Celsius Resources Limited: Opuwo Cobalt Project Maiden JORC Mineral Resource

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OPUWO COBALT PROJECT MAIDEN JORC MINERAL RESOURCE

HIGHLIGHTS

- Maiden Indicated and Inferred Mineral Resource of 112.4 million tonnes, grading 0.11% cobalt, 0.41% copper and 0.43% zinc, at a cut-off grade of 0.06% cobalt.
- 123,640 tonnes of contained cobalt significantly exceeds the Companys 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.

Celsius Resources Limited (Celsius or the Company) is very pleased to declare a maiden JORC compliant Mineral Resource at its 95% owned Opuwo Cobalt Project (Project) in Namibia.

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 123,640 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 resource has been further split by ore type, as specified in Table 1. Over 95% of the Mineral Resource is comprised of the fresh sulphide ore type, a key feature of the Opuwo Project.

Celsius Managing Director, Brendan Borg commented:

The maiden JORC Mineral Resource for the Opuwo Project meaningfully exceeds the Companys 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.



The Mineral Resource estimate covers a zone of approximately 10 km, with mineralisation remaining open in all directions. Mineralisation, and grade continuity, has already been confirmed over a total of more than 15 km of strike, with over 100 km of total prospective strike identified. The Mineral Resource is considered to have excellent potential for expansion, with further drilling.

Resource modelling and estimation has been completed by independent consultants, DMT Kai Batla.

Table 1: JORC Compliant Indicated and Inferred Mineral Resources
CategorOre Type CobaltTonnagCobaltCopperZinc Contain
y Cut-ofe ed
f Cobalt

(ppm) (Mt) (%) (%) (%) (t)
IndicatOxide 600 3.8 0.10 0.39 0.36 3,800
ed


Transition - 600 1.6 0.10 0.42 0.38
Sulphide 1,600


Fresh - 600 66.5 0.11 0.42 0.41 73
Sulphide ,150


TOTAL INDICATED 600 72.0 0.11 0.42 0.41 79
,200


InferreFresh - 600 40.5 0.12 0.41 0.46 48,
d Sulphide 600


TOTAL 600 112.4 0.11 0.41 0.43 123,
640

* Note that minor rounding errors occur in this table.

Table 2 and Figure 1 highlight the variation in grade and tonnes of the deposit at various cut-off grades.

Table 2: JORC Compliant Indicated and Inferred Mineral Resources at Various Cobalt Cut-off Grades
Cobalt Tonnage Cobalt Copper Zinc Contained
Cut-off Cobalt

(ppm) (Mt) (%) (%) (%) (t)
0 294.4 0.06 0.24 0.33 176,640
200 238.7 0.07 0.28 0.37 167,090
400 146.7 0.10 0.37 0.41 146,700
600 112.4 0.11 0.41 0.43 123,640
800 87.9 0.12 0.44 0.44 105,480
1000 66.4 0.14 0.46 0.45 92,960
1200 44.7 0.15 0.49 0.46 67,050
1400 24.6 0.16 0.50 0.47 39,360
1600 9.6 0.19 0.46 0.45 18,240
1800 5.5 0.20 0.45 0.42 11,000
2000 3.1 0.21 0.45 0.34 6,510



Figure 1: Opuwo Cobalt Project Mineral Resource Grade Tonnage Curve
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.001.png

Figures 2 to 10 show various plan, oblique and cross-sectional views of the modelled Mineral Resource.

Figure 2: Opuwo Mineral Resource Block Model Extent - Plan View
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.002.jpeg


Figure 3: Opuwo Mineral Resource Block Model - Resource Classification
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.003.png


Figure 4: Opuwo Mineral Resource Block Model - Oblique View (no cut-off)
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.004.png


Figure 5: Opuwo Mineral Resource Block Model - Oblique View (+600 ppm)
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.005.png


Figure 6: Opuwo Mineral Resource Block Model - Oblique View (+1000 ppm)
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.006.png


Figure 7: Cross Sectional View - Section 365350mE
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.007.jpeg


Figure 8: Cross Sectional View - Section 366350mE
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.008.jpeg


Figure 9: Cross Sectional View - Section 370900mE
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.009.jpeg

Figure 10: Cross Sectional View - Section 371900mE
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.010.jpeg


Summary of Resource Estimate and Reporting Criteria
(for further information please refer to Appendix 2, Sections 1-3)

Geology and Geological Interpretation

Mineralisation at Opuwo is hosted in the Neoproterozoic sediments of the Kaoko Belt, which is interpreted as a western extension of the Copper Belt in the DRC and Zambia. The Dolomite Ore Formation (DOF) is a carbon rich, marly dolomitic horizon in a sequence of clastic and carbonate lithologies in the upper Ombombo Subgroup. The carbon rich nature of the ore bearing horizon is interpreted to have facilitated the precipitation of the metals of interest, namely cobalt, copper and zinc sulphides.

Cobalt, copper and zinc sulphide mineralisation is present predominantly as linnaeite, chalcopyrite and sphalerite respectively. Minor zones of oxidised and partially oxidised mineralisation occur in the upper portion of the deposit.

