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Celsius Resources prepares maiden cobalt resource

A scoping study and resource definition will occur at Opuwo in the first quarter of 2018.
Picture of cobalt symbol on periodic table
There are a number of catalysts on the horizon in 2018

Celsius Resources Ltd (ASX:CLA) has completed a 99 hole drilling program spanning more than 17,000 metres at its Opuwo Cobalt Project in Namibia.

Results from the drilling program should begin to flow in January, resulting in resource in February.

Scoping study and maiden JORC resource target for first quarter of 2018

The company is also investigating flotation parameters to improve recovery and grade of cobalt in concentrate.

A concentrate sample has been prepared for this purpose which has a grade of 1.22% cobalt.

There are some early 2018 share price catalyst with Celsius flagging a scoping study and initial JORC mineral resource statement for release in the first quarter of 2018.

Potential for large-scale project in a mining friendly region

Celsius views the Opuwo project as highly compelling given its potential size.

The project consists of four Exclusive Prospecting Licences covering circa 1500 square kilometres.

Should the project be a large-scale/long life source of production, it is well situated in terms of proximity to transport and power, as well as the Walvis Bay port facilities.

Namibia also offers a politically stable, mining friendly environment.

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