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- Celsius Resources (CLA) is set to undertake mine planning and financial modelling for its emerging copper-gold project in the Philippines
- The explorer has taken on a mining contractor through its Phillpine subsidiary to develop concepts for establishing an underground mine at its Maalinao-Caigutan-Biyog project
- It comes as Celsius progresses through the scoping study stage of the project, where it ultimately hopes to target its high-grade core of 93.7 million tonnes at 0.80 per cent copper and 0.28 g/t gold
- Meanwhile, concurrent drilling at the project is tipped to be finished in the coming weeks, having drill to a depth of 458.9 meters so far out of a targeted 600 metres
- Celsius Resources is trading in the grey at 4 cents per share
Celsius Resources (CLA) is set to undertake conceptual mine planning and financial modelling for its emerging copper-gold project in the Philippines.
Through its Philippine subsidiary, Makilala Mining, Australian minerals explorer Celsius has employed contractor Mining Plus to complete the works as part of its scoping study stage for the project.
The explorer’s Maalinao-Caigutan-Biyog copper-gold project is situated approximately 320 kilometres north of Manila and is said to hold a large, high-grade copper-gold porphyry deposit.
More specifically, Mining Plus will work towards developing concepts for establishing an underground mine at Maalinao-Caigutan-Biyog and provide CLA with financial modelling and a mine plan.
The project touts a 313.8-million-tonne at 0.48 per cent copper and 0.15 g/t gold maiden JORC resource, with the explorer’s initial scoping study targeting a high-grade core of 93.7 million tonnes at 0.80 per cent copper and 0.28 g/t gold.
Celsius advised its drilling effort at the project had been “slower than expected” but would be completed by the third week of April, having drilled to a depth of 458.9 meters so far out of a targeted 600 metres.
Samples from this drill are set to be shipped to Perth for testing, with results expected in May.
Celsius Resources is trading in the grey at 4 cents per share at 11:51 am AEST.
