Celsius Resources reveals more high-grade copper-gold at MCB in the Philippines

Celsius Resources Ltd subsidiary Makilala Mining Company Inc (MMCI) has received more high-grade copper-gold assay results from a second drill hole completed at the MCB Copper-Gold Project on the island of Luzon in the Philippines. Continuity of high-grade core has been confirmed in hole MCB-034 with assays including 74 metres at 0.97% copper and 0.14 g/t gold from 353 metres downhole. This was within a total intersection of 607 metres at 0.44% copper and 0.04 g/t gold from 26 metres downhole. Results from hole MCB-034 confirm the position of a central core of high-grade mineralisation, similar to previous hole MCB-033, and has increased confidence for this portion of the mineral resource. “Delighted with results” Celsius Resources executive director Blair Sergent said: “Celsius is delighted with the excellent results received from the second hole MCB-034, which like those of the first hole MCB-033, provide a great deal of confidence in the quality and scale of the copper-gold mineralisation.” He said that in particular, they confirmed the scale and quality of the high-grade core that was the focus of the current scoping study. Large-scale copper mineralisation The holes MCB-033 and MCB-034 have confirmed the continuity of the large-scale copper mineralisation in addition to providing greater definition to the higher-grade central core at MCB. According to the company, the drilling results continue to improve confidence in the existing MCB mineral resource estimate. It has started drilling at MCB-036, which in addition to the planned drill hole MCB-035, is aimed at defining deeper extensions to the large-scale copper mineralisation. MCB Copper-Gold Project The MCB Copper-Gold Project is in the Cordillera Administrative Region in the Philippines, about 320 kilometres north of Manila. It is the flagship project within the Makilala portfolio which also contains other key prospects in the pipeline for permit renewal/extension. A maiden JORC-compliant mineral resource for MCB comprises 313.8 million tonnes at 0.48% copper and 0.15 g/t gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold. Scoping study update The company is also progressing well with a scoping study and remains on track to complete this towards the end of the current quarter. Major components of the study are ongoing with the status of some of the workstreams as follows: Mine plan and design trade-off study - 100% complete; Infrastructure requirement/layout - 95% complete; Paste backfill study - 20% complete awaiting results from comminution test-work; Metallurgical test-work - 20% complete with anticipated completion in the third week of August; Process plant design - 20% complete awaiting results from comminution test-work; and Dam conceptual design - 10% complete awaiting technical information from paste backfill and comminution studies.