The lithological logging and grade data obtained from the drillholes reveal excellent continuity along strike, both in terms of geology and grade. The lithological logging and grade values obtained from drillholes drilled in the same section, also reveal excellent continuity, both in terms of geology and grade, down-dip.

The mineralised Dolomite Ore Formation (DOF) was wireframed as a solid, with the aid of drilling, geological logging and grade data. Geological logging and assay data was used to define surfaces to divide the model up into fresh, transition and oxide ore types.

Drilling Techniques and Statistics

The Mineral Resource estimate utilises data from 128 drillholes completed between March, 2017 and December, 2017, covering a zone of approximately 10 km. Twenty-eight (28) holes were drilled using the Diamond Core (DC) drilling technique and one hundred (100) holes were drilled using the Reverse Circulation (RC) method. DC drilling was done using a standard tube, at HQ and NQ size. DC was oriented using a Reflex EZ-TRAC tool.

During the resource definition phase of drilling, all holes were angled at 55 degrees, to attempt to intersect the mineralised unit as close as practicable to perpendicular. A majority of the modelled area was drilled on a nominal 200 metres by 100 metres grid.

All drillholes have been surveyed using Differential GPS, and where possible, holes were surveyed for deviation using a down hole gyroscope. These tasks were undertaken by an external geophysical contractor.
Sampling and Sub-Sampling Techniques

Sampling was undertaken at one metre intervals for Reverse Circulation (RC) drilling and was based on lithology/mineralisation changes for Diamond Core (DC). RC samples were collected from a cone riffle splitter with a three sample chute configuration. Each metre sample was divided into an A (for submission to the laboratory), B (reference sample), and C (large remainder sample). Chips were logged and a small sample of approximately 100g was collected for immediate portable XRF analysis on-site, to assist in determining mineralised zones. The size of the RC samples submitted to the laboratory was typically between 2 and 3 kg.

Diamond Core was sampled according to lithologies, over a length between 20 cm and 100 cm for the NQ or HQ drill core, as half core samples. Diamond Core was cut using a core saw. Generally, half core was submitted to the laboratory, except where a duplicate sample was taken, in which case quarter core was submitted for each of the original and duplicate samples. Field duplicates were collected and analysed to confirm representivity of sampling from both RC and DC drilling.

Sample Analysis Method

Samples were prepared at Activation Laboratories Limited (ACTLABS) Windhoek Laboratory. This preparation consisted of drying, splitting and pulverising. Once prepared, pulp samples were air freighted to ACTLABS in Ancaster, Canada, for digestion and analysis. A 4-acid digestion sample preparation method and ICP-MS/OES finish were utilised. This digestion method acts as a near complete digest for many elements. Samples were routinely assayed for 36 elements, namely Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, Li, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Te, Ti, Tl, U, V, W, Y, Zn and Zr.

The drilling program included field duplicates, standards and blanks that were inserted into the drill sequence, in addition to the standard QA/QC samples and procedures used by the laboratory. A review of the QA/QC program concluded that the data set was acceptable for the purpose of resource estimation.

Estimation Methodology

GSLIB software was used for the estimation process (Geostatistical Software Library from Stanford University), and all other processes used Datamine Studio 3.0 software. Inverse distance squared was the method used to interpolate grades into a three-dimensional block model.

Directional variography revealed excellent anisotropy along strike for 250 m and good anisotropy down-dip for 250 m. Azimuth and dip anisotropic models were generated in order to account for localised changes in strike direction and orebody dip, respectively.

The mineralised DOF geological wireframe was used to control all the estimates and the block model is contained within this solid. Only composites occurring within the modelled solid were allowed to estimate blocks.

Whilst bivariate statistics were calculated, all metals were estimated individually. A bulk density of 2.9 was used for the fresh and transition ore types, and 2.65 was used for the oxide ore type. Values were determined from routine testing of ore and surrounding zones during the drilling program.

Classification Criteria

The Indicated Mineral Resources were classified based on the modelled variogram ranges, along with an elevation limit of 825 m (equivalent to approximately 425 m below surface). The Inferred Mineral Resource extends 600 m down dip from deepest drillhole intersections, which varies along strike.

All relevant factors have been taken into account for the estimation, and the geological model was reviewed by the site geologists and the Chief Geologist. Sections were generated and submitted to all technical staff for review. The results appropriately reflect the Competent Persons view of the Opuwo deposit.

Cut-off Grade

The cut-off grade of 600 ppm (0.06%) cobalt was selected based on what is currently expected to provide a grade of resource that will be economic to extract. Further, the cut-off grade selected is expected to provide a coherent and mineable body of mineralisation. It is expected that higher grade portions of the deposit can be selectively mined, at higher cut-off grades, if required.

Metallurgical and Mining Factors

Significant metallurgical test work has been completed on mineralisation from the Opuwo Project. Good to excellent recovery of cobalt, copper and zinc sulphides has been demonstrated using conventional flotation techniques. Leach extraction test work on Opuwo sulphide concentrates has demonstrated high leach extractions of approximately 95% for the metals of interest, into a sulfuric acid medium, under relatively low pressure and temperature conditions. All work to date has been completed on fresh, unweathered mineralisation, which is the dominant ore type in the Mineral Resource, with test work currently underway on the minor oxide and transition ore types.

