Celsius Resources Limited (ASX, AIM: CLA), along with its Philippines affiliate Makilala Mining Company, Inc., has announced further high-grade intercepts from its ongoing drilling program at the MCB Copper-Gold Project. Celsius Resources is focused on advancing its flagship MCB Copper-Gold Project in the Philippines and also explores for minerals in Namibia. The latest drilling results highlight an intercept of 86.0 metres grading 0.56% copper and 0.06 g/t gold from 16.0 metres, including a higher-grade zone of 16.0 metres at 1.26% copper and 0.06 g/t gold from 16.0 metres. These results confirm the presence of consistent high-grade copper mineralisation, surpassing initial expectations based on the resource model.
The drilling program, which commenced in June, focuses on gathering geotechnical and hydro-geological data, in addition to conducting further metallurgical test work. The recent drill hole was primarily aimed at providing additional mine design and geotechnical data. Assay results are pending for the remaining interval from 102.0 metres to 450.1 metres, and will be released upon receipt and validation by the company.
The feasibility study update for the MCB Project is now 60% complete. Work on the final mine design is nearing completion, along with the 3D layout for the process plant and site infrastructure. The company anticipates releasing an updated Mineral Resource Estimate (MRE), followed by a JORC Ore Reserve Statement, once all assays from the drilling program have been received.
Celsius Resources expects to release these additional statements, along with the updated JORC Feasibility Study report, by December this year. These developments are anticipated to deliver the best value for the MCB Project, the company’s investors, shareholders, and the community.
