Celamin Holdings (ASX: CNL) has now completed the trenching program at Gassaa Kebira on the Chaketma Exploration Permit in Northern Tunisia, and has successfully validated historical results.
Importantly - the results compare remarkably well with the historic results giving Celamin confidence 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 (NYSE:TMS), included:
- 39.6 metres at 22.1% phosphate;
- 20.3 metres at 19.5% phosphate;
- 18.9 metres at 17.9% phosphate;
- 18.2 metres at 19.5% phosphate; and
- 11.6 metres at 20.4% phosphate.
Historical results which were validated included; 39 metres at 22.4% phosphate; 27.5 metres at 21.8% phosphate; and 18 metres at 20.8% phosphate.
Celamin has compiled the available historic data for the Chaketma project area, however results are only available for 9 of the 10 trenches - but this early work demonstrates the tenor and continuity of the mineralised phosphate unit.
Exploration will now focus on Kef El Louz which has a surface area twice the size of Gassaa Kebira.
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.
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 last 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 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.