Celsius Resources Limited (ASX: CLA) has announced it has revised upwards, by more than double, the Mineral Resource estimate at its Opuwo Cobalt-Copper Project in Namibia.
The updated Mineral Resource estimate is based on all drilling completed by Celsius at Opuwo and comprises 225.5 million tonnes at a grade of 0.12% cobalt, 0.43% copper, and 0.54% zinc.
The Mineral Resource estimate represents contained cobalt of 259,000 tonnes and contained copper of 970,000 tonnes and is classified as: ·45.3 million tonnesat a grade of*0.11% cobalt, 0.44% copper and 0.51% zinc* in the Indicated category, and a further ·180.2 million tonnesat a grade of*0.12% cobalt, 0.43% copper and 0.55% zinc* in the Inferred category.
Celsius Chairman Martin Buckingham commented:
“This new JORC Mineral Resource for Celsius Resources’ Opuwo Project demonstrates the scale of this significant asset. 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. This deposit’s contained copper of 970,000 tonnes also represents material upside to the projects potential value proposition.
The Company plans to assess ways to advance the project in parallel with our flagship Copper-Gold assets in the Philippines.”
Resource modelling and estimation has been completed by independent consultants, Mining Plus Pty Ltd, and has involved the creation of a comprehensive 3D geological model of the mineralised Dolostone Ore Formation (DOF unit), which hosts the Co-Cu-Zn mineralisation at Opuwo.
The Mineral Resource estimate covers a zone of approximately 13.5km length, with mineralisation remaining open in northerly, westerly and easterly directions, and includes a large anticlinal structure of the NW Extension.
As a result of the inclusion of this area the new Mineral Resource is almost double the previous Mineral Resource Estimate of 112.4 million tonnes at 0.11% Co, 0.41% Cu and 0.43% Zn (Indicated and Inferred categories.
The DOF unit has been traced in drilling and outcrop for over 15km with a key aspect of the DOF-hosted mineralisation being its extensive continuity and the consistency of mineralisation along strike and to depth.
