- Celsius Resources (CLA) has outlined the maiden JORC mineral resource for the Maalinao-Caigutan-Biyog (MCB) Project in the Philippines
- The indicated and inferred mineral resource sits at 313.8 million tonnes at 0.48 per cent copper and 0.15g/t gold for 1.5 million tonnes of contained copper and 1.47 million ounces of contained gold
- Celsius is in the process of acquiring the MCB project from U.K. company Anleck and the buy is expected to be completed soon after an annual general meeting (AGM) at the end of this month
- In the meantime, the company is planning an upcoming drilling program, which will focus on resource expansion, infrastructure planning and test work
- Celsius is up 4.92 per cent and shares are trading for 6.4 cents
Celsius Resources (CLA) has outlined the maiden JORC compliant mineral resource for the Maalinao-Caigutan-Biyog (MCB) Project in the Philippines.
The maiden indicated and inferred mineral resource sits at 313.8 million tonnes at 0.48 per cent copper and 0.15g/t gold for 1.5 million tonnes of contained copper and 1.47 million ounces of contained gold.
The mineral resource estimate was calculated at a cut-off grade of 0.2 per cent copper.
Broken down, the indicated portion includes 290.3 million tonnes at 0.48 per cent copper and the inferred category includes 23.5 million tonnes at 0.48 per cent copper.
Celsius is currently in the process of acquiring the MCB copper-gold project from U.K. company Anleck. An annual general meeting will take place on January 29 and the acquisition is expected to be completed soon after.
“The release of this maiden JORC mineral resource statement signifies the credibility of the MCB resource with the potential to be a future copper and gold producer within the Asia Pacific region,” Anleck Chairman and CLA Director designate Martin Buckingham said.
“Implementation of development plans are now underway, with drilling to commence this quarter in support of a scoping study,” he added.
As part of a scoping study, Celsius will review options to extract the high-grade core of 93.7 million tonnes at 0.8 per cent copper and 0.28g/t gold to maximise returns for initial production.
Drilling is expected to begin next month and will focus on resource expansion, metallurgical and hydrological test work, and mining infrastructure planning.
Celsius is up 4.92 per cent and shares are trading for 6.4 cents at 11:07 am AEDT.