HIGHLIGHTS
- Maiden Indicated and Inferred Mineral Resource of 112.4 million tonnes, grading 0.11% cobalt, 0.41% copper and 0.43% zinc, at a cut-off grade of 0.06% cobalt.
- 126,100 tonnes of contained cobalt significantly exceeds the Company’s expectation and its previously announced exploration target.
- Mineralised zones comprising the resource are open in all directions, with excellent scope for expansion with further drilling.
- The Mineral Resource will form the basis of the Project Scoping Study for Opuwo, for which key work programs are advancing well, with delivery expected late in Q2, 2018.
Celsius Resources Limited is very pleased to declare a maiden JORC compliant Mineral Resource at its 95% owned Opuwo Cobalt Project (“Project”) in Namibia.
The Mineral Resource estimate comprises 112.4 million tonnes at a grade of 0.11% cobalt, 0.41% copper, and 0.43% zinc, at a cutoff grade of 0.06% (or 600 ppm) cobalt. The Mineral Resource estimate represents contained cobalt of 126,100 tonnes and consists of:
- 72.0 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.
The resource has been further split by ore type, as specified in Table 1. Over 95% of the Mineral Resource is comprised of the fresh sulphide ore type, a key feature of the Opuwo Project.
Celsius Managing Director, Brendan Borg commented:
“The maiden JORC Mineral Resource for the Opuwo Project meaningfully exceeds the Company’s expectations. 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 Mineral Resource. The Mineral Resource will underpin our Project Scoping Study, for which key work programs are advancing well.”
