Celsius Resources (ASX: CLA) has now successfully settled the acquisition of a suite of copper-gold projects in the Philippines, including the flagship Maalinao-Caigutan-Biyog (MCB) Project.
MCB and the other Philippine-based projects were owned by private UK company Anleck Limited with Celsius having now acquired all the issued capital of Anleck.
With settlement, Martin Buckingham has been appointed Non-Executive Chairman of Celsius
while Attilenore Austria has been appointed as a Non-Executive Director and Peter Hume has been appointed as the Company’s Country Operations Director – Philippines.
Bill Oliver and Brendan Borg will remain as Non-Executive Directors while Pine van Wyk has resigned as Non-Executive Director but will remain as the Country Operations Director – Namibia.
We are very pleased to confirm settlement of the acquisition of Anleck Limited,” Mr Buckingham said.
“We look forward to rapidly advancing the MCB project through to scoping and final feasibility status. With robust copper, gold and cobalt markets, we are excited about the company’s future.”
Last month, a maiden JORC compliant Mineral Resource was declared for the MCB project – located in Kalinga, Northern Luzon, Philippines – of 313.8 million tonnes at 0.48% copper and 0.15 g/t gold including 1.5 million tonnes of contained copper and 1.47 million ounces of contained gold.
Importantly, over 92% of the maiden Mineral Resource is in the Indicated category, and includes a high-grade core of 93.7 million tonnes at 0.80% copper and 0.28 g/t gold, which will be the focus for the Company’s initial studies.
MCB drilling is expected to commence late this month.
Shares in Celsius closed unchanged at 4.9c on Thursday.