It is anticipated that the deposit can be extracted in part by open pit methods where the mineralised DOF occurs at relatively shallow depths. At deeper elevations, it is expected that the orebody can be extracted by methods such as sub level open stoping, due to the ideal dip of the orebody and the widths of the mineralised zone. A detailed mining study has commenced as part of the Project Scoping Study.

About the Opuwo Cobalt Project

Celsius is aiming to define a long life, reliable source of cobalt at Opuwo. The Company considers the Project to have the following advantages:

· Large scale.
· Favourable mineralogy: cobalt and copper sulphide minerals.
· Low in deleterious elements: notably arsenic, cadmium and uranium.
· Mining friendly, politically stable and safe location with excellent infrastructure.
· Cobalt: best exposure to lithium ion battery boom.

The Opuwo Cobalt Project is located in northwestern Namibia, approximately 800 km by road from the capital, Windhoek, and approximately 750 km from the port at Walvis Bay (Figure 11). The Project has excellent infrastructure, with the regional capital of Opuwo approximately 30 km to the south, where services such as accommodation, fuel, supplies, and an airport and hospital are available. Good quality bitumen roads connect Opuwo to Windhoek and Walvis Bay. The Ruacana hydro power station (320 MW), which supplies the majority of Namibias power, is located nearby, and a 66 kV transmission line passes through the eastern boundary of the Project.

The Opuwo Project consists of four Exclusive Prospecting Licences covering approximately 1,470 km2.

Figure 11: Location of the Opuwo Cobalt Project, Namibia
http://www.irw-press.at/prcom/images/messages/2018/43079/Opuwo Cobalt Project - Maiden JORC Mineral Resource FINALPRcpm.011.jpeg


Celsius Resources Contact Information

Level 3, 216 St Georges Terrace
Perth WA 6000
PO Box 7775
Cloisters Square Perth WA 6850
P: +61 8 9226 4500
F: +61 8 9226 4300
E: info(at)celsiusresources.com.au
www.celsiusresources.com.au

Competent Persons Statement

Information in this report relating to Exploration Results is based on information reviewed by Mr. Brendan Borg, who is a Member of the Australasian Institute of Mining and Metallurgy and Managing Director of Celsius Resources. Mr. Borg has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Borg consents to the inclusion of the data in the form and context in which it appears.

Information in this report relating to Mineral Resource Estimates is based on information prepared by Mr. Dexter Ferreira, who is a Member of the South African Council for Natural Scientific Professions, which is a Recognised Professional Organisation (RPO). Mr. Ferreira is a Contract Resource Specialist for DMT Kai Batla Pty. Ltd., who act as Resource Consultants to Celsius. Mr. Ferreira has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Ferreira consents to the inclusion of the data in the form and context in which it appears.



Appendix 1: Mineral Resource Drillhole Details
DrillhoType EastingNorthinAverageAverageRL Total
le g Azimut(m) Depth
UTM UTM Dip h (m)
Zone Zone (degree
33S 33S s) (degree
s)

