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Maiden Mineral Resource for Celsius’ Sagay Cu-Au Project

Maiden Mineral Resource for Celsius’ Sagay Cu-Au Project

07 November 2022 Announcement
  • Maiden Indicated and Inferred Mineral Resource of 302 million tonnes @ 0.41% copper
    and 0.11g/t gold

  • 1.2 million tonnes of contained copper and 1 million ounces of contained gold

  • The copper mineralisation is open in all directions in addition to further drill
    intersections which are not yet included in the Mineral Resource estimate due to
    limited drilling information

  • Mineralisation exists from near surface down to over 1.2km depth with strike lengths
    up to 1km and true widths extending into the 100’s of metres.

  • There is potential for internal higher-grade sections which is indicated in a few drill
    holes completed to date

We are pleased to declare a maiden JORC compliant Mineral Resource for the Sagay (SGY) Copper-Gold Project (“Project”), held under our Philippine Subsidiary Company, Tambuli Mining Co., Inc (TMCI) and located at the Island of Negros in the Philippines.

The latest results suggest that the SGY Project hosts a large-scale porphyry copper-gold mineralisation. The Global Mineral Resource estimate comprises 302 million tonnes of 0.41% copper, and 0.11g/t gold, at a lower cutoff grade of 0.2% copper.

The maiden Mineral Resource Estimate (MRE) is located at Nabiga-a Hill, within the broader SGY Project area. At Nabiga-a, the MRE has been defined by a total of 32 diamond drill holes which are very broadly spaced and have shown copper mineralisation over an extensive area from the surface down to 1.2km in depth.

Celsius Resources Executive Director Peter Hume said: “The copper mineralisation at Sagay is truly large scale, with potential to develop into another significant copper deposit in the Philippines.”

“We have only drilled a modest number of holes into this deposit but the large intersections have already defined 1.2Mt of copper. With open intersection at multiple positions and in multiple directions, we anticipate that further drilling will lead to substantial growth in the known copper mineralisation.”

“We also have some evidence that higher-grade zones could exist within the huge lower-grade copper envelop. We look forward to the next phase of exploration which will also focus on investigating the possible extensions of these higher-grade positions closer to the surface.”

Celsius Resources is still in the process of finding a suitable partner to develop the Sagay Project.

To read the full announcement, please click here.

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