Ann: Opuwo Cobalt Resource Drilling Program Update, page-2

OPUWO COBALT RESOURCE DRILLING PROGRAM
UPDATE
HIGHLIGHTS
• Resource drilling program on schedule for mid-December completion, with over 14,000 metres
completed as at 9 December.
• Hole DOFD0062 highlights potential for additional mineralised zones.
• First two batches of assays received, with highlights including:
o 7 m @ 0.12% Co and 0.46% Cu
o 4.37 m @ 0.17% Co and 0.46% Cu
o 4.24 m @ 0.15% Co and 0.45% Cu
o 5 m @ 0.12% Co and 0.52% Cu
o 4.94 m @ 0.12% Co and 0.40% Cu
• Further intersections of deep semi-massive sulphides in DOFD0103 and DOFD114, in western
sector of Project.
• Downhole electromagnetic (EM) survey to commence early in the new year, with four deep
holes earmarked for survey.
Celsius Resources Limited (“Celsius” or “the Company”) is pleased to provide an update on the ongoing resource
drilling program at its 95% owned Opuwo Cobalt Project (“Project”) in Namibia.
The resource drilling program is nearing completion, with over 14,000 metres completed as at December 9
(Figures 1 and 2).
Significantly, a second mineralised DOF horizon has been confirmed in drillhole DOFD0062, which intersected
4.54 m @ 0.12% Co and 0.48% Cu from 56.92 m AND 4.24 m @ 0.15% Co and 0.45% Cu from 80.76 m
(Figure 3). Further drilling is required to define the extent of this additional DOF unit.
Laboratory assays have been received from the first two batches of samples, with a further six batches of
samples submitted with assays still to be received (Appendix 1). Significant intersections from the assays
received to date include:
• 7 m @ 0.12% Co and 0.46% Cu, from 59 m (DOFR0076)
• 4.37 m @ 0.17% Co and 0.46% Cu, from 136 m (DOFD0066)
• 5 m @ 0.12% Co and 0.52% Cu, from 162 m (DOFR0067)
• 5 m @ 0.12% Co and 0.39% Cu, from 233 m (DOFD0071)
• 4.54 m @ 0.12% Co and 0.48% Cu, from 56.92 m AND
4.24 m @ 0.15% Co and 0.45% Cu, from 80.76 m (DOFD0062)
• 4.94 m @ 0.12% Co and 0.40% Cu, from 28 m (DOFD0065)
• 5 m @ 0.09% Co and 0.33% Cu, from 165.2 m (DOFR0081)
• 4 m @ 0.14% Co and 0.36% Cu, from 219 m (DOFR0070)
• 4 m @ 0.12% Co and 0.29% Cu, from 260 m (DOFR0064)
• 4 m @ 0.14% Co and 0.34% Cu, from 219 m (DOFR0073)
• 4 m @ 0.13% Co and 0.34% Cu, from 134 m (DOFR0075)
• 4 m @ 0.09% Co and 0.33% Cu, from 69 m (DOFR0083)
• 4 m @ 0.10% Co and 0.42% Cu, from 80 m (DOFR0084)
• 4 m @ 0.13% Co and 0.43% Cu, from 77 m (DOFR0086)
• 3 m @ 0.14% Co and 0.49% Cu, from 221 m (DOFR0069)
• 3 m @ 0.12% Co and 0.31% Cu, from 161 m (DOFR0082)
• 3 m @ 0.11% Co and 0.54% Cu, from 66 m (DOFR0068)
• 2.8 m @ 0.13% Co and 0.60% Cu, from 165.2 m (DOFR0080)
As previously reported, more intense sulphide mineralisation has been intersected at depth in hole DOFD0077,
with assays expected to be available for this hole within the next week. Further sulphide mineralisation of a
similar nature has been intersected in two additional deep holes, this time in the western sector of the Project,
in holes DOFD0103 and DOFD0114 (Figures 1, 4, 5, 6 and 7). This supports the geological team’s theory of a
significant feeder zone or zones for the mineralisation at Opuwo. Additionally, hole DOFD0114 intersected two
mineralised DOF units within the same hole. Assays for these holes are expected before the end of the year.
Downhole electromagnetic (EM) survey
The Company’s geophysical contractor will mobilise an electromagnetic (EM) tool early in the new year, to allow
a survey to be conducted on 4 of the deeper drillholes at the Project. The aim of the surveys will be to search
for strong conductors in the vicinity of the holes that may represent massive sulphide mineralisation. Pending
positive results, this may be followed by a ground electromagnetic (EM) survey to identify areas for additional
deeper drilling.
Celsius Managing Director, Brendan Borg commented:
“With the initial resource drilling nearing completion, our focus will now shift to resource modelling and
estimation, as we close in on our maiden resource reporting, scheduled for February. The confirmation
of additional zones of mineralisation and further semi-massive sulphide occurrences continues to
demonstrate the significant potential upside still to be uncovered at Opuwo. Against a backdrop of
cobalt prices reaching USD75,000/tonne, we are looking forward to rapidly advancing the Project in
2018.”