Celsius Resources has received high-grade copper-gold assays from its second drill hole at the MCB copper-gold project in the Philippines.
Celsius subsidiary Makilala Mining Company operates the MCB project, which is located on the island of Luzon.
According to Celsius, the two drill holes (MCB-033 and MCB-034) completed have confirmed continuity of large-scale copper mineralisation.
Assays results from the second drlll hole were 74 metres at 0.97 copper and 0.14 grams per tonne of gold from 353 metres down hole.
The total intersection is 607 metres at 0.44 per cent copper and 0.04 grams per tonne of gold from 26 metres down hole.
Celsius executive director Blair Sergeant said the results give further confidence for copper-gold mineralisation at the project.
“Celsius is delighted with the excellent results received from the second hole MCB-034, which like those of the first hole MCB-033, provide a great deal of confidence in the quality and scale of the copper-gold mineralisation at our flagship MCB project, and in particular the scale and quality of the high-grade core that is the focus of the current scoping study,” Sergeant said.
Celsius’ maiden joint ore reserves committee (JORC) mineral resource for the project includes 313.8 million tonnes at 0.48 per cent copper, 0.15 grams per tonne of gold for 1.5 million tonnes of contained copper and 1.47 million ounces of gold.
The JORC mineral resource was declared in January 2021.
According to Celsius, a high-grade core of 93.7 million tonnes at 0.80 per cent copper and 0.28 grams per tonne of gold is located within the mineral resources.
Celisus will focus on the high-grade core in its scoping study, which is on track to be completed towards the end of the third quarter of 2021.
Celsius has started its third drill hole (MCB-036), which will define deeper extensions to the mineralisation alongside the planned MCB-035 drill hole.