Celcius Resources

Celsius confirms and expands ‘higher grade’ zones at MCB Copper-Gold Project, Philippines

Celsius Resources (ASX: CLA) has reported ‘outstanding’ and ‘high-grade’ assay results following an ongoing drilling program at its ‘flagship’ MCB Copper-Gold Project in the Philippines.

The results, generated from one drill hole, successfully confirmed and expanded two additional higher grade zones that boast a horizontal orientation within a larger and broader lower grade envelope.

Multiple internal higher grade results confirmed:

  • 150.85m @ 1.90% Cu and 1.57g/t Au from 207.15m (2.55% Cu-Eq)
  • 234.45m @ 1.90% Cu and 0.87g/t Au from 391.55m (2.22% Cu-Eq) and,
  • 77.55m @ 2.47% Cu and 2.12g/t Au from 232.10m (3.34% Cu-Eq)

Speaking on the results, Celsius Resources Executive Chairman Martin Buckingham said: “The results from MCB-038 are exceptional, and we believe reflect the quality of the MCB deposit.

The results from MCB-038 are exceptional, and we believe reflect the quality of the MCB deposit

We still have a few more diamond drill holes to come which are planned to further define the shallow and east to access higher-grade copper at MCB. The drilling results over the past 6 months have identified important additions to copper mineralisation and we are looking forward to understanding the impact of these results as we move into our JORC update resource estimate and feasibility studies in the second half of this year.

These large intersections have substantial gold credits to result in very high Cu-Eq values after allowing for the estimated recoveries of both the copper and gold.” 

The reporting of copper equivalent values (Cu-Eq) was based on long-term predicted copper prices of US$4.0lb, gold price of US$1,695/oz, and with copper and gold recoveries of 94.2% and 79%, respectively as defined in the reported Scoping Study for the MCB Project.

The company also notes that the identified broader copper mineralisation envelope is ‘substantially’ larger with copper mineralisation boasting a lower cut-off of about 0.2% Cu.

In addition, the ‘higher grade’ positions are reported to contain a nominal cut-off of about 0.5% Cu.

The MCB Copper-Gold Project is located on the Philippines main island of Luzon, some 320km north of the capital city of Manila and is the flagship project for Celsius Resources.

The project currently boasts a JORC Mineral Resource Estimate of 313.8Mt @ 0.48% Cu and 0.15g/t Au, for 1.5Mt of contained copper and 1.4Moz of gold, of which 290.3Mt @ 0.48% Cu and 0.15g/t Au is classified as indicated. 23.5Mt @ 0.48% Cu and 0.01g/t Au is inferred.

With the current drill program still ongoing, Celsius reports that it has moved forward with an additional drill-hole in order to further extend and confirm shallower, ‘higher grade’ copper mineralisation to aid in planned scoping studies for the deposit.

Images: Celsius Resources Limited
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.