- Celsius Resources (CLA) doubles the Opuwo Cobalt-Copper Project’s mineral resource estimate to 225.5 million tonnes at 0.12 per cent cobalt, 0.43 per cent copper and 0.54 per cent zinc
- The company has incorporated data from 269 holes that were drilled between March 2017 and March 2019, to deliver the updated resource
- Celsius says the project represents a potential, stable cobalt source which may be globally significant during the “next wave” of the battery minerals demand
- Company shares are trading 5.88 per cent higher at 3.6 cents
Celsius Resources (CLA) has doubled its Opuwo Cobalt-Copper Project’s mineral resource estimate.
The Namibian project now has an inferred and indicated mineral resource of 225.5 million tonnes at 0.12 per cent cobalt, 0.43 per cent copper and 0.54 per cent zinc for 259,000 tonnes of contained cobalt and 970,000 tonnes of contained copper.
This is a significant increase from the previous resource of 112.4 million tonnes at 0.11 per cent cobalt, 0.41 per cent copper and 0.43 per cent zinc.
Of the updated estimate, 45.3 million tonnes at 0.11 per cent cobalt, 0.44 per cent copper and 0.51 per cent zinc is in the indicated category. The other 180.2 million tonnes at 0.12 per cent cobalt, 0.43 per cent copper and 0.55 per cent zinc in the inferred category.
Company Chairman, Martin Buckingham, said the new mineral resource demonstrates the scale of the Opuwo project.
“With the ‘next wave’ of demand for battery minerals almost upon us, and with cobalt continuing to be a significant component in most battery types, the Opuwo project represents a potential, stable cobalt source from a non-conflict country, which could be globally significant.”
The resource estimate covers a zone of about 13.5 kilometres and mineralisation
remains open to the north, west and east.
To deliver the updated resource, Celsius used data from 269 holes for 48,000 metres of drilling completed between March 2017 and March 2019.
Looking ahead, Celsius will evaluate ways to advance the Opuwo project along with its flagship copper-gold assets in the Philippines.
Company shares were trading 5.88 per cent higher at 3.6 cents at 12:02 pm AEST.