DOFD004DD 365146.8026723-88.26 177.97 1241.49122.38
1 53 .03

DOFD004DD 370175.8026305-89.22 271.22 1241.5495.49
9 59 .90

DOFD005DD 366977.8026375-88.44 78.63 1237.6980.55
4 06 .54

DOFD005DD 366572.8026765-55.41 209.94 1243.0595.34
8 26 .84

DOFD006DD 370501.8026299-55.46 164.92 1241.0292.16
2 37 .51

DOFD006DD 371899.8026153-55.20 173.94 1241.2938.06
5 91 .13

DOFD006DD 371902.8026248-56.65 161.26 1249.75143.37
6 00 .00

DOFD007DD 371899.8026351-55.33 165.30 1243.20254.37
1 41 .14

DOFD007DD 370900.8026748-51.02 168.57 1245.55500.34
7 87 .07

DOFD008DD 370501.8026399-55.29 164.33 1242.25173.16
0 43 .85

DOFD008DD 370499.8026499-53.12 165.33 1243.49251.18
5 10 .15

DOFD009DD 369501.8026601-55.54 167.91 1242.73278.42
4 87 .63

DOFD009DD 369501.8026501-53.79 169.87 1241.08146.86
7 64 .59

DOFD010DD 369499.8026401-55.76 161.39 1240.1359.18
0 49 .04

DOFD010DD 367349.8026548-54.08 163.57 1241.08236.40
2 54 .76

DOFD010DD 366549.8026949-51.77 165.47 1242.84464.30
3 85 .54

DOFD010DD 367348.8026452-53.21 180.24 1241.84167.30
7 30 .00

DOFD011DD 367348.8026352-55.82 178.34 1238.0886.11
0 89 .98

DOFD011DD 366349.8027052-50.21 181.60 1243.65602.38
4 03 .30

DOFD012DD 366549.8026651-55.00 183.50 1241.20278.34
5 18 .60

DOFD013DD 366146.8026800-55.00 180.50 1241.90392.48
0 93 .76

DOFD013DD 366350.8026950-55.00 185.50 1242.67200.38
4 44 .93

DOFD014DD 366148.8026700-55.00 183.50 1240.82176.48
3 76 .45

DOFD014DD 365948.8026749-55.00 183.50 1241.73227.36
4 32 .84

DOFD015DD 365346.8026871-55.00 183.50 1243.43206.46
3 83 .16

DOFD015DD 366351.8026746-55.00 188.50 1241.10101.33
9 24 .43

DOFD016DD 364548.8026823-55.00 175.00 1248.05194.37
2 00 .00

DOFD016DD 364550.8026600-55.00 188.50 1252.7850.07
4 00 .00

DOFR000RC 365147.8026719-55.00 188.20 1241.4658.00
3 44 .09

DOFR000RC 365147.8026721-90.00 188.20 1241.50112.00
4 03 .21

DOFR000RC 366977.8026372-55.00 188.20 1237.6155.00
5 56 .28

DOFR000RC 366977.8026374-90.00 188.20 1237.6886.00
6 28 .49

DOFR000RC 367746.8026255-53.70 182.58 1237.8850.00
7 03 .50

DOFR000RC 367744.8026268-90.00 188.20 1238.0099.00
8 06 .76

DOFR000RC 366048.8026549-55.00 188.20 1239.9287.00
9 98 .71

DOFR001RC 366058.8026499-90.00 188.20 1239.3566.00
0 76 .40

DOFR001RC 370175.8026302-55.00 188.20 1241.4170.00
1 86 .52

DOFR001RC 370175.8026304-90.00 188.20 1241.4090.00
2 65 .39

DOFR001RC 372030.8026139-55.00 188.20 1241.3050.00
3 01 .92

DOFR001RC 372033.8026138-85.00 188.20 1241.2270.00
4 74 .43

DOFR001RC 374529.8025781-55.00 208.20 1247.87130.00
5 20 .78

DOFR001RC 374417.8025772-55.00 208.20 1245.3270.00
6 58 .88

DOFR001RC 374418.8025789-90.00 208.20 1245.8170.00
7 68 .42

DOFR001RC 368524.8026223-55.00 188.20 1238.3899.00
9 28 .32

DOFR002RC 368495.8026472-55.00 188.20 1240.6380.00
0 60 .04

DOFR002RC 365186.8026845-55.00 188.20 1242.89170.00
6 43 .52

DOFR002RC 365186.8026844-74.63 186.21 1242.85184.00
7 57 .06

DOFR003RC 366062.8026653-55.00 188.20 1240.88162.00
2 96 .64

DOFR003RC 366062.8026655-74.82 185.20 1240.87165.00
3 84 .04

DOFR003RC 373525.8025932-55.00 188.20 1249.6770.00
9 64 .90

DOFR004RC 373525.8025935-90.00 188.20 1249.81147.00
0 26 .20

DOFR004RC 374379.8026089-55.39 183.45 1242.7270.00
4 24 .70

DOFR004RC 374378.8026091-88.73 136.66 1242.6369.00
5 96 .67

DOFR005RC 366571.8026766-53.40 212.90 1242.9799.00
0 35 .47

DOFR005RC 371145.8026224-55.08 186.09 1241.53100.00
1 51 .69

DOFR005RC 369439.8026385-55.00 180.00 1240.0949.00
2 97 .09

DOFR005RC 364643.8026704-55.00 210.00 1241.64117.00
6 83 .85

DOFR005RC 366725.8026659-55.00 210.00 1241.96211.00
9 22 .33

DOFR006RC 366386.8026857-54.29 216.31 1241.61103.00
0 61 .73

DOFR006RC 372021.8026143-90.00 0.00 1241.4360.00
3 46 .81

DOFR006RC 372104.8026349-49.61 185.51 1243.02267.00
4 21 .01

DOFR006RC 372099.8026248-51.98 184.02 1242.48173.00
7 96 .05

DOFR006RC 371699.8026200-50.45 161.05 1241.2475.00
8 51 .75

DOFR006RC 371704.8026397-44.40 184.77 1243.31231.00
9 94 .85

DOFR007RC 371701.8026302-49.45 181.10 1242.25151.00
0 91 .65

DOFR007RC 371501.8026398-48.75 184.30 1243.26227.00
3 67 .61

