Celsius commences cobalt drilling campaign
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Celsius Resources (ASX: CLA) advised on Tuesday morning that it had commenced drilling at the Opuwo Cobalt Project located in Namibia. The group expects results from early drilling to come to hand within four weeks.
The main aim of the drilling program is to provide a systematic first-pass test along a 20 kilometre strike length of the Dolomite Ore Formation (DOF) horizon with the program forming the major part of the company’s stage I earn in to the project.
This is an early stage play so investors considering this stock for their portfolio should seek professional financial advice.
Initial drilling will test strike and depth extensions to cobalt-copper-zinc mineralisation intersected in historical drill holes.
As a backdrop, the Opuwo project benefits from access to infrastructure with the regional capital only 30 kilometres to the south where services such as accommodation, fuel, supplies and an airport and hospital are available.
The site is serviced by bitumen roads which also connect to port facilities. Power can already be accessed within the projects boundary.
The following list the milestones that Celsius needs to meet in terms of the various earn in stages.
Shares in CLA have increased more than 50% in 2017, but there could be further upside to come as drilling results are returned and the company meets the aforementioned milestones.
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