The Philippine subsidiary of Celsius Resources Ltd (ASX:CLA, AIM:CLA), Makilala Mining Company, Inc (MMCI), has passed a significant milestone on receiving the Declaration of Mining Project Feasibility (DMPF) approval for the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB) in the Philippines.
This approval marks the final step in the permitting process towards executing a Mineral Production Sharing Agreement (MPSA) with the Philippine Government, which would allow the company to develop and operate the MCB Project.
Issued by the Philippine Mines and Geosciences Bureau, the DMPF is a formal documentation specifying the feasibility of commercial utilisation of minerals in the tenement area.
The approval is based on various criteria including internationally accepted mining practices, environmental safety and economic viability, as stated in the Mining Project Feasibility Study and supported by requisite approvals such as the Environmental Compliance Certificate and Final Mine Rehabilitation Plan.
In addition to the DMPF, Celsius has met other regulatory requirements, including approval of the MCB Project's Mining Project Feasibility Study, Environmental Compliance Certificate, and Environmental Protection and Enhancement Program.
One of the key milestones
Celsius executive chairman Atty. Julito R Sarmiento said: “This is one of the key final milestones in the MCB Project permitting process.
“Following the approval, we are anticipating the mining permit to be delivered within a short period of time.
“With investors now showing genuine interest, we are hopeful to move the MCB Project forward to development and operations so that we can create value for shareholders and provide positive impacts for our project stakeholders.”
About the MCB
The MCB Copper-Gold Project (MCB) is in the Cordillera Administrative Region in northern Luzon, about 320 kilometres north of Manila.
It is the flagship project within the Makilala portfolio which also contains other key prospects in the pipeline for permit renewal/extension.
A maiden JORC-compliant mineral resource estimate (MRE) was declared for the MCB Project in January 2021, comprising 313.8 million tonnes at 0.48% copper and 0.15 g/t gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold.
An updated MRE was released on December 12, 2022, comprising 338 million tonnes at 0.47% copper and 0.12 g/t gold, for 1.6 million tonnes of contained copper and 1.3 million ounces of gold, of which 47 million tonnes is classified in the measured category, 249 million tonnes as indicated and 42 million tonnes as inferred.