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Celsius Resources' Sagay application a 'signifiicant achievement'

Published 08/01/2024, 11:31 pm
Updated 09/01/2024, 12:00 am
© Reuters.  Celsius Resources' Sagay application a 'signifiicant achievement'

Celsius Resources Ltd (ASX:CLA, AIM:CLA)’s application for a mining feasibility declaration for its Sagay Project in the Philippines is a significant achievement for the mining junior, says house broker WH Ireland.

In the northeastern part of Negros Island, Sagay is host to a mineral resource containing an estimated 1.2 million tonnes of copper and 1 million ounces of gold.

The submission of the application for a DMPF comes following extensive technical investigation and extensive stakeholder consultation, added the broker.

Amongst other studies, the application brings together Mining Feasibility Studies, Environmental Impact Assessment, Rehabilitation plans and social development programmes.

Shares in Celsius were unchanged at 0.63p, valuing the explorer at £14 million.

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