REG - Celsius Resources Ld - Quarterly Activities for 31 December 2023
31/01/2024 08:15
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RNS Number : 5061B Celsius Resources Limited 31 January 2024
31 jANUARY 2024
quarterly activities report for the quarter ended 31 december 2023
Sagay project applies for dmpf
HIGHLIGHTS
· Sagay Project application for Declaration of Mining Project Feasibility
· A MOA with the Kalinga Provincial Government was signed to jointly develop
the MCB Project road access alignment from mine to port facility
· Closing cash as at 31 December 2023 of A$2.047 million
Celsius Resources Limited ("Celsius" or the "Company") (ASX, AIM: CLA) is
pleased to provide the following summary of the Company's activities for the
quarter ended 31 December 2023.
Projects
Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project"),
Philippines (40%)
Makilala Mining Company, Inc. ("MMCI"), a Philippine affiliate of Celsius in
the Philippines, has progressed its permitting requirements for its flagship
Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project") in the Cordillera
Administrative Region.
All required technical, social, and environmental plans and programs have been
approved leading to the approval of the Declaration of Mining Project
Feasibility (DMPF). The DMPF is a critical step in securing a Mineral
Agreement with the Philippine Government which is anticipated early in 2024 1
(#_ftn1) .
While waiting for the issuance of a mining permit, ground activities were kept
to a minimum while preparing for the pre-development phase. Included in the
preparation is the signing of a Memorandum of Agreement ("MOA") with the
Provincial Government Unit of Kalinga to jointly develop the road alignment
for the MCB Project's access from mine site to port 2 (#_ftn2) . The Company
has several investors ready to commit the required funding to develop the MCB
Project once the mining permit has been secured.
BOTILAO COPPER-GOLD PROSPECT (40%)
On 7 August 2023, MMCI was issued an exploration permit for its Botilao
Copper-Gold Prospect, 6km southwest of the MCB Project in the Cordillera
Administrative Region.
Figure 1: Map of the Botilao Tenement with reference to the MCB Tenement in
the Cordillera Administrative Region
The initial two-year exploration permit aims to define the extent and
distribution of the observed mineralisation along Botilao Creek, which will
consist of regional to semi-detailed geochemical sampling and mapping to
generate future targets for possible geophysical surveys and eventual diamond
drilling activities 3 (#_ftn3) .
The approved Exploration Work Program will be implemented alongside an
Environmental Work Program and a Community Development Program (CDP). The CDP
will be developed in consultation with the host community to ensure alignment
with community and local government plans and programs.
Following the issuance of the exploration permit, tabletop work was carried
out to gather and consolidate available data and reports as basis for planning
field activities early in 2024.
Opuwo Cobalt Project, Namibia (95%)
Celsius Resources' Namibian subsidiary held under Opuwo Cobalt Holdings (Pty)
Ltd. has received renewal of the exclusive prospecting license for the Opuwo
Cobalt Project ("Opuwo"), 730km north-west of the Namibian capital city,
Windhoek.
The renewal of the exclusive prospecting license (EPL 4346), which covers
approximately 683 km2, was issued by the Namibian Ministry of Mines and Energy
on 11 October 2023 for a period of two years. The renewed license will enable
Celsius to further evaluate the project's viability and strategically unlock
its potential value with a view to finding a suitable partner.
Ongoing trade-off studies on mining costs, production rates, and the
possibility of processing oxide ores are being conducted to determine project
viability and financial outcomes 4 (#_ftn4) .
SAGAY Copper-Gold Project, Philippines (100%)
Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of
Celsius in the Philippines, completed exploration works with positive results
for the Sagay Copper-Gold Project ("Sagay Project") in the Negros Islands.
Exploration activities for the period focused on the shallow high-grade
copper, or the Supergene (Secondary Sulfide) Enrichment Domain (900SG) zone
based on the results of the desktop studies, resource estimation, and the
indicative results from the test pit samples sent for geochemical and
metallurgical analysis.
Twelve (12) shallow drill holes were completed with a total meterage of 824.70
drilled. Results from the shallow drilling program identified significant
copper mineralisation from 8 out of 12 drill holes completed.
Highlights from the drilling program include:
· 69.3m @ 0.56% copper from 10.7m down hole from SGY-040, including
o 23.3m @ 1.19% copper from 15m down hole.
· 47.0m @ 0.85% copper from 33m down hole from SGY-045, including
o 35m @ 1.01% copper from 35m down hole.
