Celsius Resources (ASX: CLA) is preparing to step up activity at its Botilao porphyry copper-gold prospect after receiving Philippine government approval for the exploration permit, with the Philippine Mines and Geosciences Bureau approving the first renewal of the project’s exploration permit to affiliate company, Makilala.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
Celsius’ MMCI technical director, Peter Hume, said the renewal of the exploration permit grants authority to continue exploration activities over the Botilao prospect for an additional two-year period.
“The renewal of the Botilao permit represents an important milestone, enabling the company to build on the technical work to date,” he said.
Mr Hume continued: “Botilao remains a highly prospective tenement with geological similarities to the nearby Maalinao-Caigutan-Biyog copper-gold project (MCB) deposit and has the potential to provide additional feed that could extend the operating life of the MCB project process plant.
“The renewal allows exploration activities to be progressed in a systematic and responsible manner, consistent with the company’s commitments to environmental stewardship and community engagement.”
With that key approval now in hand, the Australian company’s Botilao exploration work program will focus on surface mapping, geochemical sampling, data integration and evaluation of targets for potential follow-up geophysical surveys and drilling activities, subject to regulatory approvals.
Botilao is located approximately 320 kilometres north of the Philippines capital, Manila. It is a prospect within the Makilala portfolio with a tenement area of 947.67 hectares, southwest of the company’s MCB project.
Historical exploration work in the 1970s included drilling diamond bore holes and geochemical sampling along exploratory tunnels. A 1973 inspection and verification report by the Bureau of Mines indicated that then-owner Lepanto was able to delineate two major ore zones striking northeast.
The result of historical exploration and the current understanding of the flagship MCB deposit will provide the initial working model for the Botilao prospect. MCB was previously extensively explored by the world’s third-largest copper producer, Freeport McMoRan, which identified world-class potential.
CLA was steady at 2.0¢. Mkt cap $64.82M.
Join the discussion: See what HotCopper users are saying about Celsius Resources and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.