Celsius Resources

Celsius Resources Limited (ASX/AIM:CLA) is a multi-asset copper and gold resources company with a robust portfolio of geographically diverse projects in the Philippines.

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Celsius Resources Limited (ASX, AIM: CLA) and its Philippines affiliate, Makilala Mining Company, Inc. (MMCI), today announced further strong results from the ongoing drilling program at its flagship MCB Copper-Gold Project.

The latest completed drill hole, undertaken for geo-technical and hydro-geological data, returned assays higher than anticipated when compared to the existing resource model, confirming the presence of robust, high-grade copper mineralisation.

Strong intercepts confirm high grades

The hole, which reached a total depth of 450.1 metres, provided strong initial assays from the top section. Results for the first 102.0 metres downhole revealed a continuous interval of 86.0 metres from 16.0 metres grading 0.56% Cu and 0.06 g/t Au.

Crucially, this included a higher-grade zone of 16.0 metres from 16.0 metres grading 1.26% Cu and 0.06 g/t Au.

These intercepts strongly support the geological robustness of the mineralisation in the targeted zone.

Assay results for the significant remaining interval (from 102.0 metres to 450.1 metres) are pending and will be released to the market once validated.

Feasibility study on track for December update

The ongoing Feasibility Study (FS) update remains on schedule and is now more than 60% complete.

Key development work, including the final mine design and the 3D layout for the process plant and site infrastructure, is nearing completion.

Commenting on the results, Peter Hume, Technical Director for Celsius Resources, stated, "This recent drill hole was completed to provide additional mine design and geo-technical data. With these new higher-grade intercepts, the Board has further confidence that the final mine plan will deliver the best value for the MCB Project, our investors, shareholders and the community.”

The Company expects to release an updated Mineral Resource Estimate (MRE), followed by a JORC Ore Reserve Statement, once all assays from the drilling program are received.

These statements are expected to be announced alongside the updated JORC Feasibility Study report by December this year, providing a comprehensive picture of the project.

Drill results confirm higher-grade zone, boosts confidence in MCB Project