ASX-listed cobalt junior Celsius Resources has declared a maiden JORC compliant mineral resource at its 95% owned Opuwo cobalt project in Namibia.
The mineral resource estimate comprises 112.4 Mt at a grade of 0.11% cobalt, 0.41% copper, and 0.43% zinc, at a cut-off grade of 0.06% (or 600 ppm) cobalt.
The mineral resource estimate represents contained cobalt of 126 100 t and consists of:
- 72 Mt at a grade of 0.11% cobalt, 0.42% copper and 0.41% zinc in the indicated category, and a further;
- 5 Mt at a grade of 0.12% cobalt, 0.41% copper and 0.46% zinc in the inferred category.
Over 95% of the mineral resource is comprised of the fresh sulphide ore type, a key feature of the Opuwo project.
“The maiden JORC mineral resource for the Opuwo project meaningfully exceeds the company’s expectations. This is an important milestone that has defined a globally significant potential future cobalt source at Opuwo,” says Celsius Resources MD Brendan Borg.
“The results of the external resource modelling and estimation confirm the consistent and expansive scale of the project. We are confident that further drilling, which is already underway, will enable future upgrades to the maiden JORC mineral resource [which] will underpin our project scoping study, for which key work programmes are advancing well.”
The mineral resource estimate covers a zone of approximately 10 km, with mineralisation remaining open in all directions. Mineralisation, and grade continuity, has already been confirmed over a total of more than 15 km of strike, with over 100 km of total prospective strike identified.
This is considered to have excellent potential for expansion, with further drilling.
About the Opuwo cobalt project
Celsius Resources 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 north-western 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 passes through the eastern boundary of the project.
The Opuwo project consists of four exclusive prospecting licences covering approximately 1 470 km².