Celsius Resources Ltd (ASX:CLA) has a 15,000 metre cobalt resource drilling program underway at its 95%-owned Opuwo Cobalt Project in Namibia.
Five rigs are spinning with the program expected to wrap up in mid-December.
Preliminary results from the metallurgical and mineralogical studies currently being undertaken have been encouraging, confirming simple sulphide mineralogy.
Celsius is now heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.
The halt will remain in place until the opening of trade on Thursday 26th October 2017, or earlier if an announcement is made to the market.