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MANILA - Celsius Resources Limited (ASX,AIM:CLA) announced an updated mineral resource estimate for its Maalinao-Caigutan-Biyog Copper-Gold Project in the Philippines, reporting a gross global resource of 343 million tonnes at 0.46% copper and 0.12g/t gold.
The updated estimate, which contains 1.6 million tonnes of copper and 1.4 million ounces of gold, represents a slight increase from the previous 2022 estimate, adding 5 million tonnes containing 14,000 tonnes of copper.
The resource now includes a measured category of 49 million tonnes at 0.60% copper and 0.19g/t gold, along with a high-grade core of 99 million tonnes at 0.79% copper and 0.24g/t gold in the measured and indicated categories.
According to the company, recent drilling was conducted to obtain samples for metallurgical testing and geotechnical investigation to support an updated underground mine plan. The results will be utilized for the delivery of a JORC mining reserve and will be included in an updated feasibility study due for release in December 2025.
Makilala Technical Director Peter Hume noted that while the focus of the recent drilling program was to support the feasibility study update, the company was "pleasantly surprised with further high-grade results."
Celsius has a 40% working interest in the MCB project, with a conditional agreement to transfer a 60% working interest to Sodor, Inc., subject to outstanding conditions.
The project is located approximately 320km north of Manila and is covered by Mineral Production Sharing Agreement MPSA-356-2024-CAR, which was granted in March 2024.
The announcement is based on a company press release statement.
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