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Celsius Resources bags funds for cobalt next steps

Assay news flow is pending from reverse circulation drilling.
Celsius Resources bags funds for cobalt next steps
Namibia is a politically stable country

Celsius Resources (ASX:CLA) has received strong interest in a capital raising from a number of domestic and international institutional and professional investors.

A bookbuild was completed for 94.6 million shares at $0.037, raising $3.5 million.

Celsius raised funds for the evaluation of the Opuwo Cobalt Project in Namibia, where cobalt-copper mineralisation has been confirmed over 11 kilometres of strike.

Intercept highlights to date include: 5 metres at 0.20% cobalt and 0.52% copper; 6 metres at 0.13% cobalt and 0.37% copper; and 5 metres at 0.12% cobalt and 0.66% copper.

Ensuring strong news flow, reverse circulation drilling is continuing across 30 kilometres of prospective strike extent, to be followed by diamond drilling later in the month.

Opowu has large scale potential

The projects mineralisation is hosted in Neoproterozoic sediments of the Kaoko Belt, which is the western extension of the Copperbelt in DRC and Zambia.

The Dolomite Ore Formation is an organic, carbon rich, marly dolomitic horizon in a sequence of clastic and carbonate lithologies in the upper Ombombo Subgroup.

Celsius is aiming for an initial JORC Resource in September 2017.

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