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Celsius Resources drilling assays high-grade cobalt in Namibia

Continued strength in the cobalt price increases the appeal of the project.
Celsius Resources drilling assays high-grade cobalt in Namibia
A scoping study is expected to be completed before the end of 2017

Celsius Resources (ASX:CLA) is continuing receive strong assay results from drilling at the Opuwo Cobalt Project in Namibia.

New sample assays have extended cobalt-copper mineralisation across circa 12 kilometres.

Significant intercepts from the latest batch of drilling assays, using a cut-off grade of 0.05% cobalt, include:

- 6 metres at 0.17% cobalt and 0.52% copper from 71 metres, including 4 metres at 0.23% cobalt and 0.62% copper from 73 metres;

- 10 metres at 0.14% cobalt and 0.43% copper from 62 metres; and 

- 6 metres at 0.13% cobalt and 0.64% copper from 147 metres.

This initial phase of drilling is designed to test a 20 kilometre strike length of the cobalt-copper mineralised horizon.

Wide spaced drilling has been completed across circa 12 km of strike, with the mineralised horizon confirmed by assays in each drill fence to date.

Celsius’ drilling is currently nearing completion at the Western Zone, where higher grade cobalt mineralisation (up to 4,300 ppm, or 0.43%) has been identified at surface. Assays are pending.

The company has also commenced diamond drilling to collect samples for metallurgical testing.

Celsius is planning metallurgical testing program, preliminary mining studies and resource definition drilling to provide inputs for a scoping study, with completion before the end of 2017.

The continued strength in the cobalt price, currently at over US$56,000 per tonne, increases the appeal of a cobalt dominant project, such as Opuwo.

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