Media

• Drilling of MCB Project’s third hole (MCB-036) completed with a final drilling depth of 860.20m and average core recovery at 97%.
  
• MCB-036 total intersection of 671m @ 0.43% copper and 0.12g/t gold, from 19m downhole, including internal shallow higher-grade intervals of 122m @ 0.92% copper and 0.24 g/t gold from 27 and 13m @ 3.69% copper and 0.39g/t gold from 89m.
  
• Scoping Study completed in December 2021 with 25 year mine life, payback of 2.7 years, and Pre Tax IRR of 35%.
  
• Revised Mineral Resource estimate at Opuwo Cobalt Project completed, resulting in a doubling of the Mineral Resource Estimate.
  
• Closing cash as at 31 December 2021 of $1.96m.

It has been a solid quarter for Celsius, as the Company, along with Makilala Mining Company, Inc, (Celsius’ Philippine subsidiary), continued to advance its exploration work program at the Maalinao-Caigutan-Biyog (MCB) Project in the Cordillera Administrative region, approximately 320km north of Manila.

With a final depth of 860m, drilling of the third hole (MCB-036) was completed, the results of which were released on 13 December 2021.

Shallow copper mineralisation was identified from a 19m down hole, extending down to 691m. Several higher-grade intervals were intersected, including a well-defined high-grade core which is above a cut-off grade of approximately 0.5% copper.

Vibrating Wire Piezometer sensors were installed at 8m and 63m, and initial results were collected to support the hydrogeological study. 

During the quarter, Celsius Resources’ subsidiary, Makilala Mining Company, Inc. also engaged a new drilling contractor, DrillCorp Mining Resources and Construction Corporation, for the continuation of the drilling operations at MCB.

It was announced on December 1 that a positive Scoping Study had been completed on the MCB Copper Gold Project.  

Our closing cash balance as at 31 December 2021 was $1.96m.

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