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MANILA - Celsius Resources Limited (ASX, AIM:CLA) has announced additional high-grade copper intercepts from its ongoing drilling program at the MCB Copper-Gold Project in the Philippines, with results showing 86.0 meters at 0.56% copper and 0.06 g/t gold from 16.0 meters depth.
The company reported that the intercept includes a higher-grade zone of 16.0 meters at 1.26% copper and 0.06 g/t gold from 16.0 meters. The recent drill hole, part of a program that began in June, was primarily conducted for geotechnical and metallurgical purposes.
Technical Director Peter Hume stated that the results provide "further confidence that the final mine plan will deliver the best value for the MCB Project, our investors, shareholders and the community."
The feasibility study update for the project is now 60% complete, with work on the final mine design nearing completion alongside 3D layout planning for the process plant and site infrastructure.
Celsius expects to release an updated Mineral Resource Estimate followed by a JORC Ore Reserve Statement once all assays from the drilling program are received. These statements are anticipated to be announced with the updated JORC Feasibility Study report by December 2025.
The MCB Project, located approximately 320km north of Manila, currently has a mineral resource of 338 million tonnes at 0.47% copper and 0.12 g/t gold. A previous study identified potential for a 25-year mine life with a post-tax NPV of $464 million.
The announcement was based on a company press release statement and authorized by the Board of Directors of Celsius Resources Limited.
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