· 50.3m @ 0.68% copper from 31.7m down hole from SGY-049, including
o 30m @ 0.87% copper from 52m down hole. 5 (#_ftn5)
Figure 2: Cross-section of recent drill holes SGY-040, SGY-043 and SGY-044
relative to the interpreted geology and significant assay results.
The conclusion of the drilling program along with results of the desktop
studies and compilation of all exploration data were contained in the complete
and Final Exploration Report. This became the basis for the formulation of the
Mining Project Feasibility Study which was submitted to the Philippine Mines
and Geosciences Bureau, along with other required technical, social, and
environmental plans and programs, for the application of Declaration of Mining
Project Feasibility for the Sagay Project, the approval of which will trigger
the application for a Mineral Agreement with the Philippine Government.
Cullarin West Project, NSW (100%)
The Company is continuing to assess the viability of the opportunity and gauge
interest from other possible partners. No development activities were
conducted during the quarter.
Corporate AND EXPENDITURE
The Company held its Annual General Meeting on 14 November 2023, where all
resolutions put to members at the meeting passed 6 (#_ftn6) .
Cash Position
At the end of the quarter, the Company held approximately A$2.047 million in
cash reserves.
ASX ADDITIONAL INFORMATION
The Company provides the following information pursuant to ASX Listing Rule
requirements:
· ASX Listing Rule 5.3.1:
Approximately A$657k was spent on exploration expenditure primarily relating
to the development of the MCB and Sagay Projects.
· ASX Listing Rule 5.3.2:
The Company confirms that there was no mine production and development
activities for the quarter.
· ASX Listing Rule 5.3.5:
The Company advises that there were A$220k in payments made to related parties
of the Company and their associates during the quarter for Director fees and
consultancy fees.
Tenement Table: ASX Listing Rule 5.3.3 Mining tenement interests held at the
end of the quarter and their location
PERMIT PERMIT REGISTERED HOLDER / APPLICANT PERMIT STATUS PERMIT EXPIRY INTEREST / CONTRACTUAL RIGHT
NAME
NUMBER
Western Australia
Cullarin West EL 8996 Cullarin Metals Pty Ltd Granted 17/08/2026 100%
Namibia
Opuwo EL 4346 Gecko Cobalt Holdings Granted 10/10/2025 95%
Philippines
Maalinao-Caigutan-Biyog 7 (#_ftn7) EP-003-2006-CAR Makilala Mining Company Inc. Granted Waiting for the MPSA Mining permit to be issued 40%
Colayo EXPA-073-CAR Makilala Mining Company Inc. Granted 29/09/2025 40%
Panaon EXPA-000127-VIII PDEP, Inc. Complying with further permitting requirements TBA 100%
Sagay EP-000003-VI Tambuli Mining Company Inc. Granted 10/02/2024 100%
The mining tenement interests acquired during the quarter and their location:
Nil.
Beneficial percentage interests held in farm-in or farm-out agreements at the
end of the quarter:
Not applicable.
Beneficial percentage interests in farm-in or farm-out agreements acquired or
disposed of during the quarter:
Nil.
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.
For further information contact:
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
(Australian Media Contact)
Jon Cuthbert M: +61 402 075 707
E: jon.cuthbert@multiplier.com.au (mailto:jon.cuthbert@multiplier.com.au)
Tavistock Communications P: +44 (0) 207 628 3396
(UK Media and Investor Relations)
Charles Vivian M: 0044 7977297903
E: charles.vivian@tavistock.co.uk
Tara Vivian-Neal M: 0044 7394408654
E: tara.vivian-neal@tavistock.co.uk
Beaumont Cornish Limited
(Nominated Adviser) P: +44 (0) 207 628 3396
Roland Cornish/Andrew Price E: corpfin@b-cornish.co.uk
WH Ireland (Broker)
Harry Ansell/James Joyce/Isaac Hooper P:+44 (0) 20 7220 1666
Competent Persons Statement
Information in this report relating to Exploration Results and Mineral
Resources for the MCB Project and the Sagay Project 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 Limited and
has sufficient experience which is relevant to the style of mineralisation 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.
The information in this Report that relates to the estimate of Mineral
Resources for the Opuwo Project is based upon, and fairly represents,
information and supporting documentation compiled by Mr Kerry Griffin, a
Competent Person, who is a Member of the Australian Institute of Geoscientists
(AIG). Mr Griffin is a Principal Geology Consultant at Mining Plus Pty Ltd and
an independent consultant engaged by Celsius Resources Pty Ltd for this work
and has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity being undertaken
to qualify as a Competent Person as defined in the 2012 edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" (the JORC Code). Mr Griffin consents to the inclusion in this
announcement of matters based on his information in the form and context in
which it appears.
