REG - Celsius Resources Ld - Further MCB Project Copper-Gold Results
28/02/2023 07:00
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RNS Number : 2191R Celsius Resources Limited 28 February 2023
28 FEBRUARY 2023
Celsius Receives Further Shallow High-Grade Copper-Gold Results from MCB Project
HIGHLIGHTS
· Assay results from three additional drill holes have all confirmed further
extensions to the shallow, high-grade copper mineralisation at MCB
· Assay result highlights include:
o 51.3m @ 0.93% copper and 0.06g/t gold from 7.7m in drill hole MCB-042
o 101.5m @ 0.90% copper and 0.18g/t gold from 9m in drill hole MCB-043
o 131.1m @ 0.93% copper and 0.23g/t gold from 11m in drill hole MCB-044
· The favorable results from the drilling campaign enhances confidence in the
updated 2022 Mineral Resource estimate for MCB
_____________________________________________________________________________
Celsius Resources Limited ("Celsius" or "the Company") is pleased to announce
it has received further shallow and high-grade copper assay results from the
Company's drilling program at its flagship MCB Copper-Gold Project, held under
its Philippine subsidiary Makilala Mining Company, Inc. ("MMCI").
The results continue to identify new positions of shallow mineralisation in
line with previous drilling results from holes completed at MCB over the last
two years, and historical drilling information completed earlier by
Freeport-McMoRan.
"We continue to see higher-grade sections defined over a broad area now at
shallow levels. The earlier success we had in 2022 defining new shallow higher
grade copper mineralisation is continuing into 2023. We still have further
tests to carry out on the possible extensions to these higher-grade copper
zones which we believe will continue to improve the proposed production
schedule, specifically during the early years, as part of our Feasibility
Studies," said Celsius Resources Executive Director Peter Hume.
"MCB is a unique copper-gold mine opportunity in the Philippines, with a
Memorandum of Agreement forged with the Balatoc Community and now in the
process of securing a mining agreement with the Philippine Government, paving
the way to successfully developing the MCB Project and mutually benefitting
our shareholders and local stakeholders alike." Mr. Hume said.
Results from MCB-042 to MCB-044
Drill holes MCB-042, 043 and 044 were planned to test the shallow extents of
the defined higher-grade mineralisation which appears to have developed as a
relatively horizontal blanket over the MCB deposit area (see Figures 1 and
2). The area tested was previously poorly defined, due to a lack of drill
hole collar locations available at earlier stages of exploration.
CLA was able to locate some new drill hole collar locations which enabled the
testing of the shallow copper mineralisation towards the northeastern section
of the MCB deposit. The shallow locations drilled exist on steep slopes and
are expected be utilised as part of the required stope stabilisation work
during the early part of the proposed mining operations. The further
extensions of the shallow high-grade copper-gold mineralisation is anticipated
to form part of the shallow underground mining options.
The full impact of this additional drill hole information will be assessed
during the optimisation of the MCB mine plan.
Figure 1: Location of MCB-042 to MCB-044 drill holes relative to recent and
historical diamond drilling at MCB
Table 1: Significant intersections from drill holes MCB-042
to MCB-044
MCB-042 294080 1918920 999.37 55 315 200.30 7.7 200.3 192.6 0.56 0.04
including 7.7 59 51.3 0.93 0.06
MCB-043 294080 1918920 999.37 60 140 155.70 9.0 110.5 101.5 0.90 0.18
MCB-044 294130 1918860 943.79 60 90 142.10 11.0 142.1 131.1 0.93 0.23
Figure 2: Cross section 1 (see location at Figure 1) of drill
hole MCB-042 to MCB-044 and significant assay results (looking northeast)
MCB COPPER-GOLD PROJECT
The MCB Copper-Gold Project (MCB) is located in the Cordillera Administrative
Region in the Philippines, approximately 320km north of Manila (see Figure 3).
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 on 12 January 2021, comprising 313.8 million tonnes @ 0.48% copper
and 0.15g/t gold, for 1.5 million tonnes of contained copper and 1.47 million
ounces of gold, of which 290.3 million tonnes @ 0.48% coper and 0.15 g/t gold
is classified as Indicated and 23.5 million tonnes @ 0.48% copper and 0.10 g/t
gold is classified as Inferred.
