Castile Resources Secures Major Project Status For Rover 1

Castile Resources Ltd (ASX: CST) shares rose 10% intra-day after its Rover 1 Project was awarded Major Project Status (MPS) by the Northern Territory Government.

The company is developing the high-grade Rover 1 Iron Oxide Copper Gold (IOCG) Project in the Tennant Creek region.

The project will produce downstream critical and precious minerals including gold, 99% copper, 99% cobalt and a high grade 96.5% magnetite.

Castile had cash of A$3.78 million on 31 December 2023.

Project Control Group to be convened

The NT Government has awarded MPS to the project as it is expected to be a significant contributor to the state’s economic development.

Castile and the NT Government will begin work by convening a Project Control Group as soon as possible.

The group will coordinate all relevant government departments’ involvement in the project to facilitate coordinated interaction with the government.

Castile and the NT Government will also seek to address and manage key issues for each stage of the project.

Critical minerals strategy

The Rover 1 PFS models an underground mine build with a modern 500,000tpa processing plant.

Castile Managing Director Mark Hepburn said that the company’s strategy of producing downstream critical minerals in the Northern Territory is strongly aligned with the Northern Territory Governments goal of becoming a major hub for mining, processing, and refining of critical minerals for the 2050 net-zero transition.

NT Chief Minister Eva Lawler said: “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”.

 

 

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