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Celsius Resources managing director buys stock on-market

Celsius is looking to develop the Opuwo Cobalt Project in Namibia.
Celsius Resources managing director buys stock on-market
Further drilling assays are expected shortly

Celsius Resources (ASX:CLA) has received on-market buying support from its recently appointed managing director, Brendan Borg.

Borg purchased 1 million shares for consideration of $35,000.

He is a highly experienced and well-credentialed consultant geologist and his appointment to managing director in March was a catalyst for the Celsius share price.

Celsius is looking to develop the Opuwo Cobalt Project located in Namibia and is currently working towards completing a scoping study before the year end.

Borg has specialised in the battery materials sector, with involvement in various lithium, graphite and cobalt projects located in Africa.

Celsius recently established an initial Exploration Target for the central portion of the Opuwo Cobalt Project.

Data from the first 20 holes drilled across this 11 kilometre zone has generated an Exploration Target of between 33 and 41 million tonnes grading 0.13%-0.17% cobalt and 0.45%-0.65% copper.

Reverse circulation drilling is continuing across the 30 kilometres of prospective strike extent within the project and further assay results are expected shortly.

Furthermore, diamond drilling is set to commence in late May, providing samples for first pass metallurgical testing.

The company is well funded having recently secured $3.5 million in a share placement.

Celsius shares are trading up 85% year to date, currently priced at $0.039.

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