The company said the selected intersections represent significant zones of mineralization of both high grades, and in some cases "disseminated enrichment".
The drill results show high polymetallic grades, and a number of wide intersections of tin, copper, zinc, tungsten and indium mineralization.
Highlights included 19 metres of 0.72% tin and 0.2% copper in hole DD1142, and 3 metres of 1.63% tin in hole DD1134.
In addition, hole DD1144 returned 10 metres of 0.32% tin, 0.93% copper and 2.33% zinc.
Celeste said in-fill drilling is "consistently intersecting predicted en-echelon mineralization in line with the company's target for an upgraded resource by mid 2012".
The drilling results are from five separate known mineralized zones and a number of previously unknown lodes contained in the Dolcoath mineralized group. These areas contain the inferred resource modeled by Micromine, with the latest results infilling the blocks to upgrade resources and increase confidence.
The targeted zones intersected are part of a large drilling campaign aimed at developing mineable blocks for short term mine production.
"I am very encouraged by the assay results from the first batch of our drill holes," said executive chairman, Farhad Abasov.
"These results pleasantly surprised management with some holes yielding over 1% of Sn. These positive results will enable us to accelerate our drill program in order to update our 43-101 compliant resource expected in May 2012."
The upcoming phase two drilling program will see an increased rate of drillling.
The company hopes to develop significant additional tonnage in close proximity that can be incrementally added to the project resource, by targeting extensions of the known structures down dip, along strike and en-echelon.
The assays reported Monday are the first batch of results from 25 drill holes comprising over 1,100 samples that have been currently submitted for analysis.
The results are to be included into an update of the company's NI 43-101 report, targeted for the beginning of May 2012.
The company said that so far, a number of new zones have also been encountered, which are "splays" off of the main zones or lodes that were never recorded into the historical database.
Last May, Celeste entered into an earn-in agreement to acquire up to a 100 percent interest in Cornish Minerals Limited, which controls mining rights in the historic Cornish mining region in Cornwall, England, including the South Crofty Mine.
As of last summer, a summary of the in situ classified inferred resource for the project, using a tin equivalent economic cut-off of 0.30% was estimated at approximately 1.33 million inferred tonnes of 0.44% tin, 1.08% copper and 0.66% zinc.