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Core licence of the Opuwo Cobalt Project renewed until March 2023

Core licence of the Opuwo Cobalt Project renewed until March 2023

The owner of the Opuwo Cobalt Project, the ASX-listed Celsius Resources, in its latest update on Wednesday 7 April, announced that it was granted an extension of term for Exclusive Prospecting Licence (EPL) 4346.

The core licence of the Opuwo Cobalt Project, EPL 4346 was renewed until March 2023 by the Ministry of Mines and Energy, the company said in a statement.

EPL 4346 hosts the entire DOF Mineral Resource at the Opuwo Cobalt Project, which currently 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.

Celsius’ Chairman Martin Buckingham commented, “The recent increase in value across the battery minerals spectrum has had a positive impact on the outlook for cobalt. The Opuwo Project offers significant potential for the company, and to secure tenure for a further two years allows us to strategically assess ways to advance the project in parallel with our flagship assets in the Philippines.”

“I’d like to thank Pine, Rainer and the entire Namibian team who continue to engage the communities and the government of Namibia, on our behalf,” he added.

According to Buckingham the expenditure commitment for the forthcoming two years for EPL 4346 is N$7,970,000. Celsius also holds EPLs 4351 and 4540 adjacent to EPL 4346. EPL 4540 has already been renewed until February 2023, with an expenditure commitment of N$1,595,000.

Meanwhile, Buckingham said the mineral resource for Opuwo is currently being updated with all available drilling results and is anticipated to be published in coming weeks.

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