An updated JORC compliant MRE was announced for the MCB Project on 12 December
2022, comprising 338 million tonnes @ 0.47% copper and 0.12 g/t gold, for
total of 1.6 million tonnes of contained copper and 1.3 million ounces of
gold, reported to a preferred lower cut-off grade of 0.2% copper.
Work undertaken as part of the 2022 MRE includes drilling completed by MMCI
since early 2021. The most substantial effect of the drilling results was the
inclusion of a Measured component to the MRE confirming the continuity of the
copper mineralization at key locations throughout the MRE through infill
drilling 1 (#_ftn1) .
A Scoping Study for the MCB Project was announced by CLA on 1 December 2021,
which identified the potential for the development of a copper-gold operation
with a 25-year mine life. The Scoping Study was based on an underground mining
operation and processing facility to produce a saleable copper-gold
concentrate.
Highlights from the Scoping Study include a Post tax NPV (8%) of US$464m and
IRR of 31%, assuming a copper price of US$4.00/lb and gold price of
US$1,695/oz. Initial capital expenditure is estimated to be US$253m with a
payback period of approximately 2.7 years. The designed mine production is
matched to a 2.28Mtpa processing plant which will treat ore with an estimated
average grade of 1.14% copper and 0.54g/t gold for the first 10 years of
planned production with a C1 2 (#_ftn2) cash costs at just US$0.73/lb copper,
net of gold credits.
Figure 3: Location of the MCB Project in the province of Kalinga, Northern
Luzon, Philippines
Listing Rule 5.19 and 5.23 Disclosure
The information is this announcement with respect to the MRE for the MCB
Project was first announced by the Company to ASX on 12 December 2022. The
Company confirms that it is not aware of any new information or data that
materially affects the information included in the announcement dated 12
December 2022 and that all material assumptions and technical parameters
underpinning the MRE continue to apply and have not materially changed.
The information in this announcement with respect to the outcomes of the
Scoping Study for the MCB Project were first released by the Company to ASX on
1 December 2021. The Company confirms that all material assumptions
underpinning the production target and forecast financial information derived
from the production target referred to in the announcement of 1 December 2021
continue to apply and have not materially changed.
Competent Persons Statement
Information in this report relating to Exploration Results is based on
information compiled, reviewed and assessed by Mr. Steven Olsen, who is a
Member of the Australasian Institute of Mining and Metallurgy and the
Australian Institute of Geoscientists. Mr. Olsen is a consultant to Celsius
Resources and has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined by the
2012 Edition of the Australasian Code for reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr. Olsen consents to the inclusion of
the data in the form and context in which it appears.
This announcement has been authorised by the Board of Directors of Celsius
Resources Limited.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
Celsius Resources Contact Information
Ground Floor, 16 Ord Street
West Perth WA 6005
PO Box 902
West Perth WA 6872
P: +61 8 9482 0500
E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)
W: www.celsiusresources.com (http://www.celsiusresources.com)
Celsius Resources Limited
Peter Hume P: +61 8 9482 0500
E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)
W: www.celsiusresources.com (http://www.celsiusresources.com)
Multiplier Media
Jon Cuthbert M: +61 402 075 707
E: jon.cuthbert@multiplier.com.au (mailto:jon.cuthbert@multiplier.com.au)
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish/Felicity Geidt/Andrew Price +44 (0) 207 628 3396
Appendix 1: The following tables are provided to ensure compliance with the
JORC Code (2012) requirements for the reporting of Exploration Results for the
MCB Project.
SECTION 1:
Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or · Samples were collected from diamond core drilled from the surface. All
specific specialised industry standard measurement tools appropriate to the drill core was generally sampled on 2-meter intervals. In cases where
minerals under investigation, such as down whole gamma sondes, or handheld XRF geological and mineralogical characteristics change, sample length was not
instruments, etc). These examples should not be taken as limiting the broad less than 1 meter.
meaning of sampling.
· Core samples cut into half using diamond core saw following the cutting
· Include reference to measures taken to ensure sample representivity and lines marked by the Geologist. Split cores returned to its respective core
the appropriate calibration of any measurement tools or systems used. tray.
