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Opuwo Cobalt

Opuwo Cobalt

Opuwo Cobalt

Celsius Resources (ASX:CLA) has acquired a 95% interest in the highly prospective Opuwo Cobalt Project in northern Namibia.

Celsius is aiming to define a long life, reliable source of cobalt at Opuwo. The Company considers the Project to have the following advantages:

· Large scale.

· Favourable mineralogy: cobalt and copper sulphide minerals.

· Low in deleterious elements: notably arsenic, cadmium and uranium.

· Mining friendly, politically stable and safe location with excellent infrastructure.

· Cobalt: best exposure to lithium ion battery boom.

The Opuwo Cobalt Project is located in northwestern Namibia, approximately 800 km by road from the capital, Windhoek, and approximately 750 km from the port at Walvis Bay. The Project has excellent infrastructure, with the regional capital of Opuwo approximately 30 km to the south, where services such as accommodation, fuel, supplies, and an airport and hospital are available. Good quality bitumen roads connect Opuwo to Windhoek and Walvis Bay. The Ruacana hydro power station (320 MW), which supplies the majority of Namibia’s power, is located nearby, and a 66 kV transmission line with ample available capacity passes through the eastern boundary of the Project.

The Opuwo Project consists of four Exclusive Prospecting Licences covering approximately 1,470 km2.

Upuwo Project

Celsius Resources commenced drilling at the Project in early March, 2017 at the Opuwo Cobalt Project, and has since confirmed sediment hosted copper-cobalt mineralisation over more than 15 km of strike, with over 100 km strike length of prospective mineralized horizon in total to be explored.

After initial metallurgical testwork programs confirmed the simple, sulphide hosted mineralogy at the Project, the Company embarked on an intensive resource definition drilling campaign in October, 2017, focusing on the most prospective areas identified during the initial reconnaissance program conducted earlier in 2017. Highlights of the drilling assays received from this program are:

17 m @ 0.14% cobalt and 0.42% copper

10 m @ 0.12% cobalt and 0.59% copper

6 m @ 0.15% cobalt and 0.51% copper, including

2 m @ 0.25% cobalt and 0.52% copper

7.7 m @ 0.11% cobalt and 0.52% copper

7 m @ 0.12% cobalt and 0.46% copper

5 m @ 0.16% cobalt and 0.48% copper

4.37 m @ 0.17% cobalt and 0.46% copper

4 m @ 0.18% cobalt and 0.50% copper

6 m @ 0.12% cobalt and 0.60% copper

5 m @ 0.14% cobalt and 0.54% copper

Recent metallurgical testwork has highlighted significant improvements in flotation performance, and has indicated the cobalt-copper mineral concentrates produced are amenable to leaching using relatively low temperatures and pressures, and are likely to be suitable for production of copper metal and cobalt sulphate, a key ingredient in the lithium-ion battery supply chain.