Castile (ASX:CST) granted Major Project Status in Australia’s Top End

Castile (ASX:CST) granted Major Project Status in Australia’s Top End

April 18, 2024 Off By Jack Baker

Castile Resources and its high-grade iron-oxide-copper-gold Rover 1 project have been recognised for their significance to the Northern Territory with a Major Project Status ticketing by the territory government.

The status opens Northern Territory Government co-ordination with the formation of a dedicated project control group, clearing a number of regulatory hurdles toward a shared vision of rapid effective development of Rover 1 and establishing Australia’s Top End as a hub for downstream processing.

A 30.4-metre strike of 35.6 metres gold and 1.46 per cent copper took the lid off Rover 1 back in 2020, and results continued to impress toward a large high-grade resource and a net present value of more than $450 million.

The company’s preliminary feasibility study anticipated total production of 252,300 ounces of gold, 58,600 tonnes of 99% copper plate, 2,560t of 99% cobalt metal and 652,300t of 96.4% magnetite.

A definitive feasibility study is underway, with Castile Managing Director Mark Hepburn saying he was proud the company and Rover 1 had been awarded the premier status.

“Our strategy of producing downstream critical minerals in the Northern Territory is strongly aligned with the Northern Territory Government’s goal of becoming a major hub for mining, processing, and refining of critical minerals for the 2050 net-zero transition,” Hepburn said.

“We aim to develop a sustainable mining and processing operation that benefits all our stakeholders and shareholders.

“The development of the Rover 1 project will provide significant opportunities in employment and economic prosperity for the local Barkly region and the entire Northern Territory.”

Chief Minister of the Northern Territory Eva Lawler said the territory’s Labor Government was developing a thriving economic landscape and its rich critical minerals market was key to unlocking its potential.

“Castile Resources’ Rover 1 project is exciting for many reasons ranging from the economic benefits to job creation and their steadfast commitment to maximising outcomes for the local community of the Barkly,” Lawler said.

Barkly region in the Territory’s northeast is bordered by Queensland to its east, and covers about 283,606 square kilometres or 21 per cent of the territory.

Key towns in Barkly include the primary service hub Tennant Creek – in between Alice Springs and Katherine – Elliott, and Ali Curung.

The ambitious Territory government aims achieve a $40 billion economy by 2030 and create 35,000 new jobs in the Top End over the coming years.

Northern Territory Minister for Mining Mark Monaghan said the government would enhance its existing work with Castile and help drive them company’s project towards development to see benefits returning to the state as soon as possible.

“The critical minerals sector is going to transform the way we see energy and the Territory Labor Government is shaping our country’s development,” he said.

Exemplified by South Australia’s mammoth Olympic Dam mine, IOCG deposits constitute some of the world’s most valuable sources of easily treated and traded ores.

And while Rover 1 is a far cry from the size of Olympic Dam, it is nonetheless a prized asset for both Castile and the Territory who now have it on rails toward production.

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