The Company confirms that it is not aware of any new information or data that
materially affects the Mineral Resource for the MCB 8 (#_ftn8) Project, the
Sagay 9 (#_ftn9) Project or the Opuwo 10 (#_ftn10) Project. The Company also
confirms that all material assumptions and parameters underpinning the Mineral
Resource estimate continue to apply and have not materially changed.
Forward Looking Statements
Some of the statements appearing in this announcement may be in the nature of
forward-looking statements. You should be aware that such statements are only
predictions and are subject to inherent risks and uncertainties. Those risks
and uncertainties include factors and risks specific to the industries in
which the Company operates and proposes to operate as well as general economic
conditions, prevailing exchange rates and interest rates and conditions in the
financial markets, among other things. Actual events or results may differ
materially from the events or results expressed or implied in any
forward-looking statement.
No forward-looking statement is a guarantee or representation as to future
performance or any other future matters, which will be influenced by a number
of factors and subject to various uncertainties and contingencies, many of
which will be outside the Company's control.
The Company does not undertake any obligation to update publicly or release
any revisions to these forward-looking statements to reflect events or
circumstances after today's date or to reflect the occurrence of unanticipated
events. No representation or warranty, express or implied, is made as to the
fairness, accuracy, completeness or correctness of the information, opinions
or conclusions contained in this announcement. To the maximum extent permitted
by law, none of the Company's Directors, employees, advisors, or agents, nor
any other person, accepts any liability for any loss arising from the use of
the information contained in this announcement. You are cautioned not to place
undue reliance on any forward-looking statement. The forward-looking
statements in this announcement reflect views held only as at the date of this
announcement.
Appendix 1: The following tables are provided to ensure compliance with the
JORC Code (2012) requirements for the reporting of Exploration Results for the
Sagay Project.
SECTION 1:
Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
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 (e.g. '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 ICP-OES/MS with 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 samples which are the subject of
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or this release.
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). · The core drilling utilised a triple-tube core barrel from collar to
end-of-hole to ensure optimum core recovery.
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 approx. 97% for the
nature of the samples. drill holes with form part of the MRE, 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.
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:
o Four referenced standards
o One referenced Blank
o One coarse (unrecognisable) blank
o 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 Sagay 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 drilling which is the subject of this release was designed to test
shallow oxide copper mineralisation at between 50m and 100m spacing.
· Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource · The drilling completed at was drilled towards the south-east at 60
and Ore Reserve estimation procedure(s) and classifications applied. degrees. This angle and direction was chosen to drill perpendicular to the
dominant geological trend at Nabiga-a, which is close to vertical towards the
· Whether sample compositing has been applied. north-east, in addition to the horizontal orientation of the oxide copper
mineralisation close to the surface.
·
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · The drill hole orientations at Nabiga-a Hill are largely towards the
possible structures and the extent to which this is known, considering the south-west or towards the south-east. These orientations were chosen to cut
deposit type. roughly perpendicular to the interpreted dominant structural trend and
possible trend of the mineralised intrusive rocks which are trending towards
· If the relationship between the drilling orientation and the orientation the north-east, and some evidence of a trend to the north-west.
of key mineralised structures is considered to have introduced a sampling
bias, this should be assessed and reported if material. · The dominant trend of the intrusive rocks which are interpreted to be
related to the copper-gold mineralisation has an overall strike of 40 to 60
degrees and a near to vertical dip. The drill holes which are dipping
approximately 60 degrees towards the south-east appear to be at a good angle
to effectively test the copper-gold mineralisation in this trend. The holes
which have been drilled towards the south-east are optimal for some cross
cutting north-west trending structures, but at a poor angle to test the
dominant copper-gold mineralisation which is sub parallel to these drill
holes.
Sample security · The measures taken to ensure sample security. · The following standard procedures were documented to have been followed
in relation to sample security for all Nabiga-a Hill diamond drilling:
o 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 to Makati office by company vehicle. No unsupervised
third parties were given access prior to the chain of custody procedure.
o Upon receipt of samples, these were arranged in sequence to review the
numbers, and a sample received report was sent to the Geologists. Samples are
individually weighed again for verification.
o Samples were then 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 given access prior to the chain of custody procedure.