DOFR007RC 371500.8026199-54.04 164.09 1241.3281.00
4 58 .48

DOFR007RC 371502.8026298-52.75 173.39 1242.29147.00
5 04 .45

DOFR007RC 371300.8026201-52.54 166.98 1241.3373.00
6 33 .48

DOFR007RC 371301.8026300-50.85 176.16 1242.16153.00
8 05 .04

DOFR007RC 371301.8026399-49.75 172.47 1242.78225.00
9 01 .33

DOFR008RC 371099.8026245-54.07 179.43 1241.6878.00
1 21 .73

DOFR008RC 371101.8026345-49.43 183.73 1242.44171.00
2 30 .72

DOFR008RC 370900.8026247-53.58 172.47 1241.6084.00
3 19 .61

DOFR008RC 370697.8026300-53.67 177.33 1241.6190.00
4 61 .31

DOFR008RC 370299.8026299-52.95 176.46 1241.7690.00
6 24 .69

DOFR008RC 371098.8026451-55.68 164.52 1243.23282.00
7 61 .80

DOFR008RC 370100.8026352-52.54 164.59 1241.5193.00
8 30 .12

DOFR008RC 369900.8026349-54.90 165.17 1240.5663.00
9 50 .81

DOFR009RC 369700.8026354-54.33 164.00 1240.7757.00
0 05 .73

DOFR009RC 369301.8026401-55.10 176.61 1240.5266.00
1 50 .22

DOFR009RC 370698.8026399-52.07 181.03 1242.63184.00
2 40 .45

DOFR009RC 369100.8026401-50.44 160.78 1240.1869.00
3 57 .29

DOFR009RC 370700.8026501-49.59 173.69 1243.58279.00
5 55 .39

DOFR009RC 370301.8026399-49.54 177.62 1242.75144.00
6 06 .46

DOFR009RC 370896.8026351-52.76 171.49 1242.49215.00
9 27 .09

DOFR010RC 370100.8026449-45.97 172.59 1242.79156.00
1 63 .67

DOFR010RC 369901.8026447-54.81 182.41 1241.74129.00
4 26 .73

DOFR010RC 369699.8026451-50.20 179.30 1241.35126.00
5 46 .33

DOFR010RC 369300.8026502-54.03 183.10 1241.31137.00
6 31 .13

DOFR010RC 370099.8026550-65.16 183.05 1244.01261.00
8 40 .93

DOFR010RC 370299.8026498-48.61 185.37 1243.32221.00
9 73 .53

DOFR011RC 369899.8026550-47.20 181.82 1243.26219.00
1 57 .80

DOFR011RC 369699.8026552-57.25 181.99 1242.83198.00
2 97 .34

DOFR011RC 369300.8026600-59.72 183.77 1242.55231.00
3 22 .69

DOFR011RC 369100.8026499-54.42 178.65 1241.42126.00
6 33 .65

DOFR011RC 369099.8026601-55.25 180.91 1242.71213.00
7 27 .27

DOFR011RC 367750.8026451-48.60 189.71 1239.64216.00
8 06 .98

DOFR012RC 367948.8026349-56.25 180.21 1238.76225.00
0 29 .84

DOFR012RC 367750.8026352-51.68 185.89 1238.58138.00
1 94 .93

DOFR012RC 367953.8026252-50.92 190.62 1237.62147.00
2 29 .08

DOFR012RC 367547.8026501-43.28 187.50 1239.71210.00
3 20 .54

DOFR012RC 367548.8026400-53.70 180.57 1238.90138.00
4 04 .99

DOFR012RC 367548.8026298-51.81 179.58 1238.1957.00
6 65 .21

DOFR012RC 367150.8026549-55.00 183.50 1242.05226.00
7 32 .51

DOFR012RC 367149.8026345-52.56 182.14 1237.2554.10
8 82 .17

DOFR012RC 366948.8026550-52.62 189.21 1239.88189.00
9 46 .85

DOFR013RC 367148.8026453-50.78 180.76 1241.49133.00
2 41 .02

DOFR013RC 366949.8026451-54.53 178.27 1241.30117.00
3 81 .69

DOFR013RC 366150.8026601-55.00 188.50 1240.16130.00
7 71 .11

DOFR013RC 366149.8026502-55.00 185.50 1239.2760.00
8 72 .97

DOFR014RC 366749.8026549-55.00 183.50 1239.54261.00
0 33 .74

DOFR014RC 366352.8026552-55.00 185.50 1239.74157.00
1 25 .24

DOFR014RC 365949.8026549-55.00 188.50 1240.2575.00
2 41 .69

DOFR014RC 366353.8026651-55.00 183.50 1240.41184.00
5 87 .88

DOFR014RC 365549.8026651-55.00 188.50 1241.1269.00
6 27 .83

DOFR014RC 365948.8026650-55.00 185.50 1241.09147.00
7 93 .69

DOFR014RC 365749.8026551-55.00 188.50 1240.6136.00
8 30 .94

DOFR014RC 365349.8026668-55.00 188.50 1241.4145.00
9 24 .44

DOFR015RC 365749.8026745-55.00 183.50 1242.00192.00
0 32 .97

DOFR015RC 364952.8026701-55.00 188.50 1240.9454.00
1 24 .41

DOFR015RC 365549.8026848-55.00 183.50 1242.58219.00
2 34 .86

DOFR015RC 365748.8026649-55.00 185.50 1241.24109.00
4 56 .72

DOFR015RC 365547.8026750-55.00 185.50 1241.99150.00
5 96 .89

DOFR015RC 364951.8026898-55.00 183.50 1243.08206.00
6 33 .07

DOFR015RC 365349.8026770-55.00 185.50 1242.17129.00
7 41 .35

DOFR015RC 364951.8026799-55.00 185.50 1241.85126.00
8 44 .06

DOFR016RC 365147.8026949-55.00 180.50 1243.99274.00
0 84 .98





Appendix 2: The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results and Mineral Resources for the Opuwo Cobalt Project
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
CriteriJORC Code Commentary
a explanation

