News & Updates

• Global Mineral Resource of 338Mt @ 0.47% Copper and 0.12g/t gold (0.2% Cu cut-off)
• 1.6 million tonnes of contained copper and 1.3 million ounces of contained gold
• New Measured category of 47Mt @ 0.59% Cu and 0.19g/t Au (0.2% Cu cut-off)
• Total high-grade core of (0.5% copper cut-off) of 77 million tonnes @ 0.82% copper and 0.27g/t gold in the Measured and Indicated category to focus the MCB Feasibility Study.

Celsius Resources Limited (“Celsius” or “the Company”) is pleased to announce an updated JORC compliant Mineral Resource Estimate (“MRE”) for the MCB Copper-Gold Project (“Project” or “MCB”), held under its Philippine Subsidiary Company, Makilala Mining Co., Inc (MMCI) and located at the Island of Luzon in the Philippines (Figure 1).

The Global Mineral Resource estimate is now 338 million tonnes of 0.47% copper, and 0.12g/t gold, for a total of 1.6Mt of contained copper and 1.3Mozs of contained gold reported to a preferred lower cutoff grade of 0.2% copper (Table 1).

The drilling during 2021 and 2022 were all within the boundaries of the maiden Mineral Resource estimate for MCB (see CLA release dated 12 January 2021). The shallow drilling information provided for greater definition of the high-grade sections of the Mineral Resource and allowed for an increase in the confidence level to the Measured category, in addition to a refinement of the boundaries to the Mineral Resource. Celsius Resources Executive Director Peter Hume said:

“The focus of the more recent drilling effort has been to define the shallow high-grade sections of the Mineral Resource at MCB.”

“These results are reflected in the updated Mineral Resource, particularly within the shallow Measured and Indicated portion of the Mineral Resource, providing for an improved grade which will help to drive key outcomes for the upcoming feasibility study work in 2023.”

“As we continue to define the high-grade sections at shallow levels, we will be able to refine the direction to greater depths of these positions. This will in turn aid the future drilling effort, which we believe will ultimately improve the global Mineral Resource as soon as we can turn our attention to testing the deeper extensions.”

Work undertaken as part of the 2022 MRE includes drilling completed by MMCI since early 2021. The most substantial effect of the drilling results was the inclusion of a Measured component to the MRE confirming the continuity of the copper mineralisation at key locations throughout the MRE through infill drilling.

The infill drilling enabled better definition of the boundaries to the overall copper mineralisation at MCB, in addition to specific locations which were tested to confirm the orientation and continuity of the internal higher-grade copper mineralisation.

In addition, the more recent diamond drilling at MCB has identified some shallow high-grade copper mineralisation not previously defined from the earlier drilling programs. The impact of this additional copper mineralisation was significant at shallow levels, as defined by an increase to the copper content at higher cut-off grades and tighter definition of the higher-grade material. This will allow for a more refined mine plan as part of the proposed feasibility study work scheduled for 2023.

A further change to the MRE has been the inclusion of a small portion of weathered material which was not reported in the 2020 MRE. There is a potential to process weathered material from the surface stabilisation and surface infrastructure works as part of the upcoming feasibility studies. Therefore, given the prospect for mining and processing of at least a portion of the weathered copper mineralisation, it has now been included as part of the MCB Mineral Resource Estimate.

To read the full announcement, click here.