Celsius Resources Limited’s (ASX:CLA) Philippine subsidiary Makilala Mining Company, Inc. (MMCI) has received high-grade copper-gold assay results from the company’s first dill hole, which was completed at the MCB Copper-Gold Project, located on the island of Luzon.
Celsius Resources Executive Director, Blair Sergeant, said the results from Hole MCB-033 confirm the high-grade mineralisation and increase confidence that this portion of the Mineral Resource.
Celsius is delighted that these results confirm the significance of our maiden mineral resource and continue to validate our confidence in the high-grade copper-gold core at our MCB project. This high-grade core is the main focus of our Scoping Study, which is progressing well” Mr Sergeant said.
Significant intersections within the high-grade core included 87.85m @ 1.24% Cu and 0.36g/t gold,confirming the geological and grade continuity, improving the confidence on current JORC Compliant Mineral Resource Estimate.
Mr Sergeant said the team was also able to successfully complete downhole surveys and fitting of vibrating wire piezometers (VWP) to record subsurface pore water pressure, which is important for supporting the development of a hydrological model as part of the mine planning, a key component of the MCB Project Scoping Study. Rehabilitation of the MCB-033 site is ongoing.
Located in the Cordillera Administrative Region in the Philippines, approximately 320 km north of Manila, the MCB project holds a large, high-grade copper gold porphyry deposit. It is the flagship project within the Makilala portfolio which also contains other key prospects in the pipeline for permit renewal/extension.
A maiden JORC compliant Mineral Resource was declared for the MCB Project in January 2021, comprising 313.8 million tonnes @ 0.48% copper and 0.15 g/t gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold, of which 290.3 million tonnes @ 0.48% copper and 0.15 g/t gold is classified as Indicated and 23.5 million tonnes @ 0.48% copper and 0.10 g/t gold is classified as Inferred.
A high-grade core of 93.7 million tonnes @ 0.80% copper and 0.28 g/t gold will be the focus for the Company’s initial Scoping Study.
The high-grade core comprises 79.8 million tonnes @ 0.83% copper and 0.30 g/t gold in the Indicated category and 13.9 million tonnes @ 0.59% copper and 0.11 g/t gold in the Inferred category.