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Celeste Mining Announces Board Shakeup With Chairman Role

Celeste Mining Corp. (CVE:C) reported that its board has voted to terminate the consulting contract with Farhad Abasov, ending his role as non executive chairman of the company.

Abasov remains a director of Celeste, the company said, but does not hold any management position.

Thursday, the company saw its shares pop over 14% after it reported "strong" drill results from its South Crofty tin project in the UK, with three metres at 2.5% tin equivalent, including one metre at 6.83% tin equivalent.

The drill results are from the underground drill program being carried out by Cornish Minerals in the Dolcoath section of the project. Celeste has an earn-in agreement in place to acquire 100% of Cornish Minerals, which owns South Crofty in Cornwall, England.

Additional highlights from the most recent drill results include four metres at 1.1% tin equivalent in the South Entral lode, six metres at 0.53% tin equivalent in the Dolcoath main lode and six metres at 0.63% tin equivalent in an interstitial lode.

Celeste said the results from the latest five drill holes confirm continuation of mineralization between wider spaced drilling.

The "high grade" intercepts in the narrower South Entral zone and the main lode will allow for greater confidence in resources, the company noted, while showing potential for an increase in thickness and strike length of some individual lodes - particularly where the three metres at 2.5% tin equivalent intercept confirms continuity of the lode.

The holes last week were drilled to the south of a decline driven to the west of the South Crofty mine, between the upper levels of mineralized structures that originally formed part of the Dolcoath mine that was closed in 1922 and separated from the South Crofty mine - closed in 1998 - by a major fault known as the Great Crosscourse.

In December, a pilot water treatment plant was delivered to the site to test water treatment technology at a small scale. This will be progressively increased in capacity, Celeste said at the time, and the dewatering of Dolcoath at the permitted rate of 10,000 cu m/day is expected to start in the first or second quarter of this year.

Along with South Crofty, Celeste is also looking at other tin, copper and copper-gold properties for exploration and development opportunities.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.