Infinity Mining (ASX: IMI) has entered into a binding term sheet with Castillo Copper (ASX: CCZ) to acquire the Cangai copper project in NSW.
The project comprises the granted exploration tenements EL8625, EL8635, and EL8601 located in the north-western corner of NSQ, approximately 220 km south of Brisbane and 500 km north of Sydney.
The acquisition is in addition to a portfolio of gold and copper exploration projects in NSW, Victoria and Tasmania from various vendors as announced on 15 August 2024.
“The acquisition of the Cangai Copper Project represents a significant opportunity for Infinity Mining, aligning with our recent acquisitions announced on 15th August 2024,” Joe Phillips, Executive Chairman of Infinity, said.
“With rising copper demand and the project's outstanding historical grades, we are eager to unlock its full potential through targeted exploration and development, creating additional value for our shareholders.”
Next Steps
Infinity Mining plans to initiate an extensive exploration program at the Cangai site, focusing on unmined sections and the high-grade supergene copper zone.
This will include soil sampling, drone topographic surveys, and a two-stage drilling programme to target both the known orebody and new, deeper conductor anomalies identified through advanced geophysical techniques such as Downhole Electromagnetic (DHEM) and Fixed Loop Electromagnetic (FLEM) surveys.
The historic production and drilling results, coupled with new exploration data, suggest a scalable resource with potential for both direct ore shipment and future expansion. The proximity to surface of the high-grade ore zones, combined with favourable metallurgy demonstrating copper concentrate recoveries exceeding 80%, positions the Cangai Copper Project as a standout asset within Infinity’s portfolio.
The Cangai Copper Project consists of several exploration licenses and covers an area of extensive historical copper mining activity. Infinity Mining intends to update the current Mineral Resource Estimate and move the project towards production readiness in the near term.