Celsius Resources Limited (Celsius or the Company) (ASX: CLA) is pleased to provide an update on activities at its 100% owned Cullarin West and Yass Projects in the Lachlan Fold Belt region of NSW, Australia.

The Cullarin West project is located adjacent to and along strike of Sky Metals' (ASX: SKY) Cullarin discovery while the Yass Project covers the historic Daltons and Gooda Creek goldfields.

Historical drillcore from the projects were inspected and sampled at the NSW core library at the WB Clarke Geoscience centre in Londonderry. The focus of the visit was core from historical hole DDH W-1 drilled in 1978 at Cullarin West. 'Drill sludges' from this hole showed elevated levels of silver and base metals, with sludge samples not analysed for gold.

The entire length (182.7m) of DDH W-1 has now been logged and sampled, with samples submitted for analysis and final assay results anticipated in 2 - 3 weeks.

Previous logging indicated that DDH W-1 intersected an extensive silica-magnetite-pyrite-altered felsic porphyry dyke. Inspection of the core confirms that silicic alteration is pervasive throughout the hole but detailed logging indicates there is a significant variation in the associated alteration (chlorite, clay, pyrite & hematite). Quartz veining is present in certain zones within the hole with variable thicknesses for individual veins, and there is also variation in the intensity of fracturing in zones throughout the hole.

Interestingly there was nothing in the lithologies returned that would explain the magnetic anomaly located adjacent to DDH W-1 (refer ASX Announcement 8 July 2020). An increase in the magnetic susceptibility readings from the core was noted from 100m to 161m which may point to a deeper source for this anomaly.

Samples were also taken from holes COE-1 (Cullarin West) and TGC-2 (Gooda Creek, Yass). TGC-2 returned a very high grade result of 1.95m at 23.1 g/t gold and 1.0% copper however inspection of the core reveals that only short intervals were selectively sampled. Sampling at both these prospects aim to assist targeting by revealing information about the host lithologies and geological setting enabling targets generated in the recent desktop review to be evaluated (refer ASX Announcements 8 July 2020 and 30 July 2020).

As detailed in the Announcement of 30 July, Celsius received notice that the Department of Regional NSW - Mining, Exploration and Geoscience ('Department') has proposed to grant an Exploration Licence in satisfaction of Exploration Licence Application No. 5928. Celsius has now made all payments and lodged all documents required for the Department to proceed to grant, and is awaiting the Department to process these which can take up to 6 weeks. Once the tenement is granted, field activities can commence initially comprising landholder consultation and land access negotiation to the key target areas, followed by geochemical sampling programs aimed at defining drill targets. In addition to Cullarin West, Celsius continues to review potential acquisitions and investments in commodities which complement or diversify the Company's current commodity exposure.

Contact:

David Tasker

Tel: +61 433 112 936

Email: dtasker@chapteroneadvisors.com.au

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