- Celsius Resources (CLA) intersects further high-grade copper-gold assays from the Maalinao Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines
- Drilling began in February to increase the confidence in the mineral resource as well as test depth and strike extensions
- Results have been received for one hole with grades peaking at 0.97 per cent copper and 0.14g/t gold
- The results have confirmed the position of a central core of the mineralisation and increased the confidence in a portion of the mineral resource
- Celsius is down 11.1 per cent on the market with shares trading at 3.2 cents at 12:11 pm AEST
Celsius Resources (CLA) has intersected further high-grade copper-gold assays from the Maalinao Caigutan-Biyog (MCB) Copper-Gold Project.
The MCB Project lies in the Cordillera Administrative Region in the Philippines, roughly 320 kilometres north of Manila.
It has a JORC-compliant mineral resource of 313.8 million tonnes at 0.48 per cent copper and 0.15 grams of gold per tonne (g/t) for 1.5 million tonnes of contained copper and 1.47 million ounces of gold.
Celsius’ Philippine subsidiary, Makilala Mining Company, began drilling at the MCB Project in February to increase the confidence in the mineral resource and test depth and strike extensions.
Results have been received for one hole with a best result of 74 metres at 0.97 per cent copper and 0.14g/t gold from 353 metres returned.
The results have confirmed the position of a central core of the mineralisation and increased the confidence in a portion of the mineral resource.
Results have now been received for two holes with a third currently underway and at a depth of 60 metres at the release of this announcement.
Executive Director Blair Sergeant is excited by these results and says they provide significant confidence in the scale of the mineralisation.
“Celsius is delighted with the excellent results received from the second hole MCB-034, which like those of the first hole MCB-033, provide a great deal of confidence in the quality and scale of the copper-gold mineralisation at our flagship MCB project,” Mr Sergeant said.
Celsius was down 11.1 per cent on the market with shares trading at 3.2 cents at 12:11 pm AEST.