During September 2020 Exploration Licence EL5928 was granted, providing tenure over the Cullarin West and Yass Gold Projects.

The Cullarin West prospect is located adjacent to and along strike of Sky Metals’ (ASX:SKY) Cullarin discovery (93 m at 4.24 g/t gold from 56 m, refer ASX.SKY Announcement 10 February 2020) (See Figure 3 for Location Map). An initial review, including a site visit, indicates the project is underlain by similar geological and structural features which host mineralisation at Cullarin. Only limited historical exploration has been undertaken in the tenement area due to widespread recent cover obscuring bedrock geology.

A historical diamond drillhole at Cullarin West (DDH W-1 drilled in 1978) showed elevated levels of silver and base metals in “drill sludges” (refer ASX Announcement 4 June 2020). Sludge samples were not analysed for gold due to the focus being on base metals. Celsius has accessed this core from the NSW core library in Londonderry and sampled it with results pending as at the date of this report.

The tenement also includes the historical Gooda Creek and Daltons Goldfields which together form the Yass Gold Project (for further details refer ASX Announcement 4 June 2020):

• Gooda Creek: A high grade, small scale gold mine that averaged 6 oz/t (180 g/t) pre-1900 (government records). Limited shallow drilling at Gooda Creek in the 1987 returned 1.95 m at 23.1 g/t gold and 1.0% copper.
• The Daltons Goldfield: Hosts multiple gold occurrences that have seen small scale, high grade production recorded (+10g/t Au) with little modern exploration conducted. A limited drill program conducted in 2012 returned a best result of 1 m @ 27.1 g/t gold.

A previously released desktop review of publicly available geological and geophysical information has identified seven targets at the Cullarin West Project and ten at the Yass Project (refer ASX Announcements 8 July 2020 and 30 July 2020). The Company anticipates that a significant program of low detection limit geochemical sampling will be required to refine these targets to generate targets for future drill testing and is in the process of making contact with relevant landowners and stakeholders to facilitate access. The Company looks forward to the commencement of on-ground activities at the project in coming months.