Celsius Resources Limited (ASX, AIM: CLA) has announced further high-grade intercepts from its drilling program at the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines. Celsius Resources is focused on the exploration and development of its copper-gold assets. The company is dedicated to creating shareholder value through discovery and development of its projects.
The drilling program, which commenced in June, targeted geo-technical and hydro-geological aspects and additional metallurgical test work. Significant results include an intercept of 113.1 metres grading 1.32% copper and 0.41 g/t gold from 8.1 metres, including a higher-grade zone of 54.6 metres grading 1.84% copper and 0.74 g/t gold from 60.4 metres. These results reinforce the mine plan and development strategy for delivering optimal value to investors and the community. According to Peter Hume, Country Technical Director, this recent drill hole provides sufficient high-quality material for the mineral processing team to reaffirm the process plant design.
Celsius has also received conditional approval from the Philippines National Water Resources Board for water abstraction, a crucial step in preparing for the MCB Project’s operational requirements. This permit is valid for twelve months and covers the start of construction for the MCB Project. The company must install measuring devices and submit quarterly utilisation reports to maintain compliance.
The feasibility study update and Front-End Engineering Design (FEED) program remain on schedule, with the study pointing to enhancements in site layout, underground mine design, and process plant design. These improvements are expected to result in improved operating costs and overall project economics. The updated JORC Mineral Resource Estimate, Mining Reserve statement, and Feasibility Study are expected to be published upon completion of the studies.
