TIDMCLA
RNS Number : 4167S
Celsius Resources Limited
06 November 2023
ASX/AIM RELEASE
6 NOVEMBER 2023
Celsius receives renewal of Exclusive Prospecting License for
Opuwo Project
HIGHLIGHTS
-- Exclusive prospecting license renewed for 2 years for
Opuwo
_______________________________________________________________________________
Celsius Resources Limited (" CLA " or " Celsius ") (ASX, AIM:
CLA) is pleased to announce that it has received the renewal of the
exclusive prospecting license for the Opuwo Cobalt Project
("Opuwo") which is held under its Namibian subsidiary, Opuwo Cobalt
Holdings (Pty) Ltd.
The Namibian Ministry of Mines and Energy issued the 2 year
renewal of the exclusive prospecting license for EPL 4346 on 11
October 2023, which covers approximately 683 km(2) . This will
enable Celsius to further evaluate the project's viability with a
view to finding a suitable partner.
Ongoing trade-off studies on mining costs, production rates and
the possibility of processing oxide ores are being conducted to
determine the viability and financial outcomes.
Celsius Managing Director, Peter Hume, said:
"This is a positive development as we are currently reviewing
the Opuwo Project to understand how we can strategically unlock its
potential value given the high demand for Cobalt from the electric
vehicles sector. This project can potentially produce non-conflict
Cobalt in a politically stable country for more than 40 years. With
the renewal of the permit and recent positive metallurgical test
work results, we anticipate this will attract potential partners in
the project."
OPUWO COBALT-COPPER PROJECT
The Opuwo Cobalt-Copper Project is located about 730km
north-west of the Namibian capital city, Windhoek.
The project is of a very large scale and located in a
mining-friendly, politically stable, and safe location with
excellent infrastructure. It has ample access to grid power, water,
and services allowing a range of development options.
Aligned with Celsius' strategy of continuing to identify and
develop world-class, high-grade assets, Opuwo represents
significant potential.
The updated Mineral Resource Estimate as announced by CLA on 1
July 2021 was based on all drilling completed by Celsius at Opuwo,
and comprises 225.5 million tonnes at a grade of 0.12% cobalt,
0.43% copper, and 0.54% zinc.
The Mineral Resource Estimate represents contained cobalt of
259,000 tonnes and contained copper of 970,000 tonnes and is
classified as:
-- 45.3 million tonnes at a grade of 0.11% cobalt, 0.44% copper
and 0.51% zinc in the Indicated category;
-- 180.2 million tonnes at a grade of 0.12% cobalt, 0.43% copper
and 0.55% zinc in the Inferred category [1] .
This announcement has been authorised by the Board of Directors
of Celsius Resources Limited.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018.
Listing Rule 5.23 Disclosure
The Company confirms that it is not aware of any new information
or data that relates to Exploration Results and Mineral Resources
at the Opuwo Cobalt Project and that all material assumptions and
technical parameters underpinning the Mineral Resource continue to
apply. The Company notes that, as disclosed in this announcement
and in previous announcements, the drilling program has been
completed at the Opuwo project, and metallurgical test work is
ongoing of which the results will feed into future optimisation
work to update the Scoping Study and future feasibility
studies.
Forward Looking Statements
Some of the statements appearing in this announcement may be in
the nature of forward-looking statements. You should be aware that
such statements are only predictions and are subject to inherent
risks and uncertainties. Those risks and uncertainties include
factors and risks specific to the industries in which the Company
operates and proposes to operate as well as general economic
conditions, prevailing exchange rates and interest rates and
conditions in the financial markets, among other things. Actual
events or results may differ materially from the events or results
expressed or implied in any forward-looking statement.
No forward-looking statement is a guarantee or representation as
to future performance or any other future matters, which will be
influenced by a number of factors and subject to various
uncertainties and contingencies, many of which will be outside the
Company's control.
The Company does not undertake any obligation to update publicly
or release any revisions to these forward-looking statements to
reflect events or circumstances after today's date or to reflect
the occurrence of unanticipated events. No representation or
warranty, express or implied, is made as to the fairness, accuracy,
completeness or correctness of the information, opinions or
conclusions contained in this announcement. To the maximum extent
permitted by law, none of the Company's Directors, employees,
advisors, or agents, nor any other person, accepts any liability
for any loss arising from the use of the information contained in
this announcement. You are cautioned not to place undue reliance on
any forward-looking statement. The forward-looking statements in
this announcement reflect views held only as at the date of this
announcement.
Competent Persons Statement
The information in this Report that relates to the estimate of
Mineral Resources for the Opuwo Project is based upon, and fairly
represents, information and supporting documentation compiled by Mr
Kerry Griffin, a Competent Person, who is a Member of the
Australian Institute of Geoscientists (AIG). Mr Griffin is a
Principal Geology Consultant at Mining Plus Pty Ltd and an
independent consultant engaged by Celsius Resources Pty Ltd for
this work and has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves" (the JORC Code). Mr Griffin consents to the inclusion in
this announcement of matters based on his information in the form
and context in which it appears.
Celsius Resources Contact Information
Level 5, 191 St. Georges Terrace
Perth WA 6000
PO Box 7059
Cloisters Square PO
Perth WA 6850
P: +61 2 8072 1400
E: info@celsiusresources.com.au
W: www.celsiusresources.com
Celsius Resources Limited
Peter Hume P: +61 2 8072 1400
E: info@celsiusresources.com.au
W: www.celsiusresources.com
Multiplier Media
(Australia Media Contact) M: +61 402 075 707
Jon Cuthbert E: jon.cuthbert@multiplier.com.au
Tavistock Communications
(UK Media and Investor Relations) +44 (0) 207 628 3396
Charles Vivian M: 0044 7977297903
E: charles.vivian@tavistock.co.uk
M: 0044 7394408654
Tara Vivian-Neal E: tara.vivian-neal@tavistock.co.uk
Beaumont Cornish Limited
(Nominated Adviser) P: +44 (0) 207 628 3396
Roland Cornish/Felicity Geidt/Andrew E: corpfin@b-cornish.co.uk
Price
SPAngel (Broker) P: +44 20 3470 0470
John Meyer/Ewan Leggat/Harry E: contact@spangel.co.uk
Davies-Ball
[1] Refer to ASX announcement dated 1 July 2021 "Celsius doubles
resource at Opuwo cobalt-copper project"
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END
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November 06, 2023 03:18 ET (08:18 GMT)
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