I may not know this gold despoit intimatley (yet), but, I know management & they must now be lacking in credibililty as far as shareholders are concerned...and its taken 2 years to get to this point.
The have to hit a home run here.
If its not on the ASX it is a dream, a hope..nearality is hope that the SP will rise…
Whats the plan.....Do we then all try to exit in the froth????????
These guys have form…
It is going to take more than a half baked announcement about nearality to other mines to get this little black duck excited……I have a long memory.
You DON”T get a second chance without proving yourself first.
Failure lays solely at the feet on management, or are they saying they were out of their depth & were overwhelmed about the machinations of the market…..then they should have stepped aside.
Even with one of the largest JORC cobalt resource in the world, they failed to even produce a Scoping study that can be put into the public domain for us to ascertain the viability / break even point of the Opuwo mine
Don’t forget we had the BIGGEST cobalt resource outside of the DRC.
We were drilling & going to a PFS which was well under way (plus a Scoping study due the end of October 2018…How’s that going
They couldn’t get this mining/ SS/BFS/ PFS with $14m in the kitty (despite already being a JORC resource)….., let alone a Scoping study/ PFS/ BFS……….
& you expect them to create MAGIC with $6m…..
We’ve been there done that & blew $14m in the process & still don’t know if there is a mine & at what price.
A maiden JORC on 16th April 2018 of 112.4 million tonnes..and still could get a PFS/ BFS or advise shareholders of the viability of the mine & at what cost it could be mined..
Here is a time line just to refresh your memory. These are all Company announcments in their word..not mine.
30/11/17
The initial phases of test work being completed at SGS Australia have been focused on maximising recovery of sulphide minerals into a mineral concentrate.
Currently, a recovery of 88.0% of the cobalt and 87.3% of the copper present in the feed sample (head grade 0.14% Co) has been achieved in the rougher sulphide concentrate. This demonstrates that the mineralisation at Opuwo is amenable to conventional sulphide flotation techniques. (this is in BOLD FYI)
The initial phases of test work being completed at SGS Australia have been focused on maximising recovery of sulphide minerals into a mineral concentrate.
Currently, a recovery of 88.0% of the cobalt and 87.3% of the copper present in the feed sample (head grade 0.14% Co) has been achieved in the rougher sulphide concentrate. This demonstrates that the mineralisation at Opuwo is amenable to conventional sulphide flotation techniques.
16th January 2018
“The assay results from the resource drilling program at Opuwo continue to demonstrate the consistent nature of the mineralisation.
Additionally, further evidence of significant depth extension to the mineralisation continues to demonstrate that this is a very large mineralised system.”
April 2018 121Mining Investment – Hong Kong
The Opuwo Advantage
A long life, reliable source of cobalt and copper.
Large scale:
Maiden JORC Indicated and Inferred Mineral Resource:
112.4 million tonnes at a grade of 0.11% cobalt, 0.41% copper, and 0.43% zinc, at a cutoff grade of 0.06% (or 600 ppm) cobalt, with contained cobalt of 126,100 tonnes.
Covers a zone of approximately 10 km with mineralization open in all directions.
Excellent potential for expansion with mineralisation, and grade continuity, already confirmed over more than 15 km of strike, with over 100 km of prospective strike in total.
Favourable mineralogy: cobalt and copper sulphide minerals - cobalt as linnaeite (Co3S4).
Low in deleterious elements: notably arsenic, cadmium and uranium.
Namibia: mining friendly, politically stable and safe location with excellent infrastructure.
Ample access to grid power, water and services allows a range of development options.
Conventional sulphide flotation with high recoveries (~80%).
Demonstrated high leach recoveries (~95%).
Targeting cobalt sulphate and copper metal products.
Scoping Study due late Q2, 2018.
126,100 tonnes of contained cobalt significantly exceeds the Company’s expectation and its previously announced exploration target.
Mineralised zones comprising the resource are open in all directions, with excellent scope for expansion with further drilling.
The Mineral Resource will form the basis of the Project Scoping Study for Opuwo, for which key work programs are advancing well, with delivery expected late in Q2, 2018.
Flotation testing showed up to 88% of cobalt recoverable into sulphide concentrate.
Closed circuit flotation recoveries of 80% at a concentrate grade of up to 1.5% cobalt
Key consultants appointed:
Metallurgy - Orway Mineral Consultants (OMC), Hydromet Pty Ltd and SGS Australia.
CAPEX/OPEX Estimates - Orway Mineral Consultants (OMC).
Mining Studies – Pivot Mining Consultants (supported by Gecko Namibia).
Resource Modeling and Estimation - DMT Kai Batla.
Environmental, water and social studies - SLR Environmental
Scoping Study targeted for late Q2, 2018 completion.
Complete and report Project Scoping Study (targeted for late Q2, 2018).
Commence Pre-Feasibility Study (late Q2, 2018).*
Extensive infill and extension resource drilling program (late Q2, 2018)
16th April 2018
The Mineral Resource estimate comprises 112.4 million tonnes at a grade of 0.11% cobalt, 0.41% copper, and 0.43% zinc, at a cutoff grade of 0.06% (or 600 ppm) cobalt.
The Mineral Resource estimate represents contained cobalt of 126,100 tonnes and consists of:
• 72.0 million tonnes at a grade of 0.11% cobalt, 0.42% copper and 0.41% zinc in the Indicated category, and a further
• 40.5 million tonnes at a grade of 0.12% cobalt, 0.41% copper and 0.46% zinc in the Inferred category.
The maiden JORC Mineral Resource for the Opuwo Project meaningfully exceeds the Company’s expectations.
This is an important milestone that has defined a globally significant potential future cobalt source at Opuwo.
