Celamin Holdings has advanced a further $1 million to Celamin Ltd to fast-track drilling at the highly prospective Chaketma Phosphate and tailings project in Tunisia. The parent company operated mainly as an explorer for gold mineralization within Australia, and it was formerly known as Victorian Gold Mines NL. Celamin is in a joint venture with Tunisian Mining Services at Chaketma, which is contained within a 56 square kilometre area, and carries conceptual targets with potential to host 150 to 200 million tonnes of P2O5 at grades of 17 to 22%.
Celamin holds an 80% interest in the three year exploration permit, and has already identified multiple exploration targets with an initial focus at the Gasaa El Kebira Prospect. This project has larger target potential than the Bir El Alfou Phosphate Project, which is located in Western Tunisia, and is a joint venture between Celamin Ltd and Tunisian Mining Services, with an 80%/20% split.
The U.S. Geological Survey estimates Tunisia phosphate rock reserves in 100 million tonnes. Tunisia is the fifth global rock producer (after China, USA, Morocco and Russia) and most of the output is used domestically for downstream manufacturing.