Celsius Resources has received a two-year permit extension for the Sagay copper-gold project in the Philippines with further drilling set to unveil its maiden resource.
The extension was provided to Celsius’ Philippine subsidiary Tambuli Mining Company by the Philippine Mine and Geosciences Bureau as part of the government’s economic recovery program.
Celsius confirmed drilling will commence in mid September 2021, including two deep holes and six shallow holes with a coring metreage of 4800 metres.
According to Celsius, this will advance its maiden joint ore reserves committee (JORC) resource to test large-scale porphyry copper mineralisation.
Historical drilling results at Sagay from Freeport-McMoRan confirmed assays of 77.2 metres at 0.69 per cent copper and 0.19 grams per tonne of gold within 521.37 metres at 0.47 per cent copper and 0.31 grams per tonne of gold.
Freeport-McMoRan started exploring Sagay in 2008 and eventually discovered an alternation system that revealed porphyry copper and epithermal gold.
Tambuli Mining president Julito Sarmento said the approval marked an important milestone in Sagay’s progression.
“This is an important step in developing another of the assets within the company’s copper-gold portfolio, and re-confirms the renewed commitment of the Philippine National Government to support the mining industry and the Country’s path to economic recovery,” he said.
“Our in-country team is now preparing to advance the Sagay Project with a substantial drilling program, despite the challenges due to the COVID-19 pandemic.”
The exploration permit extension required a full evaluation of the exploration, environmental and social work programs.
Celsius stated the approved extension requires Tambuli Mining to provide approved work programs and file a declaration of the mining project feasibility within the two-year extension period.
“Its 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 subsidiaries activities,” Celsius executive director Blair Sergeant said.
“I look forward to the drilling program at Sagay commencing as soon as practically possible and providing the results thereof as and when they come to hand.”