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Celsius Resources Ltd

Celsius Resources intersects further cobalt mineralisation in Opuwo resource drilling

The company is updating its existing JORC mineral resource of 112.4 million tonnes at 0.11% cobalt, 0.41% copper and 0.43% zinc.

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Opuwo is 800 kilometres northwest of Namibia's capital, Windhoek

Celsius Resources Ltd (ASX:CLA) has confirmed the potential to expand existing mineralisation at its Opuwo Cobalt Project through resource drilling outside the JORC-compliant resource area.

Assays from the west zone have returned substantial results and these will be included in an updated mineral resource to be reported in the fourth quarter 2018.

Resource modelling and estimation will be undertaken by the company's external consultants DMT Kai Batla.

READ: Celsius Resources begins airborne survey at Namibian cobalt project

Highlighted results from the latest assays include: 13 metres at 0.14% cobalt, 0.67% copper and 0.75% zinc, including 2 metres at 0.29% cobalt, 1.36% copper and 1.26% zinc; and 13 metres at 0.13% cobalt, 0.5% copper and 0.83% zinc, including 3 metres at 0.27% cobalt, 1.14% copper and 1.62% zinc.

Celsius managing director Brendan Borg said: "Results from the west zone at Opuwo highlight the continued discovery of significant additional mineralisation outside the large existing mineral resource.

"Our consultants are awaiting final data to allow updating of the resource model, with the release of an updated mineral resource [supporting] future studies at Opuwo."

Scoping study near completion

Celsius has largely completed work programs preceding Opuwo's scoping study, with remaining work relating to financial modelling.

The study is on track for release before the end of October.

The company is aiming to define a long-life, reliable source of cobalt at Opuwo and considers the project to have several advantages, including:

  • A large scale;

  • Favourable mineralogy comprising cobalt and copper sulphide minerals;

  • Low in deleterious elements such as arsenic, cadmium and uranium;

  • Mining-friendly, politically stable and safe location with excellent infrastructure; and

  • Best exposure to the lithium-ion battery boom through cobalt.

Quick facts: Celsius Resources Ltd

Price: $0.02

Market: ASX
Market Cap: $12.87 m
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