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Celamin Holdings: Potentially Economic Thicknesses Of Phosphate Rock At Chaketma

Celamin Holdings (ASX: CNL) has received the final results from Celamin Ltd of a 12 hole diamond drilling program at the Chaketma Exploration Permit in northern Tunisia, which has delivered some positive potash intersections.

Jointly with Tunisian Mining Services SARL (NYSE:TMS), the latest and final highlights from the campaign include; 24 metres at 19.8% P2O5; 23 metres at 21.6% P2O5; and 20 metres at 21.2% P2O5.

Increasing the prospectivity of the project, historical trench results include; 39 metres at 22.4% P2O5; 27.5 metres at 21.8% P2O5; and 18 metres at 20.8% P2O5.

Importantly for Celamin Holdings, Celamin Ltd reported that eleven of the 12 holes intersected potentially economic thicknesses phosphate rock.

Historic data correlates with mapped geology

Celamin has also compiled the available historic data for the Chaketma project area which includes two diamond holes and 14 trenches excavated in the late 1960's, which extends beyond the limits of the current Celamin/TMS EP.

Chaketma's simply geology a plus

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.

About Chaketma

Chaketma is located 210 kilometres from Tunis by road. The bulk of the phosphate is located at the base of a massive limestone unit close to the top of a high segmented plateau, which rises 600 metres above the valley floor.

This plateau extends for 12 kilometres from north to south, and from 900 in 1,200 metres width. The average width of the ridge is 1,000 metres.

The limestone cap is from 9 to 153 metres thick in the vertical drill holes. The phosphate unit ranges in thickness from 9 metres to 39 metres with an average of around 15 metres. The strata are relatively flat lying, but have been folded in to a series of broad-open east-west orientated anticlines and synclines then block faulted.

Lion Selection Group continues to increase stake

Providing a major vote of confidence in the company's operations, Celamin's substantial shareholder Lion Selection Group again increased its stake earlier in the month - 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 consideration of $250,000.

Lion Selection Group, which previously held 14.55% of the voting power, now holds 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.