•Celsius to acquire 100% of Opuwo Cobalt Pty Ltd, which holds an option to acquire the Opuwo Cobalt Project in Namibia.
•Opuwo Cobalt Project has potential to host large-scale sediment hosted copper-cobalt mineralisation, with approximately 30km strike length of prospective mineralised horizon.
•Over 20km of the horizon is outcropping and has been mapped and sampled with the horizon not closed offto the East.
•Seven historical drillholes completed in the project area.
•Of these, only two drillholes, drilled in one location, have been assayed for cobalt with following results:
o 8m at 1137ppm Co + 0.54%Cu + 0.53%Zn from 60.4mo 4.65m at 1153ppm Co + 0.55%Cu + 0.59%Zn from 106.65m
•Petrographic studies indicate mineralisation is sulphide hosted, which should result in a relatively straight forward extraction process.
•Project is ready-to-drill, with project vendors providing access to in country drilling services.
•Opuwo Cobalt Pty Ltd has entered into a farm-in agreement to earn staged interests in the Opuwo Cobalt Project.
•Acquisition of Opuwo Cobalt Pty Ltd to be satisfied by issuing 27,777,773 shares to the shareholders of Opuwo Cobalt Pty Ltd (following shareholder approval).
CLA Price at posting:
2.8¢ Sentiment: Buy Disclosure: Held
