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- Celsius Resources (CLA) is on the lookout for a partner to develop its Sagay project in the Philippines after posting a maiden mineral resource estimate
- Drilling at Nabiga-a Hill has delivered an indicated and inferred mineral resource of 302 million tonnes at 0.41 per cent copper and 0.11 grams per tonne (g/t) gold
- Celsius says the bulk of the mineral resource estimate is in the inferred category due to large distances between drill holes
- However, intersections remain open and as such, the company expects further drilling will lead to substantial growth to the known copper mineralisation
- CLA shares are up 20 per cent and trading at 1.2 cents at 3:06 pm AEDT
Celsius Resources (CLA) has posted the maiden mineral resource estimate for its Sagay project in the Philippines.
The accumulation of data from drilling at Nabiga-a Hill returned an indicated and inferred mineral resource of 302 million tonnes at 0.41 per cent copper and 0.11 grams per tonne (g/t) gold.
The global mineral resource estimate comprises 302 million tonnes of 0.41 per cent copper and 0.11 g/t gold at a lower cutoff grade of 0.2 per cent copper.
Celsius said the bulk of the mineral resource estimate is in the inferred category due to large distances between drill holes.
However, some smaller sections are classified as Indicated where there were enough samples and drilling information close enough to confirm some level of continuity to the copper-gold mineralisation.
Celsius Resources Executive Director Peter Hume said while the company had only drilled a “modest” number of holes, the large intersections have already defined 1.2 megatons of copper.
With intersections remaining open, Mr Hume said the company expects further drilling will lead to substantial growth to the known copper mineralisation.
“We also have some evidence that higher-grade zones could exist within the huge lower grade copper envelop,” he said.
“We look forward to the next phase of exploration which will also focus on investigating the possible extensions of these higher-grade positions closer to the surface.”
On the back of today’s news, Celsius also told investors it is looking for a suitable partner to develop the Sagay project.
CLA shares were up 20 per cent and trading at 1.2 cents at 3:06 pm AEDT.