· Aspects of the determination of mineralisation that are Material to the · Samples were shipped by company vehicle to Intertek Testing Services
Public Report. In cases where 'industry standard' work has been done this which is an external laboratory located in Manila, Philippines.
would be relatively simple (eg 'reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for · Crushed samples were fire assayed for gold (Au) using a 30-gram charge,
fire assay'). In other cases, more explanation may be required, such as where with a detection limit of 0.005 ppm. Gold values greater than 50 ppm were
there is coarse gold that has inherent sampling problems. Unusual commodities determined by gravimetric fire assay.
or mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information. · Copper (Cu) values were assayed using Four acid digestion. Elements
determined by AAS finish with final reporting for a total of 36 elements.
Drilling techniques · Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air · Diamond drilling was used to capture the rock samples for the new drill
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or hole intercepts, with the following drill core size summarized as follows:
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). · PQ sized drill core with a core diameter of 81.1 mm was used from surface
to more competent lithology. Core samples of this size are estimated to
comprise about 43%of the total length of the recently drilled holes.
· HQ sized drill core, with a core diameter of 61.1mm, was then substituted
at greater depths to accommodate variations of subsurface conditions. Core
samples of this size is estimated to comprise about 57% of the total length of
the recently drilled holes.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Core recovery has been recorded for every interval as part of the routine
results assessed. geomechanical logging.
· Measures taken to maximise sample recovery and ensure representative · Recovered core lengths on average were measured to be over 98% for the
nature of the samples. total length of the drill hole, indicating a high recovery and minimal lost
core.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · All drilling activities were supervised by company Geologists. Trained
fine/coarse material. Core house Technician were responsible for the core recovery determination.
· Core was arranged to fit the breakages before the actual core length from
the start to the end of the drill run was measured. Percent recovery was
calculated from dividing the measured core length over the total drill run
multiplied by 100.
Logging · Whether core and chip samples have been geologically and geotechnically · Geologists were tasked to oversee the daily quick log report down to
logged to a level of detail to support appropriate Mineral Resource sampling. Daily quick log form was completed to identify the geological
estimation, mining studies and metallurgical studies. details such as lithology, alteration and mineralisation with corresponding
percentage estimate of Cu minerals and Cu grade, using an established
· Whether logging is qualitative or quantitative in nature. Core (or geological code.
costean, channel, etc) photography.
· Detailed logging proceeds describing geological characteristics present
· The total length and percentage of the relevant intersections logged. in the core, i.e. lithology, alteration, mineralogy, structures, etc.
· Core photography was undertaken after completing the geomechanical
logging.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core taken. · Samples were routinely taken over a 2m interval, and cut in half, with
half of the drill core sent for analysis and half of the drill core retained
· If non-core, whether riffled, tube sampled, rotary split, etc and whether for future reference.
sampled wet or dry.
· Samples were cut on site using a hand core saw. Samples were then
· For all sample types, the nature, quality and appropriateness of the selected and bagged on site prior to delivery to the laboratory (Intertek) in
sample preparation technique. Manila for sample preparation.
· Quality control procedures adopted for all sub-sampling stages to · The sample size is considered appropriate for type of material being
maximise representivity of samples. samples.
· Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the material
being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and laboratory · Samples were fire assayed for gold (Au) using a 30-gram charge, with a
procedures used and whether the technique is considered partial or total. detection limit of 0.005 ppm. Gold values greater than 50 ppm were determined
by gravimetric fire assay. Copper (Cu) values were assayed using four acid
· For geophysical tools, spectrometers, handheld XRF instruments, etc, the digestion. Elements determined by AAS finish
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. · The procedures for the submission of samples to the laboratory also
include the regular insertion of QA/QC samples in every transmittal form or
· Nature of quality control procedures adopted (e.g. standards, blanks, batch, which was typically delivered to the laboratory in batches of 50
duplicates, external laboratory checks) and whether acceptable levels of numbered samples. For each batch of 50 samples a total of 43 came from core
accuracy (i.e. lack of bias) and precision have been established. samples and an additional 7 samples were included for QA/QC checks, which were
as follows:
· Four referenced standards
· One referenced Blank
· One coarse (unrecognisable) blank
· One field duplicate taken from the quartered core
· After sample preparation, all samples were sent for final analysis to
Intertek at their laboratory in Manila. Intertek is an internationally
recognised and ISO/IEC 17025:2005 & ISO/IEC 17020:2004 certified
independent laboratory.
