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Updated Mineral Resource for Celsius’ MCB Copper-Gold Project

Updated Mineral Resource for Celsius’ MCB Copper-Gold Project

12 December 2022 Announcement


  • Global Mineral Resource of 338Mt @ 0.47% Copper and 0.12g/t gold (0.2% Cu cut-off)
  • 1.6 million tonnes of contained copper and 1.3 million ounces of contained gold
  • New Measured category of 47Mt @ 0.59% Cu and 0.19g/t Au (0.2% Cu cut-off
  • Total high-grade core of (0.5% copper cut-off) of 77 million tonnes @ 0.82% copper and
    0.27g/t gold in the Measured and Indicated category to focus the MCB Feasibility Study.

We are pleased to announce an updated JORC compliant Mineral Resource Estimate (“MRE”) for our MCB Copper-Gold Project, held under our Philippine Subsidiary Company, Makilala Mining Co., Inc (MMCI) and located at the Island of Luzon in the Philippines.

The Global Mineral Resource estimate is now 338 million tonnes of 0.47% copper, and 0.12g/t gold, for a total of 1.6Mt of contained copper and 1.3Mozs of contained gold reported to a preferred lower cutoff grade of 0.2% copper.

The drilling during 2021 and 2022 were all within the boundaries of the maiden Mineral Resource estimate for MCB (see CLA release dated 12 January 2021). The shallow drilling information provided for greater definition of the high-grade sections of the Mineral Resource and allowed for an increase in the confidence level to the Measured category, in addition to a refinement of the boundaries to the Mineral Resource.

Celsius Resources Executive Director Peter Hume said:

“The focus of the more recent drilling effort has been to define the shallow high-grade sections of the Mineral Resource at MCB.”

“These results are reflected in the updated Mineral Resource, particularly within the shallow Measured and Indicated portion of the Mineral Resource, providing for an improved grade which will help to drive key outcomes for the upcoming feasibility study work in 2023.”

“As we continue to define the high-grade sections at shallow levels, we will be able to refine the direction to greater depths of these positions. This will in turn aid the future drilling effort, which we believe will ultimately improve the global Mineral Resource as soon as we can turn our attention to testing the deeper extensions.”

To read the full announcement, please click here.

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