Celamin Holdings (ASX: CNL) has confirmed the prospectivity of the Bir El Afou Exploration Permit in Northern Tunisia through trenching results which include; 9.35 metres at 16.8% phosphate; and 8.50 metres at 13.1% phosphate.
Celamin Holdings received the results from Celamin Ltd, which in conjunction with joint venture partner Tunisian Mining Services SARL (NYSE:TMS) have completed two trenches at Kef Rebiba, which is hosted within the exploration permit.
The trenching is the first work by Celamin TMS on this part of the permit area, with the results increasing the prospectivity of the area.
What is interesting about the Kef Rebiba plateau is that it is structurally different from the other prospects within the Bir El Afou project, being essentially a flat mesa with the phosphate rich horizon exposed on three sides.
In this regard it is similar to the Gassaa Kebira prospect at Chaketma.
Just last month at Chaketma the historical results were successfully validated, with the new results comparing remarkably well with the historic results, which has provided Celamin with a major confidence boosts that results from the earlier exploration can be accepted at face value.
Highlights from the trenching, which was held and funded jointly with Tunisian Mining Services SARL (TMS), included; 39.6 metres at 22.1% phosphate; 20.3 metres at 19.5% phosphate; and 18.2 metres at 19.5% phosphate.
Chaketma does not yet have a resource estimate, but a major beneficial factor for the project is the relative simplicity of the geology, the continuity and the amount of exposure of the phosphate unit mean that exploration on this project should be a comparatively straight forward exercise.
Continuity of the mineralisation has demonstrated both by detailed outcrop mapping and trenching, and then confirmed by drilling.
Celamin potential not lost on Lion Selection Group
Providing a major vote of confidence in the company's operations, Celamin's substantial shareholder Lion Selection Group again increased its stake recently - which now stands at 15.85%
African Lion 3, an associated entity of Lion Selection Group, acquired a further 1.7 million shares in a share placement, for a total of 8.5 million shares in Celamin.
Lion Selection Group is a mining investment group that primarily invests in companies with projects in Africa and Asia.