Celsius Resources Limited (ASX: CLA) subsidiary Makilala Mining Company Inc. has announced that high-grade copper-gold assay results, including 87.85m @ 1.24% Cu and 0.36g/t Au from 305m down hole, were received from the first dill hole completed at the MCB Copper-Gold Project in the Philippines.
CLA said that the results improve confidence in the existing MCB Mineral Resource estimate
The company said that the continuity of high-grade core was confirmed with assay results from MCB-033, which had a total intersection of 619m @ 0.41% copper and 0.08g/t gold (true width est. of ~408m) from 17m down hole. CLA said that the results improve confidence in the existing MCB Mineral Resource estimate.
Celsius reported that the drill hole MCB-033 has successfully achieved its primary objective of confirming the geological and grade continuity leading to improved confidence in the MCB Mineral Resource estimate.
The company announced that the drilling of MCB-034 is well underway (currently at 380 meters), which is positioned to the northeast of MCB-033 along strike of the high-grade copper-gold mineralisation. CLA said that further drill holes are planned to test the open depth extent to the high-grade copper-gold positions.
The MCB Copper Gold Project is the company’s flagship project within the Makilala portfolio. The company had reported the project’s maiden JORC compliant Mineral Resource in January 2021.
The JORC MRE comprised 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 are classified as inferred.
A high-grade core of 93.7 million tonnes @ 0.80% copper and 0.28 g/t gold was the focus for the Company’s initial Scoping Study. The high-grade core comprised 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.
Drilling at MCB project
Makilala Mining had commenced drilling activities at MCB in February 2021 to achieve a number of key milestones like increased confidence in the high-grade portion of the Mineral Resource, test depth extensions to the high-grade section of the copper gold mineralisation, and, test further strike extensions to the MCB deposit across a defined fault which appears to offset the copper-gold mineralisation on its western boundary.
The company had recently completed the drilling of the first dill hole, MCB-033, at the MCB Copper-Gold Project.
MCB-033 results confirm continuity of high-grade core
CLA announced that significant intersections from MCB-033 included 87.85m @ 1.24% Cu and 0.36g/t gold, confirming the geological and grade continuity of the high-grade core and improving the confidence on current JORC Compliant Mineral Resource Estimate.
The company said that the copper mineralisation in hole MCB-033 commenced as shallow as 17m down hole, extending all the way down to 636 m. The company said that these broad limits to the copper mineralisation were based on a lower cut-off grade close to 0.1% Cu.
Significant intersections from drill hole MCB-033, reported at 0.1% copper, 0.2% copper and 0.5% copper cut-off grades respectively are as shown below.
MCB-034 underway, two others planned
The company said that the second drill hole at MCB, MCB-034 is well underway and was at a depth of 380.0m. CLA said that the hole is designed to further define the boundaries to the broader copper mineralisation at MCB in addition to confirm the continuity of the critical high-grade core.
The company said that this drill hole is planned to extend down to a total target depth of 600m but may be extended as required. CLA said that the drill rig will move on to a further two drill holes planned to test for deeper extensions to the high-grade copper-gold mineralisation at MCB.
Scoping study ongoing
CLA said that the Scoping Study major components are currently ongoing and the Scoping Study Report remains on track with a target completion towards the end of Q3 2021.
CLA said that there are a few locations where the potential extension to the current Minerals Resource could be tested. The company said that these locations are initially defined at depth plunging steeply to the west underneath the high-grade copper-gold mineralisation and also to the west of the Maalinao-Panyaw fault.
Celsius said that the location for the possible high-grade copper-gold to the west include at depth, due to the interpretation that the fault has downthrown the geology on its western side, or toward the north-west, as a possible trend exists to the mineralisation in this direction which has not been tested.
The company said that apart from the direct extensions to the currently defined copper-gold mineralisation, there is considerable scope for further discoveries of two defined deposit types at the MCB Tenement – Porphyry copper-gold deposit types; and Epithermal vein hosted deposit types.
“Celsius is delighted that these results confirm the significance of our maiden mineral resource”
Celsius Resources Executive Director Blair Sergeant said: “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.”
Image Source: Celsius Resources Limited