- Celsius Resources’ (CLA) subsidiary, Tambuli Mining Company (TMCI), is granted an extension for the Sagay exploration permit in the Philippines
- The Philippines Mines and Geosciences Bureau grants the extension as part of the government’s economic recovery program
- The two-year extension comes with certain conditions such as TMCI filing a Declaration of the Mining Project Feasibility and implementing work programs
- Next month, TMCI will begin a 4800-metre drilling program to test porphyry copper mineralisation and deliver a maiden JORC resource for the Sagay Project
- Company shares are down 7.14 per cent to trade at 2.6 cents
Celsius Resources’ (CLA) subsidiary, Tambuli Mining Company (TMCI), has been granted a two-year extension for the Sagay exploration permit in the Philippines.
The Philippines Mines and Geosciences Bureau (MGB) granted the extension as part of the National Government’s economic recovery program.
The permit extensions come with certain conditions including implementing the approved work programs and filing a declaration of the mining project feasibility within the two-year period.
Celsius Executive Director Blair Sergeant was pleased with the permit extension.
“It’s very pleasing to see the Philippine Government’s recent commitment to reinvigorate the country’s mining industry translating into meaningful action and genuine support of our Philippine subsidiary’s activities.”
TMCI President Attorney Julito R Sarmiento said the extension marks an important step in developing its copper-gold portfolio.
“Our in-country team is now preparing to advance the Sagay Project with a substantial drilling program, despite the challenges due to COVID-19,” Mr Sarmiento said.
“We would like to thank the Philippine National Government for their ongoing support as the company looks forward to working closely with local landowners, stakeholders and relevant government agencies in advancing the project.”
TMCI will begin a resource definition drilling program at the Sagay Copper-Gold Project in mid-September. The 4800-metre program will aim to deliver a maiden JORC resource and test porphyry copper mineralisation.
Company shares were down 7.14 per cent to trade at 2.6 cents at 12:23 pm AEST.