Celsius Resources Limited’s (ASX: CLA) Philippine subsidiary Tambuli Mining Company Inc. (TMCI) has been granted a two-year extension of its exploration programme for its denominated EP No. 000003-VI.
TMCI President, Atty. Julito R. Sarmiento , said the Sagay copper-gold asset is located in the northern tip of Negros with a total area of 4,594.2369 hectares where occurrences of large porphyry copper mineralisation potential have been confirmed.
This is an important step in developing another of the assets within the Company’s Copper-Gold portfolio, and re-confirms the renewed commitment of the Philippine National Government to support the mining industry and the Country’s path to economic recovery,” he said.
“Our in-country team is now preparing to advance the Sagay Project with a substantial drilling program, despite the challenges due to the COVID-19 pandemic. We would like to thank the Philippine National Government for their ongoing support as the company looks forward to working closely with local land owners, stakeholders and relevant government agencies in advancing the project, showcasing our faithful adherence to global Environmental, Social ,and Governance (ESG) principles.”
Celsius’ Executive Director, Blair Sergeant, said it is very pleasing to see the Philippine Government’s recent commitment to reinvigorate the country’s mining industry translating into meaningful action and genuine support of the company’s Philippine subsidiaries activities.
“I look forward to the drilling program at Sagay commencing as soon as practically possible and providing the results thereof as and when they come to hand.”
The Sagay exploration permit extension underwent a full evaluation of the proposed exploration, environmental and social work programs and provided a basis for the MGB to approve the permit extension, with a number of key conditions attached. In particular, Tambuli Mining is required to fully implement the approved Work Programs (WP) along with filing a Declaration of the Mining Project Feasibility (DMPF) within the prescribed final two-year extension period.
The extension of the Sagay Exploration Permit is valid for a final period of two (2) years, which takes effect upon registration at the regional MGB office on August 11, 2021. The registration process included complying with certain regulatory requirements, including:
- Posting of a performance surety bond equivalent to the expenditure requirement of the approved WP’s with a validity consistent to the EP term;
- Payment of occupation fees per fraction to the municipalities and province/s where the Sagay tenement is located; and
- Securing land use agreements with a majority of landowners within the permit area prior to entry or conduct of exploration activities therein.
The proposed drilling programme is anticipated to commence mid-September 2021. The definition drilling with a coring metreage of 4,800 metres is comprised of eight drill holes, of which two are deep holes and six are shallow holes. Fitting of the vibrating wire piezometer for ground water readings and sampling preparations for metallurgical test work along with other technical studies will support the necessary documentation for the DMPF submission prior to the end of the two-year period.
The conclusion of the proposed drilling program and associated work streams should enable the Company to declare a maiden JORC compliant mineral resource.
Location
The Sagay Copper-Gold Project is located in the north-eastern part of Negros Island, within the cities of Sagay and Escalante and within the province of Negros Occidental in the Philippines.
Negros Island is part of the central group of Islands in the Philippines commonly referred to as “the Visayas”. Access to the project area is through Bacolod City, the provincial capital of Negros Occidental. Bacolod City to Sagay is an 81km drive via a well-paved highway.
The areas of interest were centred on one of two prominent hills that stand out on the project area – being Nabiga-a Hill. The Sagay Project appears to contain a very large-scale porphyry copper mineralisation at depth as defined by the numerous thick drill hole intersections as seen in the historical drilling conducted by TMCI (a wholly owned subsidiary of Freeport-McMoRan Inc., at the time), between 2008 and 2017.
