Celsius Resources Ltd (ASX:CLA) has more than doubled the mineral resource estimate at its Opuwo Cobalt-Copper Project in Namibia.
The updated mineral resource estimate is based on drilling completed at the project and comprises 225.5 million tonnes at a grade of 0.12% cobalt, 0.43% copper and 0.54% zinc.
This represents total contained cobalt of 259,000 tonnes and contained copper of 970,000 tonnes classified as:
45.3 million tonnes at a grade of 0.11% cobalt, 0.44% copper and 0.51% zinc in the indicated category; and
180.2 million tonnes at a grade of 0.12% cobalt, 0.43% copper and 0.55% zinc in the inferred category.
The updated mineral resource demonstrates the potential for Opuwo to be a large future supplier of cobalt and also enhances the validity of the project given current and forecast copper prices.
“Demonstrates scale of asset”
Celsius chairman Martin Buckingham said: “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 project’s potential value proposition.
“The company plans to assess ways to advance the project in parallel with the flagship copper-gold assets in the Philippines.”
Resource modelling and estimation
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), which hosts the cobalt-copper-zinc mineralisation.
The resource estimate covers a zone of about 13.5 kilometres in length, with mineralisation remaining open in northerly, westerly and easterly directions, and includes the 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% cobalt, 0.41% copper and 0.43% zinc.
The DOF unit has been traced in drilling and outcrop for over 15 kilometres with a key aspect of the DOF-hosted mineralisation being its extensive continuity and the consistency of mineralisation along strike and to depth.