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Copper|Exploration|Gold|Mining|PROJECT|Projects
Copper|Exploration|Gold|Mining|PROJECT|Projects
copper|exploration|gold|mining|project|projects

Infinity buys NSW copper project from Castillo

3rd October 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Exploration and development company Infinity Mining has entered into a binding term sheet with fellow ASX-listed Castillo Copper to acquire the Cangai project, comprising three granted tenements in the north-western corner of New South Wales.

The tenements EL8625, EL8635 and EL8601 are adjacent exploration licences making up the Cangai copper project.

Cangai was renowned for its high-grade ore, which was mined from the rich sulphide ore bodies in the area. During its operation, the mine processed ore with copper grades of about 7% to 10%.

Historic production of the Cangai, from 1904 to 1917, produced about 5 000 t of copper along with notable quantities of gold and silver.

“The acquisition of the Cangai copper project represents a significant opportunity for Infinity Mining, aligning with our recent acquisitions,” said executive chairperson Joe Phillips.

The company in August announced the acquisition of a portfolio of gold and copper exploration projects in New South Wales, Victoria and Tasmania from various vendors.

“With rising copper demand and the Cangai project's outstanding historical grades, we are eager to unlock its full potential through targeted exploration and development, creating additional value for our shareholders,” he added.

Infinity Mining plans to initiate an extensive exploration programme at the Cangai site, focusing on unmined sections and the high-grade supergene copper zone.

Edited by Creamer Media Reporter

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