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 regarding the sample preparation,
analysis or security for the information for the Sagay drill hole database.
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 Nabiga-a Copper-Gold project is at the north-eastern part of Negros
or material issues with third parties such as joint ventures, partnerships, Island within the Cities of Sagay and Escalante Negros Occidental.
overriding royalties, native title interests, historical sites, wilderness or
national park and environmental settings. · The underlying title is in the name of the Philippines registered
corporation Tambuli Mining Company Inc. ("TMCI") is currently 100% owned by a
· The security of the tenure held at the time of reporting along with any private Delaware Company who in turn is owned by Celsius Resources Limited
known impediments to obtaining a licence to operate in the area. ("CLA").
· · TMCI was first granted a single Exploration Permit denominated as
EP-000003VI on 6 May 2008 under Phelps Dodge Exploration Corporation -
Philippine Branch (PDEC), which was later acquired by Freeport-McMoRan
Exploration Corporation - Philippine Branch (FMEC) in 2007. The permit area
covers a total of 4,594.23 hectares, where the Nabiga-a Hill Deposit is
situated.
· On August 11, 2021, TMCI, now a subsidiary of CLA, was granted a fourth
exploration permit renewal (extension) which is valid until February 10, 2024.
The current two-year renewal period allowed the resumption of ore definition
drilling activities aimed to define the deep ore zone (two drill holes), its
shallow/near surface extensions (three drill holes), and test possible near
surface chalcocite ore zones (three drill holes).
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Exploration work and drilling was completed by TMCI which was a
subsidiary of Freeport-McMoRan Exploration Corporation-Philippine Branch from
year 2008 to 2016.
· The exploration activities were generally completed over two stages. From
2008 up to 2009, the work was focussed on project assessment which included
surface sampling and mapping, in addition to a number of ground geophysical
surveys, most particularly a ground magnetic survey and a series of 2D Induced
Polarisation surveys.
· From 2012 through to 2016 the exploration activities were focused on
diamond drilling to test the targets identified from the work completed over
2008 and 2009. The drilling activities were predominately at the Nabiga-a
Hill Project with all drilling results reported in this release.
Geology · Deposit type, geological setting and style of mineralisation. · The geological setting for the Nabiga-a 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
predominantly within a series of large intrusive bodies that have intruded the
host country rocks.
· The Nabiga-a Hill project host rocks are part of the Negros Occidental
Island, which is situated in western Visayas, Central Philippines. The eastern
part of the island comprises a NNE trending volcanic arc related to the
eastward subduction beneath the Negros Trench in the southwest off-shore of
Negros Island.
· The major rocks identified are a series of intrusions which exist within
an older host rock setting of basalt rocks that are overlain by felsic tuffs
and metamorphosed sedimentary rocks. These rocks are in turn overlain by
Quaternary pyroclastic rocks that consist of tuff and tuff breccias.
Intrusions include diorite and andesite porphyry. Post-mineral Pliocene to
Pleistocene andesitic to dacitic volcanics cover the northern part of the
area.
· Three distinct diorite intrusives were identified, following the local
nomenclature in the Project, these are (from oldest to youngest) the: (1)
Equigranular Diorite (MEQ), (2) Medium-grained Porphyritic Diorite (MPOC), and
the (3) Fine-grained Equigranular Diorite (FEQ). These intrusive rocks have
distinct textures and visible cross cutting relationships.
· Widespread strong silica clay and outer chlorite alteration is notable in
the deposit. This 8km by 4km alteration zone is indicative of a large magmatic
hydrothermal system. the surface alteration is approximately 1.7km by 1.7km,
which tends to extend southwest along possible controlling structures.
· The following are the established ore types in the deposit:
o Ore Type 1 - Early porphyry to late porphyry mineralisation
o Ore Type 2 - Mixed zone of late porphyry mineralisation and epithermal
mineralisation.
o Ore Type 3 - possible mixed zone of supergene enrichment and high
sulfidation to intermediate sulfidation epithermal mineralisation. Divided
into OT3A and OT3B based on the associated mineral assemblages.
Drill hole Information · A summary of all information material to the understanding of the · See Table 1 for all details pertaining to drill holes which are the
exploration results including a tabulation of the following information for subject of this release.
all Material drill holes:
· In summary, the drill hole in the database for the Property which relate
· easting and northing of the drill hole collar specifically to the Nabiga-a area consists of 45 diamond core drilled holes
with an accumulative meterage of 25,782.1m after the inclusion of the drill
· elevation or RL (Reduced Level - elevation above sea level in metres) of holes which are the subject of this release.
the drill hole collar
· No drill hole information has been excluded.
