West Queensland and in Zambia.

The company said it was well positioned after the share placement to deliver on its strategic intent to transform into a mid-tier copper group.

It is about to launch a comprehensive drilling campaign across three priority prospects within the Mount Oxide project including:
* Big One Deposit – A 26 drill-hole campaign for 2,828m has been finalised and is designed to extend known mineralisation around 1200m of strike
* Arya and Sansa Prospects – An expanded program is being formulated to fully drill-test all known shallow and deep bedrock conductors

Castillo noted a significant resurgence of interest in the Mount Isa copper belt, reflecting factors including copper price nearing 10-year highs and the upcoming IPO of Capricorn Copper owner 29Metals.

“Due to strong demand from current and new institutional investors in Australia and the UK, we now have ample funds to ramp up our exploration efforts,” managing director Simon Paull said.

“Over the next few months, we will test-drill multiple copper targets across the Big One Deposit, Arya and Sansa Prospects within our core Mount Oxide project. Concurrently, we intend to expedite exploration programs at the Luanshya and Mkushi Projects in Zambia.

“The Board now has significantly higher confidence that 2021 will be a transformative year for Castillo Copper.”