Celsius Resources Limited (ASX:CLA) has received further shallow and high-grade copper assay results from the ongoing drilling programme at its flagship MCB copper- gold project, owned by its Philippine subsidiary Makilala Mining Company, Inc. (MMCI).
The results continue to extend the envelope of the near surface mineralisation which complement previous drilling results from holes completed at MCB from 2021 to 2022 and validate the historical drilling information completed by Freeport-McMoRan.
The results from MCB-041 are particularly significant as they have allowed the near surface higher-grade copper mineralisation envelope to extend further to the east. This location in general was previously only supported by one drill hole (MCB-010A). MCB-041 has significantly expanded the footprint of the near surface, higher-grade copper mineralisation at MCB.
“Our drilling strategy was modified in 2022 to shift the focus from deep targets to the recently identified near surface higher-grade targets and it is starting to significantly pay off with better-than-expected results,” Country Operations Director Mr. Peter Hume said.
“We had previously interpreted that the high-grade targets were mostly at depth, but an analysis of the recent results, particularly from MCB-036 which intersected 59m @ 1.29% copper and 0.27g/t gold, MCB- 037 which intersected 28.95m @ 1.12% copper and 0.06g/t gold, and now MCB-041, have confirmed the presence of a more extensive shallow copper mineralisation than previously understood.
“We expect these combined results will make a solid positive enhancement to the feasibility study which will commence in early 2023.”
Drill hole MCB-041 was drilled to test the north-eastern extents of the shallow higher-grade copper mineralisation.
The results from MCB-041 have confirmed further extensions of the higher-grade copper mineralisation at a shallow dip which appears to cover an extensive area close to the surface of the MCB Project.
Drill hole MCB-041 intersected some historical workings (inferred from 1970’s INCO exploration tunnels) which have extended into the MCB deposit area from the east and caused the drill hole from being drilled to full depth.
MMCI is continuing to test the extents of the shallow copper mineralisation with assay results pending for drill hole MCB-042 and the recent commencement of drill hole MCB-043.
The MCB Copper-Gold Project (MCB) is located in the Cordillera Administrative Region in the Philippines, approximately 320km 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.
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