Celsius formalises 30% ownership of Opuwo Cobalt Project
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Celsius Resources (ASX:CLA) announced on Monday that the acquisition of its 30% interest in the Opuwo Cobalt Project had now been formalised with the company having fulfilled its obligation to invest $500,000 in exploration within six months of exercising its option to proceed.
The project is located in north-western Namibia, approximately 800 kilometres by road from the capital of Windhoek, and 750 kilometres from the port of Walvis Bay. The Opuwo project is endowed with essential infrastructure including transport, electricity, accommodation, hospital and an airport.
A further 30% can be earnt through the expenditure of a further $1 million within 12 months of completing the stage 1 earn in.
Of course this is early stage and investors should seek professional financial advice if considering this stock for their portfolio.
Not only has CLA’s exploration funding provided it with a substantial stake in the project, but its initiatives have also demonstrated that the Opuwo project is prospective for large-scale sediment hosted copper-cobalt mineralisation over a strike of more than 15 kilometres.
Management confirmed that drilling is continuing at the project, and a significant resource drilling campaign is scheduled to commence in October.