- Celsius Resources (CLA) has been granted an exploration permit for the Maalinao-Caigutan-Biyog (MCB) Project in the Philippines
- In mid-September, Celsius signed a share sale agreement to acquire U.K.-based Anleck and its portfolio of copper-gold assets
- Previous work at the project has returned up to 1.98 per cent copper and 1.12g/t gold
- Planning is now well advanced for drilling with site preparations to begin in the upcoming weeks and drilling planned to begin in mid-January
- Celsius is up a steady 15.8 per cent with shares trading at 4.4 cents
Celsius Resources (CLA) has been granted an exploration permit for the Maalinao-Caigutan-Biyog (MCB) Project in the Philippines.
In mid-September, Celsius signed a share sale agreement to acquire U.K.-based Anleck and its portfolio of copper-gold assets.
The MCB Project is situated roughly 320 kilometres north of Manila and holds a large, high-grade copper-gold porphyry deposit.
Previous work has returned results of 177 metres at 1.98 per cent copper and 0.95g/t gold within 630.5 metres at 0.81 per cent copper and 0.32g/t gold, and 92 metres at 1.80 per cent copper and 1.12g/t gold within 680 metres at 0.54 per cent copper and 0.2g/t gold.
A JORC compliant resource is scheduled to be finalised in the coming weeks.
“This is an important step in developing the MCB project, which is a world-class opportunity, with the potential to be a future significant copper and gold producer within the Asia Pacific region,” Anleck Chairman Martin Buckingham said.
“Our dynamic in-country team is now preparing to deliver additional milestones as part of the mine development initiatives, working closely with local indigenous communities, stakeholders and the National Government under a responsible mining approach,” he added.
Planning is now well advanced for drilling with site preparations to begin in the upcoming weeks. Drilling is planned to begin in mid-January.
Celsius is up a steady 15.8 per cent with shares trading at 4.4 cents at 1:16 pm AEDT.