logo-loader
viewCelsius Resources Ltd

Celsius Resources shares rise on maiden cobalt resource in Namibia

The price of cobalt has increased from US$32/kilogram in early 2017 to US$95/kilogram recently.

uses of cobalt graphically represented
Significant scope for resource expansion with further drilling

Celsius Resources Ltd’s (ASX:CLA) shares are trading about 22% higher intra-day at 20 cents after revealing a maiden cobalt resource at its 95% owned Opuwo Cobalt Project in Namibia.

The resource comprises 112.4 million tonnes at a grade of 0.11% cobalt, 0.41% copper, and 0.43% zinc, at a cut-off grade of 0.06% cobalt.

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

Significantly, the 126,100 tonnes of contained cobalt significantly exceeds the company’s expectation and its previously announced exploration target.

Furthermore, over 95% of the resource is comprised of the fresh sulphide ore type, a key feature of the Opuwo Project.

The price of cobalt increased from US$32/kilogram in early 2017 to US$75/kilogram at the year-end. In the first quarter of 2018, the price went up by another 26%, reaching US$95/kilogram.

Mineralised zones open in all directions

The resource covers a zone of about 10 kilometres, with mineralisation remaining open in all directions.

Mineralisation and grade continuity has already been confirmed over a total of more than 15 kilometres of strike, with over 100 kilometres of total prospective strike identified.

Scoping study due late second quarter 2018

Celsius managing director Brendan Borg said: “The results of the external resource modelling and estimation confirm the consistent and expansive scale of the project.

“We are confident that further drilling, which is already underway, will enable future upgrades to the maiden JORC mineral resource.”

The maiden resource will form the basis of the project scoping study for Opuwo, for which key work programs are advancing well, with delivery expected late in Q2, 2018.

Quick facts: Celsius Resources Ltd

Price: 0.021 AUD

ASX:CLA
Market: ASX
Market Cap: $16.38 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Jindalee Resources' Lindsay Dudfield talks plans to unlock value at its...

Jindalee Resources Ltd's (ASX:JRL) Lindsay Dudfield discusses with Proactive London's Andrew Scott the plans to advance its McDermitt US lithium project. Back in June they received encouraging metallurgical test-work results from the project which confirmed an increase in lithium head grade...

14 hours, 39 minutes ago

2 min read