REG - Celsius Resources Ld - Renewal of Opuvo Exclusive Prospecting License

Celsius ResourcesAnnouncement

06/11/2023 08:30

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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  (#_ftn1) .

 

 

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 (mailto:info@celsiusresources.com.au)

W: www.celsiusresources.com (http://www.celsiusresources.com)

 

 Celsius Resources Limited
 Peter Hume                                                          P: +61 2 8072 1400

                                                                     E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)

                                                                     W: www.celsiusresources.com (http://www.celsiusresources.com)
 Multiplier Media

 (Australia Media Contact)                                           M: +61 402 075 707

 Jon Cuthbert                                                        E: jon.cuthbert@multiplier.com.au (mailto:jon.cuthbert@multiplier.com.au)

 Tavistock Communications                                            +44 (0) 207 628 3396

 (UK Media and Investor Relations)
 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 Price                          E: corpfin@b-cornish.co.uk

 SPAngel (Broker)                                                    P: +44 20 3470 0470

 John Meyer/Ewan Leggat/Harry Davies-Ball                            E: contact@spangel.co.uk

 

 1  (#_ftnref1) Refer to ASX announcement dated 1 July 2021 "Celsius doubles
resource at Opuwo cobalt-copper project"

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