News & Updates

• Assay results from three additional drill holes have all confirmed further extensions to the shallow, high-grade copper mineralisation at MCB 
• Assay result highlights include:
  • 51.3m @ 0.93% copper and 0.06g/t gold from 7.7m in drill hole MCB-042 
  • 101.5m @ 0.90% copper and 0.18g/t gold from 9m in drill hole MCB-043
  • 131.1m @ 0.93% copper and 0.23g/t gold from 11m in drill hole MCB-044
• The favorable results from the drilling campaign enhances confidence in the updated 2022 Mineral Resource estimate for MCB 

Celsius Resources Limited (“Celsius” or “the Company”) is pleased to announce it has received further shallow and high-grade copper assay results from the Company’s drilling program at its flagship MCB Copper-Gold Project, held under its Philippine subsidiary Makilala Mining Company, Inc. (“MMCI”). 

The results continue to identify new positions of shallow mineralisation in line with previous drilling results from holes completed at MCB over the last two years, and historical drilling information completed earlier by Freeport-McMoRan. 

“We continue to see higher-grade sections defined over a broad area now at shallow levels. The earlier success we had in 2022 defining new shallow higher grade copper mineralisation is continuing into 2023. We still have further tests to carry out on the possible extensions to these higher-grade copper zones which we believe will continue to improve the proposed production schedule, specifically during the early years, as part of our Feasibility Studies,” said Celsius Resources Executive Director Peter Hume. 

“MCB is a unique copper-gold mine opportunity in the Philippines, with a Memorandum of Agreement forged with the Balatoc Community and now in the process of securing a mining agreement with the Philippine Government, paving the way to successfully developing the MCB Project and mutually benefitting our shareholders and local stakeholders alike.” Mr. Hume said. 

Drill holes MCB-042, 043 and 044 were planned to test the shallow extents of the defined higher-grade mineralisation which appears to have developed as a relatively horizontal blanket over the MCB deposit area (see Figures 1 and 2). The area tested was previously poorly defined, due to a lack of drill hole collar locations available at earlier stages of exploration. 

CLA was able to locate some new drill hole collar locations which enabled the testing of the shallow copper mineralisation towards the northeastern section of the MCB deposit. The shallow locations drilled exist on steep slopes and are expected be utilised as part of the required stope stabilisation work during the early part of the proposed mining operations. The further extensions of the shallow high-grade copper-gold mineralisation is anticipated to form part of the shallow underground mining options. 

The full impact of this additional drill hole information will be assessed during the optimisation of the MCB mine plan. 

To read the full announcement, click here.