Celsius Resources Ltd (ASX:CLA, AIM:CLA) said it has made substantial progress towards developing the MCB Copper-Gold project in the Philippines, although the project is still awaiting permit approval from the Philippine National Government.
In its quarterly activities report for the period ended 31 March 2023, Celsius noted that Makilala Mining Company, a subsidiary of the company, is leading the exploration and feasibility work program for the MCB project in the Cordillera Administrative region, around 320 kilometres north of Manila.
The company has conducted extensive mapping on the geology, alteration, and mineralisation of exposed rocks with extensive porphyry-related mineralisation to delineate a near-surface mineralisation at the eastern segment of the MCB ore body.
Celsius also received further shallow high-grade copper-gold assay results from three additional drill hole assay results. The results confirmed the identification of new positions of shallow mineralisation in line with previous drilling results from holes completed at MCB over the last two years. These extensions are anticipated to form part of the shallow underground mining options.
"We are encouraged by the continued success of our exploration program and are looking forward to incorporating the results of our ongoing feasibility study to optimise the MCB mine plan," said Celsius CEO, Brendan Borg in the statement.
Celsius has also conducted additional desktop studies to update the geologic and mineralisation models for the Sagay Copper-Gold Project. The company revealed it had a closing cash balance of $3.139mln as of 31 March 2023.
"We remain committed to advancing our projects in a sustainable and responsible manner, and we are confident that we have the right team and strategy to unlock the full potential of our projects," added Borg.