Celsius Resources Limited (ASX:CLA) has been granted a six month extension to the exploration permit for the Sagay Copper-Gold Project. the Philippine Mines and Geosciences Bureau (MGB).
The permit term had been extending to up to February 2024. The Sagay Project is held under Celsius’ Philippine subsidiary Tambuli Mining Company, Inc. (TMCI).
In a letter to TMCI, the MGB stated that the request for extension was approved as it falls under the definition of force majeure or justifiable causes under the Philippine Mining Act,
“The MGB was extremely supportive of granting the permit extension to provide enough time for the company to carry out our approved work programs as part of developing the Sagay mineral resource into an economically viable project in support to the national government’s economic recovery efforts,” said Celsius Resources Executive Chairman, Martin Buckingham, said.
The Sagay Copper-Gold Project is located in the north-eastern part of Negros Island, within the cities of Sagay and Escalante and within the Province of Negros Occidental, Philippines.
Negros Island is part of the central group of Islands in the Philippines commonly referred to as “the Visayas”. Access to the project area is through Bacolod City, the provincial capital of Negros Occidental. Bacolod City to Sagay is an 81 kilometres drive through well-paved highway.
The areas of interest were centred on one of two prominent hills that stand out on the project area – being Nabiga-a Hill. The Sagay Project appears to contain very large-scale porphyry copper mineralisation at depth defined by the numerous thick drill hole intersections as seen in the historical drilling conducted by TMCI (a wholly owned subsidiary of Freeport-McMoRan Inc., at the time), between 2012 and 2016.
Recent results from three diamond drill holes, as announced by Celsius in an ASX release dated 23 June 2022, confirmed the shallow extensions to the large scale copper mineralisations in the area. This discovery is an important step for the next phase of studies.
For further information please visit: https://celsiusresources.com.au/
