Celsius Resources (ASX: CLA) has gained in Wednesday trading on news it has identified prospective gold-copper targets within its Cullarin West project in Lachlan Fold Belt, NSW.
The stock jumped as much as 13%, or 0.2c, to 1.7c after seven high priority targets were identified at Cullarin West following a desktop review of publicly available geological and geophysical information.
Importantly, the targets have multiple geological similarities to the Hume Target within Sky Metals’ adjacent Cullarin Project, where 93m at 4.24 g/t gold from 56m was intersected earlier this year.
This is an exciting phase in our early work on Cullarin West with seven priority targets identified within our license which lies along strike from Sky Metals recent Hume discovery,” Celsius Resources Chairman Bill Oliver said.
Mr Oliver said that once the tenement has been granted, which is anticipated this quarter, Celsius intends to undertake reconnaissance field work at four of these targets potentially leading to drill testing later this year.
The field work will initially comprise comprehensive mapping and outcrop sampling across the defined targets, along with close spaced soil sampling in suitable areas, with the aim of delineating targets for drill testing later in CY2020.
Celsius will also continue reviewing potential acquisitions and investments in commodities which complement and/or diversify the company’s current commodity exposure.