Samplin· Nature and · Drilling was designed to intersect
g quality of the DOF horizon based on mapped or
techni sampling interpreted
ques ( location
eg cut channels, .
random chips, or · Reverse Circulation (RC) and
specific Diamond Core (DC) drilling using
standard
specialised indust equipment
ry standard .
measurement · Sampling was undertaken at one metr
tools e
appropriate to intervals for RC and based on
the minerals lithology/
under mineralisation changes for DC.
investigation, o Reverse Circulation samples were
such as down collected from a cone riffle
splitter with a three sample chute
hole gamma sondes, configuration. Each meter sample
or handheld XRF was divided into an A (for
instruments, submission to the laboratory), B
(reference sample), and C (large
etc). These remainder sample). Chips were
examples should logged and a small sample of about
not be taken as 100
limiting the g was collected for immediate
broad meaning of portable XRF analysis on-site. RC
sampling. samples ranged

· Include between 2-3 kg.
reference to o Drill Core was sampled according
measures to

taken to ensure lithologies over a length between
sample 20cm and 100cm for the NQ or HQ
drill core, as half core
representivity and samples.
the appropriate
calibration of
any measurement
tools or systems
used.

· Aspects of the
determination of

mineralisation tha
t are Material to
the Public
Report. In cases
where industry
standard work
has been done
this would be
relatively
simple
(
eg reverse
circulation
drilling was
used to obtain 1
m samples from
which 3 kg was

pulverised to
produce a 30 g
charge for fire
assay). In
other cases more
explanation may
be required,
such as where
there is coarse
gold that has
inherent
sampling
problems.
Unusual
commodities or

mineralisation typ
es
(
eg submarine
nodules) may
warrant
disclosure of
detailed
information.

Drillin· Drill type (eg c· Reverse circulation (RC)
g ore, reverse percussion and oriented Diamond
techni circulation, Core
ques open-hole (DC)
hammer, rotary .
air blast, · DC drilling was done using a
auger, Bangka, standard tube, at HQ and NQ
sonic, size.

etc) and details (· DC was oriented using a Reflex
eg EZ-TRAC
core diameter, tool.
triple or
standard tube,
depth of diamond
tails,
face-sampling
bit or other
type, whether
core is oriented
and if so, by
what method,

etc).

CriteriJORC Code Commentary
a explanation

Drill · Method of · Recovery generally recorded as
sample recording and good, with poor recovery in a small
recove assessing core number of samples due to
ry and chip sample groundwater
recoveries and .
results · All drilling was supervised by a
assessed. suitably qualified geologist,
trained to monitor sample
· Measures taken
to representivity, including evenness
of samples being collected from the
maximise sample RC rig, and routine
recovery and cleaning/flushing of the cyclone on
ensure the drill
representative rig.
nature of the
samples. · No relationship exists between
sample recovery and
· Whether a grade
relationship .
exists between
sample recovery
and grade and
whether sample
bias may have
occurred due to
preferential
loss/gain of
fine/coarse
material.

Logging· Whether core · Drilling logged in detail on a metr
and chip samples e
have been by metre basis for RC and on
geologically and lithology/
mineralisation for DC.
geotechnically log· Lithology, alteration and
ged to a level of oxidation logged
detail to qualitatively
support .
appropriate · Sulphide and quartz vein content
Mineral Resource logged
estimation, quantitatively
mining studies .
and · All DC holes are photographed, as
metallurgical are RC representative chip
studies. rays
.
· Whether logging · A Niton portable XRF analyzer was
is qualitative used to assist in determining
or quantitative
in nature. Core mineralised horizons.
(or · All chips/core was logged to
denote rock type, color,
costean, channel, alteration,
etc
) photography. mineralisation style, core
· The total recoveries, and any measurable
length and structure
percentage of .
the relevant
intersections
logged.

Sub-sam· If core, · RC drill samples split using a rig
pling whether cut or mounted cone
techni sawn and whether splitter;
ques quarter, half or
and all core · Diamond Core was cut using a core
sample taken. saw. Generally, half core was
prepar submitted to the laboratory, except
ation · If non-core, where a duplicate sample was taken,
whether riffled, in which case quarter core was
tube sampled, submitted for
rotary split, each;

etc and whether · Field duplicates were collected
sampled wet or and
dry.
analysed to confirm representivity of
· For all sample sampling from both RC and DC
types, the drilling;
nature, quality
and · Sample size is deemed appropriate
appropriateness for the grain size of the material
of the sample being
preparation sampled.
technique.

· Quality control
procedures
adopted for all
sub-sampling
stages to

maximise represent
ivity
of samples.
· Measures taken
to ensure that
the sampling is
representative
of the in situ
material
collected,
including for
instance results
for field
duplicate/second-
half
sampling.

· Whether sample
sizes are
appropriate to
the grain size
of the material
being
sampled.

