Celsius Resources release further cobalt-copper assays

By Trevor Hoey. Published at May 9, 2017, in Small Caps

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The latest cobalt-copper mineralisation assay data released by Celsius Resources (ASX:CLA) on Monday confirmed that the strike length at its Opuwo project located in Namibia now spans 11 kilometres. Further results are pending as the company continues to drill across 30 kilometres of strike.

Management also noted that mineralisation continued to return low levels of deleterious elements such as arsenic, cadmium and uranium.

The highest grade cobalt intercept to date was 5 metres grading 0.2% cobalt. There were two other intercepts of 6 metres and 5 metres grading 0.13% and 0.12% cobalt, broadly consistent with previous assay results received in late April.

Results to date have been well received with CLA’s share price increasing approximately 20% since the first assay results were received on April 20.

It should be noted share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.

Management highlighted the fact that mineralisation extends to surface and outcrops in many places and, based on the assay data to date, grades appear to increase with depth. Further drilling will be conducted to test for down dip extensions, thus confirming the true thickness of the mineralisation.

Given the comprehensive drilling campaign that is being currently undertaken and management’s intentions to explore the prospect of targets at lower depths, it wasn’t surprising today to see the company announce a pending capital raising.

CLA is in a trading halt until Wednesday and FinFeed will keep you posted regarding details of the capital raising.

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