Verification of sampling and assaying · The verification of significant intersections by either independent or · Analytical procedures provided by an internationally certified laboratory
alternative company personnel. is considered in line with industry standard for the type of deposit and
mineralisation identified at the Property.
· The use of twinned holes.
· Apart from the verification of the procedures and results as described
· Documentation of primary data, data entry procedures, data verification, above, no further verification of the sampling and assaying have been
data storage (physical and electronic) protocols. undertaken.
· Discuss any adjustment to assay data. · None of the diamond drill holes in this report are twinned.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar and · All data reference points and maps for the Makilala database, including
down-hole surveys), trenches, mine workings and other locations used in drill hole collar co-ordinates are recorded in WGS 84/UTM Zone 51N.
Mineral Resource estimation.
· Compass measurements taken by Geologists were used to establish the dip
· Specification of the grid system used. and azimuth of the collar hole as part of their initial collar surveys. Drill
collar locations were positioned using a handheld Garmin GPS unit, set to UTM
· Quality and adequacy of topographic control. WGS 84 Zone 51N coordinate reference system, with an accuracy expected to be
within 2 metres. Downhole surveys were also completed using a Keeper Gyro at
50m intervals.
· Collar surveys were then logged into the master MS Excel spreadsheet as
part of the database.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · The broad drilling pattern is at 100m spacing for a series of diamond
drill holes which are oriented in a north-west direction and dipping at
· Whether the data spacing and distribution is sufficient to establish the predominantly at 60 degrees. These drill holes are augmented by some drill
degree of geological and grade continuity appropriate for the Mineral Resource holes which have a west-north-west orientation or a north-east orientation or
and Ore Reserve estimation procedure(s) and classifications applied. are vertical. (see figure 1 for Drill Hole Locations).
· Whether sample compositing has been applied. · Drill holes at the MCB deposit are distributed broadly on eight grid
lines, giving coverage of 1,000 metres from east to west.
· The drill hole spacing where significant copper-gold mineralisation has
been identified is sufficient to determine the geology and grade continuity of
the area, as well as the ore body and mineralisation extents.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · In the resource estimation, drill hole assays were composited to 2 metres
possible structures and the extent to which this is known, considering the downhole intervals.
deposit type.
· The dominant trend of the tonalite intrusion, which is directly related
· If the relationship between the drilling orientation and the orientation to the broader lower grade copper-gold mineralisation has an overall strike of
of key mineralised structures is considered to have introduced a sampling 50 degrees and a near to vertical dip. Drill hole MCB-042 to MCB-044 was
bias, this should be assessed and reported if material. drilled at a 45-degree angle to intersect the interpreted high-grade positions
which appear to be horizontal to shallow east dipping in orientation.
Sample security · The measures taken to ensure sample security. · The following standard procedures were enforced for the drilling of new
intercepts:
· Sample bags are arranged in sequence according to its sample number.
These are then weighed and jotted down to a sample dispatch note which details
the sample numbers, sample type and laboratory processing required. Geologists
ensures that the transmittal form is correct for encoding and submission. The
bags of samples are sent directly to the Intertek Laboratory in Manila by
company
· vehicle. No unsupervised third parties were given access prior to the
chain of custody procedure.
· Samples were delivered to Intertek Testing Services along with two copies
of the sample dispatch form. One copy for the laboratory to accept custody of
the sample, and the signed/received copy return to database custodian at the
Core House facility in Tabuk, Kalinga.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No other specific audit or review was conducted other than the validation
checks by the author documented earlier with regard to the sample preparation,
analysis or security for the information in the new drillholes.
SECTION 2:
Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including agreements · The Maalinao-Caigutan-Biyog (MCB) Copper-Gold project is situated in
or material issues with third parties such as joint ventures, partnerships, Luzon Central Cordillera in the Barangay of Balatoc, Municipality of Pasil,
overriding royalties, native title interests, historical sites, wilderness or Province of Kalinga.
national park and environmental settings.
· The property comprises a single Exploration Tenement (EP-003-2006-CAR)
· The security of the tenure held at the time of reporting along with any which covers an area of approximately 2,500.82 hectares. The Exploration
known impediments to obtaining a licence to operate in the area. Tenement surrounds the previous Copper-Gold mining operations known as Batong
Buhay Gold Mines, Inc.