CriteriJORC Code Commentary
a explanation

Quality· The nature, · Samples were prepared at
of quality and Activation Laboratories Limited
assay appropriateness (ACTLABS) Windhoek laboratory, and
data of the assaying assayed at ACTLABS in
and and laboratory
labora procedures used Ancaster, Canada. A 4 acid
tory and whether the digestion sample preparation method
tests technique is and ICP finish were
considered
partial or utilised.
total. · No geophysical tools were used to
determine any element concentration
· For geophysical in these
tools, results
spectrometers, .
handheld XRF · A Niton hand held XRF analyser was
instruments, used to assist in selection of
samples to be sent to the
etc, the laboratory for formal analysis (No
parameters used portable XRF data was
in determining
the analysis reported or used in resource
including estimation)
instrument make .
and model, · The drilling program included
reading times, field duplicates, standards and
calibrations blanks that were inserted into the
factors applied drill sequence, in addition to the
and their standard QA/QC samples and
derivation, procedures used by the
etc. laboratory
.
· Nature of · Field duplicates, blanks and
quality control standards were submitted in
procedures approximately a 1:20
adopted ratio
( .
eg standards, · A second (umpire) laboratory was ut
blanks, ili
duplicates, sed to provide additional
external verification of key
laboratory
checks) and mineralised zones prior to resource
whether modeling and
acceptable estimation
levels of .
accuracy · One of the field inserted
( standards occasionally reported
ie lack of bias) marginally outside acceptable
and precision tolerances for cobalt analysis,
have been however, after subsequent enquiries
established. with the laboratory regarding the
sample digestion methods, and
considering analysis by an
additional laboratory, the data was
deemed to be
acceptable
.
· The field and laboratory
duplicates revealed good
repeatability
.
· The field inserted blanks
generally confirmed appropriate
sample hygiene techniques were
employed by the
laboratory
.
Verific· The · Mineralised zones reported in
ation verification of assays correspond
of significant
sampli intersections by well with the zones as logged in the
ng and either field, and the tenor of grades is
assayi independent or consistent with previous drilling
ng alternative and surface
company sampling
personnel. .
· Several RC/DC twin holes have been
· The use of completed, and do not show any
twinned systematic bias towards one
holes. drilling method or another.
Further twin holes will be
· Documentation completed as part of future
of primary data, drilling
data entry programs
procedures, data .
verification, · An electronic database containing
data storage collars, geological logging and
(physical and assays is maintained by consultants
electronic) external to the Company. Data is
protocols. collected in Excel spreadsheets in
the field, and then loaded and
· Discuss any validated by the Companys external
adjustment to database managers. Validation of
assay assay data against field logging
data. and

mineralised zones determined in the
field using a portable XRF is
undertaken, prior to
reporting
.
· No adjustment to assay data has
been
made.

CriteriJORC Code Commentary
a explanation

Locatio· Accuracy and · All sampling located initially by
n of quality of hand held
data surveys used to GPS;
points locate drill
holes (collar · UTM grid WGS84 Zone 33 (South);
and down-hole · Holes have been surveyed using
surveys), Differential GPS (DGPS) prior to
trenches, mine resource
workings and modeling;
other locations
used in Mineral · Downhole surveys to measure hole de
Resource viation were routinely
estimation. completed.

· Specification
of the grid
system
used.

· Quality and
adequacy of
topographic
control.

Data · Data spacing · Drill spacing in the initial phase
spacin for reporting of of drilling was approximately every
g and Exploration 500 - 1,000 meters along the strike
distri Results. of the DOF horizon
bution (
· Whether the based on mapping/interpretation).
data spacing and · Current closer spaced drilling was
distribution is completed on a nominal 200
sufficient to
establish the metres x 100 metres grid.
degree of · The average sample spacing and its
geological and distribution is sufficient to
grade continuity adequately delineate geological and
appropriate for grade
the Mineral continuity
Resource and Ore .
Reserve · Actual sample spacing in three-dime
estimation nsional
procedure(s) and space has a mean of 75m which is
classifications appropriate for Mineral Resource
applied. estimation
.
· Whether sample · Samples were composited at 1 metre
compositing has intervals within the
been mode
applied. lled wireframe only.

Orienta· Whether the · Drilling of angled holes aimed to
tion orientation of test approximately perpendicular to
of sampling DOF horizon. All
data achieves
in unbiased resource definition drillholes were a
relati sampling of ngled at 55 degrees, which, based on
on to possible visual observations in the drill
geolog structures and core,
ical the extent to
struct which this is usually intersects the mineralisation
ure known, approximately
considering the perpendicular
deposit .
type. · Drilling, and geological modeling,
has more accurately defined the
· If the orientation of the geological
relationship features and
between the
drilling mineralisation and has not
orientation and introduced a sampling
the orientation bias.
of key

mineralised struct
ures is
considered to
have introduced
a sampling bias,
this should be
assessed and
reported if
material.

Sample · The measures · Drill samples were delivered to
securi taken to ensure the laboratory by senior Celsius
ty sample Resources or Gecko Namibia
security. staff.

Audits · The results of · A review of drilling methods and
or any audits or sampling procedures has been
review reviews of undertaken by the Companys
s sampling external Resource
techniques and Geologists
data. .
· No significant issues were
identified.


Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
CriteriJORC Code Commentary
a explanation

Mineral· Type, reference · The Opuwo Cobalt Project comprises
teneme name/number, four Exclusive Prospective Licenses
nt and location and EPLs 4346, 4350, 4351 and 4540,
land ownership currently undergoing the transfer
tenure including process to a subsidiary of the
status agreements or Company
material issues .
with third · Celsius has a 95% ownership of the
parties such as Project
joint ventures, .
partnerships, · EPL 4346 is undergoing the renewal
overriding process for a further
royalties,
native title two-year term from June 2017.
interests, · There are currently no known
historical impediments to developing a project
sites, in this
wilderness or area.
national park
and
environmental
settings.

