AMN - NAMIBIA: Maiden cobalt resource at Opuwo

Celsius Resources maiden indicated and inferred resource of 166,100 tonnes of contained cobalt at its 95%-owned Opuwo Cobalt Project in Namibia has significantly exceeded expectations.

The resource comprises 112.4 million tonnes, grading 0.11% cobalt, 0.41% copper and 0.43% zinc at a cut-off grade of 0.06% cobalt.

It includes 72 million tonnes at a grade of 0.11% cobalt, 0.42% copper and 0.41% zinc in the indicated category, and a further 40.5 million tonnes at a grade of 0.12% cobalt, 0.41% copper and 0.46% zinc in the inferred category.

More than 95% of the resource is comprised of the fresh sulphide ore type, a key feature of the Opuwo project.

Celsius managing director Brendan Borg said: “This is an important milestone that has defined a globally significant potential future cobalt source at Opuwo.

"The results of the external resource modelling and estimation confirm the consistent and expansive scale of the project."

"We are confident that further drilling, which is already underway, will enable future upgrades to the maiden JORC resource. The mineral resource will underpin our project scoping study, for which key work programs are advancing well.”

The resource covers a zone of about 10km, with mineralisation remaining open in all directions. Mineralisation, and grade continuity, has already been confirmed over a total of more than 15km of strike, with over 100km of total prospective strike identified.

The Mineral Resource is considered to have excellent potential for expansion, with further drilling.

Resource modelling and estimation has been completed by independent consultants, DMT Kai Batla.

Celsius is aiming to define a long-life, reliable source of cobalt at Opuwo.

The project is in north-western Namibia, about 800km by road from the capital, Windhoek, and about 750km from the port at Walvis Bay.

It has excellent infrastructure, with the regional capital of Opuwo about 30km to the south, where services such as accommodation, fuel, supplies, and an airport and hospital are available.

The Ruacana hydro power station, which supplies the majority of Namibia’s power, is nearby and a 66-kV transmission line passes through the eastern boundary of the project.

The Opuwo project consists of four exclusive prospecting licences covering about 1,470 square kilometres.

www.celsiusresources.com.au