Celsius Resources Limited (ASX: CLA) has more than doubled the mineral resource estimate at its Opuwo cobalt-copper project in Namibia following a technical and commercial re-evaluation of the project.
The updated mineral resource estimate covers a zone of approximately 13.5km in length and comprises 225.5 million tonnes at a grade of 0.12% Co, 0.43% Cu, and 0.54% Zn. Mineralisation remains open to the north, west and east.
The MRE represents contained cobalt of 259,000 tonnes, demonstrating Opuwo’s potential as a significant battery metal supplier. Contained copper of 970,000 tonnes boosts revenue potential, taking into account solid price forecasts.
Indicated and inferred resources
- 45.3 million tonnes at a grade of 0.11% Co, 0.44% Cu and 0.51% Zn is classified as indicated
- 180.2 million tonnes at a grade of 0.12% Co, 0.43% Cu and 0.55% Zn is classified as inferred
The Opuwo cobalt-copper project
The project is located in NW Namibia, ~750km from the Walvis Bay port and ~800km from the capital Windhoek, both accessible via quality, sealed roads. The project is served by solid infrastructure including accommodation, fuel and other essential supplies thanks to the regional capital Opuwo located ~30km to the south.
Power is supplied by the nearby 320 MW Ruacana hydro power station, with a 66 kV transmission line running through the project.
The project is comprised of three exclusive prospecting licences, covering ~1,094 km².
Management comments
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 projects potential value proposition.”
Images: Celsius Resources Limited