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Celsius Resources' shares ride higher on thick cobalt hits in Namibia

The results are highly encouraging as Celsius close in on reporting its maiden resource.
map of Namibia
The company is well funded with circa $4.3 million in cash

Celsius Resources Ltd’s (ASX:CLA) shares are trading 13% higher intra-day at $0.13 after receiving some of the best cobalt results seen to date at its Opuwo Cobalt Project in Namibia.

Highlights from the latest batch of assays received from the recently completed drilling program include:

- 17 metres at 0.14% cobalt and 0.42% copper;
- 10 metres at 0.12% cobalt and 0.59% copper and 4 metres at 0.13% cobalt and 0.55% copper (same hole); and
- 7.7 metres at 0.11% cobalt and 0.52% copper.

The results are highly encouraging as Celsius close in on reporting its maiden resource.

READ: Celsius Resources prepares maiden cobalt resource

A diamond drill rig has remained on site at Opuwo, and has commenced drilling to the west of the resource definition drilling that was completed in late 2017.

Three diamond drill holes have so far been completed in this area, all intersecting Dolomite Ore Formation (DOF) mineralisation.

Furthermore, the company’s geophysical contractor has completed downhole electromagnetic surveys at the project, with data currently being modelled and interpreted.

READ: Celsius Resources bags $3.9 million to advance cobalt project in Namibia

The company is well funded with circa $4.3 million in cash as at 31 December 2017 following a $3.94 million placement of shares in October to institutional and professional investors at $0.055 each.

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