· The underlying title is in the name of the Philippines registered
corporation Makilala Mining Company Inc. (MMCI) which is 100% owned by
Makilala Holdings Ltd.
· Celsius Resources Ltd has acquired 100% of Makilala Holdings upon the
issuance of the extension to carry out exploration of the Tenement
(EP-003-2006-CAR) from the Mines and Geosciences Bureau (MGB) of the
Philippines and this requirement was met on 24(th) November 2020
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Exploration work and drilling was completed by Makilala Mining Company
Inc. which was previously a subsidiary of Freeport-McMoran Exploration
Corporation-Philippine Branch from year 2006 to 2013, the details of which
have been documented in CLA announcement dated 16 September 2020.
· The relative quality and detail associated with the drilling information
is considered to be of a high standard. This has enabled the author to
establish a high level of confidence associated with the historical drilling
information.
Geology · Deposit type, geological setting and style of mineralisation. · The geological setting for the MCB copper-gold mineralisation is typical
of a porphyry copper + gold + moly deposit as commonly defined in many
academic papers (Hedenquist and Lowernstern, 1994; Sillitoe, R. H., 2010.
Corbett and Leach, 1997). The mineralisation and associated alteration exist
across the contact between the genetically related intrusive body (tonalite)
and the surrounding host rock material. In most cases the surrounding host
rock is a mafic volcanic, however, in some instances the older (not
genetically related to copper-gold mineralisation) intrusive bodies also exist
in contact with the younger intrusive resulting in broad sections of
mineralisation and alteration within a series of intrusive bodies.
· There is also evidence at MCB for epithermal vein deposit types which
exist within close proximity to the large-scale porphyry copper-gold
mineralisation. At this stage only the deposit type that is identified from
the drilling information for MCB is a porphyry copper-gold style.
· Basalt lava flows make up the majority of the host rocks in the tenement
area, which is part of the oldest exposed unit, Basement Complex. This
Cretaceous-Paleogene Metavolcanics has been intruded by quartz diorite
complex, which in Kalinga, ranges in composition from gabbro to tonalite.
· A later stage Tonalite intrusion exists throughout the project area and
is interpreted to be genetically related to the copper-gold mineralisation at
MCB deposit.
· A dacite flow and dacitic pyroclastic blankets the older basalt host rock
and tonalitic intrusive rocks.
· There are four types of ore mineralisation that were emphasized in the
project:
o Type 1 - Early high-grade porphyry Cu-Au mineralisation, hosted both in
tonalite and basalt.
o Type 2 - Mix of high-grade porphyry Cu-Au (Type 1) and high-sulphidation
mineralisation (Type 4). Hosted in basalt and tonalites, but with strong Type
1 mineralisation that was partially overprinted by ore Type 4.
o Type 3 - Medium grade porphyry-copper
o Type 4 - High-sulphidation epithermal mineralisation
· (See figures 2 and 3 for a representative Cross Section of the Geology
and its relationship to the copper-gold mineralisation at the MCB Deposit).
Drill hole Information · A summary of all information material to the understanding of the · See table 1 for all details pertaining to drill holes MCB-042, MCB-043,
exploration results including a tabulation of the following information for and MCB-044 which is the subject of this release.
all Material drill holes:
· In summary, with the inclusion of the drill hole reported in this
· easting and northing of the drill hole collar announcement, the drill hole database for the Property consists of 57 diamond
core drilled holes with an accumulative meterage of 30,486.70
· elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar · See CLA announcement dated 16 September 2020 for details regarding the
historical drill hole information completed at the MCB Property which relate
· dip and azimuth of the hole to the interpretations associated with drill hole MCB-042 to MCB-044.
· down hole length and interception depth
· hole length.
· If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, maximum · Significant intersections are reported in Table 1 and are aggregated
and/or minimum grade truncations (eg cutting of high grades) and cut-off relative to broad mineralised interval which correspond with a definable and
grades are usually Material and should be stated. continuous zone of copper-gold mineralisation, nominally above a grade of 0.2%
copper. The intervals have been reported as weighted average totals.
