Celsius Resources Reports High-Grade Copper Intercepts at MCB Project, Boosting Project Prospects

What's Happening?

Celsius Resources Limited, in collaboration with its Philippines affiliate Makilala Mining Company, Inc., has announced significant high-grade copper intercepts from its ongoing drilling program at the MCB Copper-Gold Project in the Philippines. The latest drilling results revealed an intercept of 86.0 meters grading 0.56% copper and 0.06 g/t gold from 16.0 meters, with a higher-grade zone of 16.0 meters at 1.26% copper and 0.06 g/t gold. These findings confirm the presence of consistent high-grade copper mineralization, exceeding initial expectations. The drilling program, initiated in June, aims to gather geotechnical and hydro-geological data, alongside further metallurgical test work. The feasibility study update for the MCB Project is currently 60% complete, with the final mine design and 3D layout for the process plant and site infrastructure nearing completion.

Why It's Important?

The discovery of high-grade copper intercepts at the MCB Project is a significant development for Celsius Resources, potentially enhancing the project's economic viability and attractiveness to investors. The results could lead to an updated Mineral Resource Estimate and a JORC Ore Reserve Statement, which are crucial for advancing the project towards production. This progress is likely to increase investor confidence and could lead to further investment in the project. Additionally, the successful development of the MCB Project could have broader economic implications, potentially contributing to the local economy in the Philippines through job creation and infrastructure development.

What's Next?

Celsius Resources plans to release additional statements, including the updated JORC Feasibility Study report, by December. The company is awaiting assay results for the remaining interval from 102.0 meters to 450.1 meters, which will be released upon receipt and validation. These forthcoming updates are expected to provide further clarity on the project's potential and guide future development decisions. Stakeholders, including investors and local communities, will be closely monitoring these developments as they could significantly impact the project's timeline and economic outcomes.