CLA to do Scoping Study on basis of cobalt-copper confirmation

By Trevor Hoey. Published at Jul 3, 2017, in Small Caps

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Having received the results of assays that confirm the presence of cobalt-copper mineralisation over approximately 15 kilometres of strike at the Opuwo cobalt project in Namibia, Celsius Resources (ASX: CLA) is preparing to embark on the scoping study.

Overall, the results are consistent with previous batches of results received, and importantly continue to show potential for higher grade zones within the extensive mineralised system.

Importantly, mineralisation extends to surface or near surface along the entire length investigated to date and has now been demonstrated to extend to a vertical depth of at least 150 metres.

This comes at an ideal time as the cobalt price claimed a new eight-year high of US$60,000 per tonne on June 30, 2017.

Commenting on upcoming developments, CLA’s Managing Director, Brendan Borg said, “The next step in the process is to commence studies to evaluate the key areas of metallurgy and mining engineering, and pending positive outcomes from these preliminary studies the company will embark on an aggressive resource drilling campaign in September 2017”.

As can be seen from the diagram below, new sample assays have extended cobalt-copper mineralisation across a distance of 15 kilometres with significant intercepts using a cut-off grade of 0.05% cobalt.

These included 5 metres grading 0.18% cobalt and 0.55% copper from 84 metres, including 3 metres grading 0.21% cobalt and 0.68% copper from 85 metres.

Overall this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.


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