By Hilary Mare
CELSIUS Resources Limited’s Exclusive Prospecting Licences (EPLs) 4346 and 4540 have been renewed without reduction in size by the Ministry of Mines and Energy, the company said last Friday.
The licenses were renewed for two years until 17 September, 2020.
“The Ministry accepted the application for licence renewal without partial relinquishment due to the company’s significant exploration expenditure, not only for exploration and development on the Opuwo Cobalt Project, but also considering regional scale prospecting activities, including the recent helicopter-borne EM survey. The company is now in a position to follow up on its regional exploration concepts including possible feeder zones to the hydrothermal systems and high-grade zones of the cobalt-copper and lead-zinc-silver-vanadium mineralisation identified in the Project area,” Celsius Resources said in a statement last week.
EPL 4346 is the key licence for the Opuwo Project, containing the current JORC Compliant Indicated and Inferred Mineral Resource, comprising 112.4 million tonnes, grading 0.11 percent cobalt, 0.41 percent copper and 0.43 percent zinc, at a cut-off grade of 0.06 percent cobalt.
The other two licences comprising the Opuwo Project, EPLs 4350 and 4351, remain current, and are due for renewal in June, 2019.
Further, all licences comprising the Opuwo Project have been transferred to the Company’s 95 percent owned Namibian subsidiary, Gecko Cobalt Mining (PTY) Ltd.
Celsius Managing Director Brendan Borg expressed delight at the renewal, highlighting that the renewals will allow the company to explore further.
“We are grateful that the Ministry of Mines and Energy has seen fit to renew EPL 4346 for a period of two years, until September, 2020, whilst waiving the requirement to relinquish a portion of the licence area. This will allow the Company to further explore the wider potential of this licence area over the next two years,” Borg said.
The Opuwo Cobalt Project is located in north-western Namibia, approximately 800 km by road from the capital, Windhoek, and approximately 750 km from the port at Walvis Bay. The Project has excellent infrastructure, with the regional capital of Opuwo approximately 30km to the south, where services such as accommodation, fuel, supplies, and an airport and hospital are available.
The Opuwo Project consists of four Exclusive Prospecting Licences covering approximately 1,470 km2.
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