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Cazaly Resources extends cobalt prospective land position in Namibia

The company’s shares are trading about 11.5% higher intra-day, at 6.8 cents.

map of Namibia with embedded flag
Local team set up, field work to begin shortly

Cazaly Resources Limited (ASX:CAZ) has completed the acquisition of the Kaoko Kobalt project in the Kunene Cobalt Province, northern Namibia.

The project has increased the company’s land position in the region from about 970 square kilometres to about 1,410 square kilometres.

Importantly, it has extended coverage of the cobalt-copper prospective DOF (Dolomite Ore Formation) unit to over 80 kilometres.

Geology of the Kaoko Kobalt project showing the potential extent of DOF

Kaoko project abuts Celsius Resources’ Opuwo Cobalt project

The Kaoko Project lies in northern Namibia about 800 kilometres by road from the capital Windhoek.

The project is situated immediately to the north of, and abuts, Celsius Resources’ (ASX:CLA) Opuwo Cobalt project.

Celsius recently revealed a maiden resource for the project of 112 million tonnes at 0.11% cobalt and 0.41% copper.

READ: Cazaly Resources surges on copper-cobalt acquisition option

The Kaoko project has only had cursory exploration in the past, the results of which highlighted widespread base metal mineralisation.

A previous regional soil sampling program delineated a 20 kilometre by 5 kilometre area of subdued magnetics coincident with anomalous copper-cobalt-zinc-manganese at the Kamwe prospect.

Initial target areas for exploration identified

Cazaly has assembled a team of in-country personnel and is planning its initial exploration work at Kaoko.

This will involve negotiating land access and reconnaissance mapping and sampling of the DOF horizon and the Kamwe target.

Cazaly is also investigating an opportunity to fly a regional electromagnetic survey over a significant area of the project to fast-track targeting areas for drilling.

Quick facts: Cazaly Resources Ltd

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ASX:CAZ
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Market Cap: $12.81 m
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