Celsius Resources (ASX: CLA) has returned thick intersections of cobalt near to the surface from resource drilling on its 95%-owned Opuwo cobalt project in Namibia.
Highlights include a 17m intersection from an 11m depth with cobalt grading 0.14% and copper grading 0.42%, and a 10m intersection with 0.12% cobalt and 0.59% copper as well as 4m at 0.13% cobalt and 0.55% copper (from the same hole).
“The latest batch of assays from Opuwo contain some of the best results seen to date at the project, which is highly encouraging as we close in on reporting our maiden resource,” Celsius managing director Brendan Borg said.
Celsius said closer spaced drilling was currently being carried out at the dolomite ore formation prospect located to the west of the resource drilling area, where assays returned in January confirmed the existence of deeper mineralisation.
The remaining assays from the drilling program are expected in the next two weeks, to be followed by the reporting of a maiden resource, Celsius stated.
The company has also commenced exploration in the north of the Opuwo project, including a geophysical survey and surface sampling program to define further drilling targets for testing later in the year.
The Opuwo project covers 1470sq km and is located about 800km from Namibia’s capital, Windhoek.
Celsius believes the project has the potential to be a large-scale cobalt deposit with favourable mineralogy, and has the advantage of being in a politically stable and safe location with access to nearby infrastructure.
Celsius also 100% owns the Abednegno Hill nickel project in Western Australia, located to the south and west of Minara Resources’ Murrin Murrin nickel mine.
The company completed a ground electromagnetic survey over the tenements during the last quarter and is currently reviewing gravity data from the area with follow up surveys and field work likely to be required to characterise the setting.
A smaller, local anomaly was identified in the west of the tenement area with follow up field work planned, and drill testing being considered.
Celsius also has an exploration licence application pending over an area in the Kimberley region of Western Australia that is considered prospective for copper and cobalt mineralisation.
During the December quarter, the company struck a deal with Jindalee Resources (ASX: JRL) regarding their adjacent granted exploration licence, whereby the diamond rights on Celsius’ application area have been exchanged for the base metal rights on Jindalee’s block.
Shares in Celsius were up 13% following today’s assay results announcement by midday trade.