Celsius Resources Ltd (ASX:CLA, AIM:CLA) is set to explore a new tenement at the Botilao Porphyry Copper-Gold Prospect in the Philippines, now that its Philippine subsidiary, Makilala Mining Company Inc, has lodged an application for an exploration permit.
Expansion potential
The secondary tenement, adjacent to the company's Maalinao-Caigutan-Biyog (MCB) Project, has the potential to extend the operational mine life and complement the development of the area with the expansion signifying the company's commitment to enhancing its portfolio of copper-gold assets in the Philippines.
The Mines and Geosciences Bureau has confirmed that all documentary requirements at its end have been satisfied, with clearance of signatories from the national government expected in the coming weeks.
Botilao prospect is along the same northeast structure that controls the porphyry copper-gold mineralisation at MCB.
This prospect in the Cordillera Administrative Region is part of the Makilala portfolio and covers an area of 947.67 hectares.
Previous drilling conducted by Lepanto Exploration Asia in the 1970s confirmed the presence of copper-gold mineralisation in the area.
Location of the Botilao tenement with respect to MCB. The Pasil River Fault, which is the mineralisation control for the MCB deposit, extends towards Botilao.
Two-year exploration program
The proposed two-year exploration work program aims to define the extent and distribution of the observed mineralisation along Botilao Creek.
Activities will include geochemical sampling, mapping and potential geophysical surveys, leading to diamond drilling.
Detailed mapping will focus on identified mineralised outcrops to gain a comprehensive understanding of the mineralisation classification and controls.
Celsius executive chairman Julito R Sarmiento said: “This is another opportunity for Celsius to explore and develop our portfolio of copper-gold assets in the Philippines.
“This tenement could add significant value and complement the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project, given its location and porphyry copper-gold mineralisation within the area.”