· Where aggregate intercepts incorporate short lengths of high-grade Internal to the broader mineralisation that has been reported, there are some
results and longer lengths of low-grade results, the procedure used for such internal higher-grade copper-gold assay results reported (nominally above 0.5%
aggregation should be stated and some typical examples of such aggregations copper) which are interpreted to exist as a continuous domain of higher-grade
should be shown in detail. copper-gold mineralisation. These sections have also been reported as
weighted average totals.
· The assumptions used for any reporting of metal equivalent values should
be clearly stated. · The reporting of copper equivalent values (CuEq) is based on a copper
price of US$4.0lb, gold price of US$1,695/oz and with copper and gold
recoveries of 94.2% and 79% respectively as identified in the reported Scoping
Study for the MCB Project (see CLA announcement on 1 December 2021).
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Drill hole MCB-041, was drilled at an angle of 50 degrees to intersect
Exploration Results. the interpreted high-grade positions which appear to be horizontal in
orientation in addition to some possible vertical structures which also host
· If the geometry of the mineralisation with respect to the drill hole the high-grade copper mineralisation. Drill hole MCB-041 was optimised to
angle is known, its nature should be reported. intersect perpendicular to this interpreted high-grade mineralisation and is
also close to perpendicular to the broader lower grade mineralisation.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width · Based on the geometry of the mineralisation relative to drill hole
not known'). MCB-042 to MCB-044, the true width of the reported higher-grade intercepts is
approximately 70 to 80% of the down hole interval reported for the drill
hole.
Diagrams · Appropriate maps and sections (with scales) and tabulations of intercepts · See Figure 2 for representative Cross Section of the Geology and its
should be included for any significant discovery being reported These should relationship to the copper-gold mineralisation at MCB for drill hole MCB-042
include, but not be limited to a plan view of drill hole collar locations and to MCB-044.
appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · All data for the project has been collected, validated and reported and
practicable, representative reporting of both low and high grades and/or is considered to be a fair representation of the Exploration Results from
widths should be practiced to avoid misleading reporting of Exploration drill hole MCB-042 to MCB-044, which is the subject of this release.
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be reported · Historical exploration since the date of the original grant of
including (but not limited to): geological observations; geophysical survey EP-003-2006-CAR in 2006 was undertaken under the ownership and management of
results; geochemical survey results; bulk samples - size and method of Makilala Mining Company Inc. Exploration work conducted by Makilala Mining
treatment; metallurgical test results; bulk density, groundwater, geotechnical Company Inc include surface mapping and sampling (2007), ground magnetic
and rock characteristics; potential deleterious or contaminating substances. survey (2007), induced polarisation (IP) geophysical surveys (2010), and an
extended period of diamond drilling from 2006 through to 2013 for a total of
46 diamond drill holes.
Further work · The nature and scale of planned further work (eg tests for lateral · There are a few locations where the potential extension to the current
extensions or depth extensions or large-scale step-out drilling). Minerals Resource could be tested. These locations are initially defined at
depth plunging steeply to the west underneath the high-grade copper-gold
mineralisation, and also to the west of the Maalinao-Panyaw fault. The
location for the possible high-grade copper-gold to the west include at depth,
· Diagrams clearly highlighting the areas of possible extensions, including due to the interpretation that the fault has downthrown the geology on its
the main geological interpretations and future drilling areas, provided this western side, or toward the north-west, as a possible trend exists to the
information is not commercially sensitive. mineralisation in this direction which has not been tested.
· Apart from the direct extensions to the currently defined copper-gold
mineralisation, there is considerable scope for further discoveries of two
defined deposit types at the MCB Tenement.
· Porphyry copper-gold deposit types
o There are extensive intrusions in the area that are directly related to
the copper-gold mineralisation, and which could at multiple locations formed
significant high-grade copper-gold deposits.
· Epithermal vein hosted deposit types
o It is considered likely that there could be a combination of narrow high
grade, and/or more broad large scale and lower grade epithermal deposit types
that are closely related to the porphyry copper-gold deposits at MCB.
1 (#_ftnref1) To confirm or define continuity of ore.
2 (#_ftnref2) C1 costs include all direct costs in mining, processing,
general and administration, and selling (including freight).
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. END DRLEAAAXASADEAARecent news on Celsius Resources
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