- Celsius Resources (CLA) uncovers more “shallow, high-grade” copper at its flagship MCB project in the Philippines
- The company says new assay results include a 131.1-metre hit at 0.93 per cent copper and 0.23 grams per tonne (g/t) gold from 11 metres
- Celsius says these “favourable” results enhance its confidence in its updated 2022 mineral resource estimate for the MCB project
- Further tests are planned on possible extensions to the copper zones, which Celsius believes will continue to improve a proposed production schedule
- Celsius Resources shares are down 5.88 per cent to 1.6 cents at 11:35 am AEDT
Celsius Resources (CLA) has uncovered more “shallow, high-grade” copper at its flagship MCB project in the Philippines.
The Perth-based mineral resource company released a fresh set of assay results from the project Tuesday.
The company said new assay results included a 131.1-metre hit at 0.93 per cent copper and 0.23 grams per tonne (g/t) gold from 11 metres and 51.3 metres at 0.93 per cent copper and 0.06 g/t gold from 7.7 metres.
The results continue to identify new positions of shallow mineralisation in line with previous drilling results.
Celsius said these “favourable” results enhanced its confidence in its updated 2022 mineral resource estimate for the MCB project
“We continue to see higher-grade sections defined over a broad area now at shallow levels,” Celcius Executive Director Peter Hume said.
“The earlier success we had in 2022 defining new shallow higher grade copper mineralisation is continuing into 2023.
“We still have further tests to carry out on the possible extensions to these higher-grade copper zones, which we believe will continue to improve the proposed production schedule, specifically during the early years, as part of our feasibility studies.”
A scoping study from December 2021 has given the mine an expected 25-year lifespan.
The project is held and operated through Celsius’ Philippine subsidiary, Makilala Mining
Company.
The project lies in the Cordillera Administrative Region in the Philippines, roughly 320 kilometres north of the capital of Manila.
Celsius Resources shares were down 5.88 per cent to 1.6 cents at 11:35 am AEDT.