Celsius Resources (ASX: CLA) has received further assays from resource drilling at its 95%-owned Opuwo cobalt project in Namibia which confirm deeper mineralisation also exists on the project’s western side.
The deeper mineralisation was established in a 3.96m intersection on the western side from a 450.50m depth with cobalt grading 0.13% and copper grading 0.45%.
“The assay results from the resource drilling program at Opuwo continue to demonstrate the consistent nature of the mineralisation,” Celsius managing director Brendan Borg said.
“Additionally, further evidence of significant depth extension to the mineralisation continues to demonstrate that this is a very large mineralised system,” he commented.
Other intersections included 6m at 0.15% cobalt and 0.51% copper, with a 2m interval containing 0.25% cobalt and 0.52% copper; 5m at 0.13% cobalt and 0.66% copper, including a 2m interval with 0.15% cobalt and 1.11% copper; and 3m at 0.21% cobalt and 0.41% copper, with a 1m interval comprising 0.35% cobalt and 0.39% copper.
More assays are expected to continue coming through until February, with a maiden resource anticipated later that month.
A diamond drill rig is due on-site this month to further examine mineralisation to the west. Gap drilling is also planned between the eastern and western zones.
Celsius considers its 1,470 square kilometre Opuwo project has the potential to be a large-scale cobalt deposit with favourable cobalt and copper sulphide mineralogy and minimal contaminants.
According to Celsius, Namibia is mining friendly jurisdiction with political stability and accessible infrastructure.
The Opuwo town is 30km from the project and offers accommodation, supplies, fuel, airport and hospital.
Sealed roads connect the town to Namibia’s capital and Walvis Bay port for potential export.
Additionally, a 66kV transmission line runs past the project’s eastern boundary with the country’s main power station also in proximity to the tenements.
After an early morning run which saw Celsius’ share price rise 8% to hit A$0.125, it slid back to A$0.115 to close the day unchanged.