Celsius Resources Limited (ASX:CLA) has received “outstanding” large scale and high-grade assay results from the ongoing drilling programme at its flagship MCB copper-gold project in the Philippines.
The results are in line with other recent drilling results from holes MCB-036 and MCB-037, confirming the presence of an extensive shallow higher-grade position.
MCB-038 continued on further to confirm and expand the position of two additional higher-grade zones which have a horizontal orientation within a larger and broader lower grade envelop.
Executive Chairman, Martin Buckingham, said the results from MCB-038 were designed to improve the confidence level of the existing Mineral Resource in addition to focusing on defining further higher-grade positions for the purpose of enhancing the feasibility study.
“The results from MCB-038 are exceptional, and we believe reflect the quality of the MCB deposit,” Mr Buckingham said.
“We still have a few more diamond drill holes to come which are planned to further define the shallow and easy to access higher-grade copper at MCB.
“The drilling results over the past six 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 CuEq values after allowing for the estimated recoveries of both the copper and gold.”
Highlights
· Intersection of 611.4m @ 1.39% copper and 0.75g/t gold from 32.5m (1.67% CuEq).
· Multiple internal higher-grade results confirmed:
o 150.85m @ 1.90% copper and 1.57g/t gold from 207.15m (2.55% CuEq),
o 234.45m @ 1.90% copper and 0.87g/t gold from 391.55m (2.22%CuEq) and,
o 77.55m @ 2.47% copper and 2.12 g/t gold from 232.10m (3.34%CuEq)
The MCB Copper-Gold Project (MCB) is located in the Cordillera Administrative Region in the Philippines, approximately 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 Estimate was declared for the MCB Project in January 2021, comprising 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 is classified as Inferred.
A Scoping Study for the MCB Project was announced by CLA on 1 December 2021, which identified the potential for the development of a copper-gold operation with a 25-year mine life. The scoping study was based on an underground mining operation and processing facility to produce a saleable copper-gold concentrate.
Highlights from the Scoping study include a Post tax NPV (8%) of US$464m and IRR of 35%, assuming a copper price of US$4.00/lb and gold price of US$1,695/oz. Initial capital expenditure is estimated to be US$253m with a payback period of approximately 2.7 years.
The designed mine production is matched to a 2.28Mtpa processing plant which will treat ore with an estimated average grade of 1.14% copper and 0.54g/t gold for the first 10 years of planned production with a C1 cash costs at just US$0.73/lb copper, net gold credits.
For further information please visit: https://celsiusresources.com.au/