The results of the external resource modelling and estimation confirm the consistent and expansive scale of the Project. We are confident that further drilling, which is already underway, will enable future upgrades to the maiden JORC Mineral Resource.
The Mineral Resource will underpin our Project Scoping Study, for which key work programs are advancing well.”
3rd May 2018
The funds raised by the Placement will be applied primarily to fund the progression of the Opuwo Cobalt Project (“Project”, including:
Completion of the Project Scoping Study (already well advanced, due June 2018);
Completion of a Pre-Feasibility Study;
Resource infill and extension drilling program;
Exploration of additional targets identified across the broader Project area, including newly acquired licences;
Commencement of a Bankable Feasibility Study (assuming positive Scoping Study/Pre-Feasibility Study outcomes); and
Working capital
(TICK which one of these were met???)
21st June 2018
Celsius Resources Limited (ASX: CLA) (“Celsius” or “Company” is pleased to announce that ongoing metallurgical test work has identified a number of opportunities that could significantly reduce operating and capital costs for the planned down-stream cobalt/copper refinery, to be integrated into the overall development of the Opuwo Cobalt Project. Flotation testwork conducted as part of the Scoping Study has achieved improvements in concentrate grade and metal recovery percentages, whilst successive iterations of the leaching testwork have had the effect of significantly reducing the expected operating costs, owing to a higher concentrate feed into the process, and utilising a reduction in required leaching intensity. Opportunities for further metallurgical process improvements have also been identified, which are expected to allow further beneficial iterations to capital and operating cost estimates.
“Celsius is excited by the potential positive impact of significantly reduced operating costs that our metallurgical test work has identified, which may also have positive implications for capital costs. The process improvements that the Company is investigating will not only have a positive impact on costs but will also potentially reduce the cut-off mining grades and thereby allow an enhanced mine design. The Opuwo Cobalt Project is of such a size and global significance that it warrants sufficient study time to ensure an overall optimised project design is achieved.”
Ongoing work as part of the Scoping Study is refining the process flowsheet, and the results to date indicate that saleable products, including cobalt sulphate, copper metal, and a zinc by product, can be produced from the Opuwo mineralisation
4th October 2018
A zone of higher grade cobalt mineralisation is apparent in the latest drilling results, and is located outside the existing JORC compliant Mineral Resource (Figure 1). These results include the highest grade single metre intersected at Opuwo to date (1 m @ 0.50% cobalt, 0.92% copper and 1.90% zinc, part of an intercept of 6 m @ 0.21% cobalt, 0.76% copper and 1.15% zinc, from a depth of 41 metres down hole). Resource expansion drilling in the west and central zones has now been completed, with an updated Mineral Resource planned to be reported in Q4, 2018, once final assays from this drilling have been received. Resource modelling and estimation will be undertaken by the Company’s external consultants, DMT Kai Batla. Celsius Managing Director, Brendan Borg commented: “It is exciting to see these higher grade results in the most recent assays from the resource expansion drilling program. The potential for a shallow, higher grade cobalt zone will be further assessed as we progress ongoing Project studies. With resource expansion drilling now completed, drilling activities will move to infill drilling priority areas of the existing Mineral Resource and further metallurgical test work holes.”
16th Oct 2018 Scoping Study Work programs for input in to the Project Scoping Study are largely complete, with remaining work relating to financial modelling for the Project nearing completion. The Scoping Study remains on schedule for reporting before the end of October, 2018
30th Nov 2018
A maiden JORC Compliant Indicated and Inferred Mineral Resource was announced on 16 April, 2018, comprising 112.4 million tonnes, grading 0.11% cobalt, 0.41% copper and 0.43% zinc, at a cut-off grade of 0.06% cobalt
18/3/19
A potentially highly significant extension to the existing Mineral Resource and Exploration Target zones, called the “DOF Northwest Anticline” Target, has been confirmed with the latest results from drilling at the Project (Figure 1). This new zone is characterised by a thicker than average mineralised horizon which has a significantly flatter dip(Fig. 2) than elsewhere within the Mineral Resource, allowing the Company to consider alternative mining techniques as part of the ongoing Project studies.
Further drilling is being considered for this area.
Celsius Project Director, Pine van Wyk commented: “We are excited about the drill results from the new DOF Northwest Anticline Target at Opuwo. All key parameters like grade, thickness and geometry are positive. This not only demonstrates significant resource potential outside the substantial existing Mineral Resource but gives us a basis to explore options for a larger scale mining operation, a more efficient mine plan and extraction schedule.”
7th Jan 2019
A potentially highly significant extension to the existing Mineral Resource and Exploration Target zones, dubbed the “DOF Northwest Anticline” Target, has been confirmed with the latest resource development drilling at the Project (Figure 1).
This new zone is characterised by thicker than average and significantly flatter dipping DOF style mineralisation than occurs elsewhere within the Mineral Resource, allowing the Company to consider alternative mining techniques as part of the ongoing Project studies. Assay results are pending from hole DOFD0269, located approximately 1.5 km from the outcropping DOF (Figure 1), where geological logging has identified a mineralised intercept of greater than 10 metres. Further drilling in planned for this zone as a priority when site operations recommence this week.
AND ITS ALL OVER…..Someone took our cobalt???
1st March 2019
In light of this and given the current and near term forecast pricing for cobalt, the Company has decided it is the best interests of shareholders to significantly slow work on the evaluation of the Opuwo Project, until such time as the cobalt price improves markedly from current levels. Studies with long lead times, such as environmental studies as part of the Environmental Impact Assessment required for the PFS will be continued, as will relatively low cost metallurgical process and mine planning work required to confirm the optimum mining and processing scenarios for the project
And you guys are creaming your pants over this announcement......hhhhmmmm?????????
CLA Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
, including:
(20min delay)