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MANILA - Celsius Resources Limited (ASX, AIM:CLA) reported high-grade copper-gold intercepts from its ongoing drilling program at the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines.
The company announced that recent drilling yielded significant results, including 113.1 meters at 1.32% copper and 0.41 g/t gold from 8.1 meters depth, with a higher-grade zone of 54.6 meters at 1.84% copper and 0.74 g/t gold from 60.4 meters.
These results were obtained from a metallurgical test hole that was drilled vertically to collect samples for further processing plant design validation. According to the company, the intercepts exceeded expectations when compared to the resource model.
"This recent drill hole was completed to provide Ausenco and its mineral processing team with sufficient high-quality material from the MCB deposit," said Peter Hume, Country Technical Director at Celsius. "With these new higher-grade intercepts, we have further confidence that our mine plan, development and operating strategy will deliver the best value for the Project."
The company also announced that the Philippines National Water Resources Board has issued a Conditional Water Permit for the next twelve months, covering the initial construction phase of the project.
Celsius reported that its feasibility study update is progressing on schedule, with an interim report from Ausenco indicating potential enhancements in site layout, underground mine design, and process plant design that could improve operating costs and overall project economics.
The MCB Project contains a mineral resource of 338 million tonnes at 0.47% copper and 0.12 g/t gold, for a total of 1.6 million tonnes of contained copper and 1.3 million ounces of gold.
The company continues discussions with potential financing partners, including the Maharlika Investment Corporation and Kiri Industries Limited, though no definitive agreements have been reached.
The information in this article is based on a press release statement from Celsius Resources Limited.
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