Proactive Investors - Run By Investors For Investors

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.

View full CLA profile View Profile

Celsius Resources Ltd Timeline

Related Articles

August 07 2018
Production at Hellyer is expected to begin in the fourth quarter
dollar and gold
September 20 2018
Wishbone Gold's unique business model is now beginning to bear fruit
Breaking first ground at the HPA plant site
August 10 2018
Stage I construction at Johor site kicks off with a geotechnical drilling and ground survey program.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use