Castillo Copper (ASX: CCZ) has raised $3.5 million through a fully subscribed placement of 350 million shares to fund drilling at its copper projects in Chile.
Funds will also be used to make legal title and option payments for the projects as well as repay loans.
The company has selected three projects for advanced studies and one at a basic level:
- Posada, an IOCG project in the copper-iron belt of the Atacama Fault Zone in Northern Chile;
- Rio Rocin, a porphyry copper project in the highly productive Central Zone of Chile;
- Resguardo, a porphyry copper project associated with the lower Tertiary porphyry copper belt of Northern Chile; and
- Quebrada Huanta, porphyry copper-gold prospect near La Serena in Central Chile.
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