· The security of
the tenure held
at the time of
reporting along
with any known
impediments to
obtaining a

licence to
operate in the
area.


Explora· Acknowledgment · Previous work carried out by Kunene
tion and appraisal of Resources
done exploration by include
by other d geological mapping, outcrop
other parties. sampling, soil sampling, high
partie resolution magnetic and radiometric
s data and hyperspectral data. Two
holes were drilled in 2015, which
intersected cobalt, copper and zinc

mineralisation.

CriteriJORC Code Commentary
a explanation

Geology· Deposit type, · The Kaoko Orogen (Kaokobelt)
geological consists of metasedimentary rocks of
setting and the
style of
Damaran Supergroup deposited on the
mineralisation. passive margin of a Late Proterozoic
continental rift system. The

Damaran sediments overlie the Congo
Craton with its Archean to Early
Proterozoic basement rocks of the

Epupa and Huab Complexes.
· The key tectonic and sedimentary
events in the

Kaokobelt are:

o Rifting at the southern Congo
Craton between 900-840 Ma including
local rift-related continental

intrusives and extrusives (e.g. Oas sy
enite
and Lofdal carbonatites 840-756 Ma)
o Deposition of a 1 to 4 km thick
siliciclastic transgression
sequence:

Nosib Group including Ombombo Formatio
n in the upper part with increasing
carbonate sedimentation (and the DOF
horizon), 880-712
Ma

o Chuos glaciation with deposition of
tillites
and cold water shales and marlstones
712-692
Ma

o Deposition of carbonate dominated
sediments on the shallow Kunene
Platform:

Otavi Group
o Ghaub glaciation at 638-635 Ma
(Hoffmann et al.,
2004)

o Deposition of carbonate dominated
sediments on the shallow Kunene
Platform:

Tsumeb Subgroup 635-550 Ma
o Collision of Kalahari and Congo
Craton 550 Ma
(
Alkmim et al. 2001)
o Peak metamorphism 530 Ma.

· Mineralisation at Opuwo is hosted
in the Neoproterozoic sediments of
the

Kaoko Belt, which is interpreted as a
western extension of the Copper Belt
in the DRC and Zambia.


· The Dolomite Ore Formation (DOF) is
a carbon rich,

marly dolomitic horizon in a sequence
of clastic and carbonate

lithologies in the upper Ombombo Subgr
oup. The carbon rich nature of the
ore bearing horizon is interpreted
to have facilitated the
precipitation of the metals of
interest, namely cobalt, copper and
zinc.

· Cobalt, copper and zinc sulphide min
eralisation
is present predominantly as linnaeite
, chalcopyrite and sphalerite
respectively. Minor zones of

oxidised and partially oxidised minera
lisation
occur in the upper portion of the
deposit.

CriteriJORC Code Commentary
a explanation

Drill · A summary of · All information detailed in
hole all information Appendix 1.
Inform material to the
ation understanding of Drillholes have been accurately
the exploration surveyed using DGPS for resource
results modeling.
including a
tabulation of
the following
information for
all Material
drill
holes:

o easting and
northing of the
drill hole
collar

o elevation or RL
(Reduced Level -
elevation above
sea level in

metres) of the
drill hole
collar

o dip and azimuth
of the
hole

o down hole
length and
interception
depth

o hole length.
· If the
exclusion of
this information

is justified on
the basis that
the information
is not Material
and this
exclusion does
not detract from
the
understanding of
the report, the
Competent Person
should clearly
explain why this
is the
case.

Data · In reporting · Simple length weighted averages
aggreg Exploration were used for reporting of
ation Results, significant intercepts. Significant
method weighting intercepts were reported using a
s averaging cutoff grade of 0.05% (or 500 ppm)
techniques, cobalt.
maximum and/or
minimum grade
truncations
(
eg cutting of
high grades) and
cut-off grades
are usually
Material and
should be
stated.

· Where aggregate
intercepts
incorporate
short lengths of
high grade
results and
longer lengths
of low grade
results, the
procedure used
for such
aggregation
should be stated
and some typical
examples of such
aggregations
should be shown
in
detail.

· The assumptions
used for any
reporting of
metal equivalent
values should be
clearly
stated.

CriteriJORC Code Commentary
a explanation

Relatio· These · Orientation of drilling vs. dip of
nship relationships DOF horizon means that the downhole
betwee are particularly lengths reported for angled holes
n important in the (-55 degrees) approximates true
reporting of width. Holes drilled straight (-90
mineral Exploration degrees)
isation Results. overestimate
widths d true thickness in most cases.
and · If the geometry · Oriented drillholes were used in
interc of the modeling the
ept
lengthmineralisation witmineralised zone in 3D space, thereby
s h respect to the modeling the true thickness (width)
drill of the zone.

hole angle is
known, its
nature should be
reported.

· If it is not
known and only
the down hole
lengths are
reported, there
should be a
clear statement
to this effect
(
eg down hole
length, true
width not
known).

Diagram· Appropriate · See relevant diagrams in the body
s maps and of this announcement.
sections (with
scales) and
tabulati



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