Celsius Resources Ltd (ASX:CLA, AIM:CLA) issued its mandatory quarterly activities update for Australian investors for the quarter ending 30 September, highlighting previously reported progress, including the approval of the Maalinao-Caigutan-Biyog copper-gold project's (MCB Project) Declaration of Mining Project Feasibility (reported on 28 September 2023).
The approval paves the way for the company to secure a mineral production sharing agreement with the Philippine National Government, which would in turn allow the development and operation of the mine.
Elsewhere, at the Botilao copper-gold prospect the company secured an exploration permit (on 7 August 2023) in an area to the southwest of the MCB project. This venture benefits from historical exploration data and current geological insights gleaned from the MCB Deposit.
Here, the exploration aim is to determine the mineralisation extent along Botilao Creek, with plans for geochemical sampling, mapping and potential diamond drilling activities.
At the Opuwo cobalt project in Namibia, there was continued metallurgical test work. Here, the company is in discussions with the Namibian government to renew its mineral rights, with the renewal expected to be formalised in the next quarter.
Meanwhile, the SAGAY copper-gold project in the Philippines saw increased activities, focusing on the high-grade copper zone. Eleven diamond drill holes were completed, with results pending to determine the project's viability.
Celsius reported a cash reserve of approximately A$3.7 million at the end of the quarter.