· dip and azimuth of the hole
· 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 (e.g. cutting of high grades) and cut-off relative to broad mineralised interval which corresponds 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
results and longer lengths of low-grade results, the procedure used for such some internal higher-grade copper-gold assay results reported (nominally above
aggregation should be stated and some typical examples of such aggregations 0.5% copper) which are interpreted to exist as a continuous domain of
should be shown in detail. higher-grade 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. · Only individual weighted average assay results have been reported and no
metal equivalent values have been reported.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The dominant trend of the intrusive rocks which are interpreted to be
Exploration Results. related to the copper-gold mineralisation has an overall strike of 40 to 60
degrees and a near to vertical dip.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported. · The drilling completed at was directed towards the south-east and at a
60-degree dip from horizontal. This angle and direction was chosen to drill
· If it is not known and only the down hole lengths are reported, there perpendicular to the dominant geological trend at Nabigaa, which is close to
should be a clear statement to this effect (eg 'down hole length, true width vertical towards the north-east, in addition to the horizontal orientation of
not known'). the oxide copper mineralisation close to the surface.
· True widths of the reported copper mineralisation is interpreted to be
over 90% of the down hole length based on the interpretation of a horizontally
dispersed oxide copper mineralisation.
Diagrams · Appropriate maps and sections (with scales) and tabulations of intercepts · See Figures 1 to 2 for a representative plan and cross section of the
should be included for any significant discovery being reported These should Geology and its relationship to the copper-gold mineralisation at Nabiga-a.
include, but not be limited to a plan view of drill hole collar locations and
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 MRE from the Sagay Project
widths should be practiced to avoid misleading reporting of Exploration 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 EXP000003VI in 2008 was undertaken under the ownership and management of TMCI.
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical · On June 2008, first stage of geological work was established by
and rock characteristics; potential deleterious or contaminating substances. geological mapping, gridlines preparations, soil and rock sampling, as well as
geophysical surveys that consisted of induced polarization, resistivity and
ground magnetic. These activities were completed by 20th of December on the
same year.
· This was followed up a period of diamond drilling from 2012 through to
2016 for a total of 31 diamond drill holes, 28 of which were drilled at
Nabiga-a.
Further work · The nature and scale of planned further work (eg tests for lateral · The information reported in this release pertain specifically to an area
extensions or depth extensions or large-scale step-out drilling). of shallow oxide and transitional copper mineralisation which starts from 5 to
10m beneath the surface.
· For this location and style of mineralisation the next steps would
· Diagrams clearly highlighting the areas of possible extensions, including include:
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive. · Metallurgical testing to understand the ability to recover this style of
copper mineralisaiton.
· A Mineral Resource update specific to this location to understand the
possible quantity of oxide copper mineralisation available for further
studies.
· Potential scoping study assessment to test for a low CapEx start up
option which may be suitable for the Sagay Property and for the corporate
objectives of the Company.
Appendix 5B
http://www.rns-pdf.londonstockexchange.com/rns/5061B_1-2024-1-31.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5061B_1-2024-1-31.pdf)
1 (#_ftnref1) Refer to ASX announcement dated 28 September 2023 "MCB Project
receives DMPF approval"
2 (#_ftnref2) Refer to ASX announcement dated 19 October 2023 "Celsius
Collaborate with Kalinga LGU for MCB Road Access"
3 (#_ftnref3) Refer to ASX announcement dated 7 August 2023 "Philippine
government issues exploration permit for Celsius' Botilao Copper-Gold
Prospect"
4 (#_ftnref4) Refer to ASX announcement dated 6 November 2023 "Celsius
receives renewal of Exclusive Prospecting License for Opuwo Project"
5 (#_ftnref5) Refer to ASX announcement dated 17 October 2023 "Shallow
Copper Results from Sagay"
6 (#_ftnref6) Refer to ASX announcement dated 14 November 2023 "Results of
Meeting"
7 (#_ftnref7) The Maalinao-Caigutan-Biyog (MCB) project has gained an
automatic extension as all documentation has been submitted to the Philippine
National Government for the awarding of a MPSA Mining permit.
8 (#_ftnref8) Refer to ASX announcement dated 12 December 2022 for an
updated JORC compliant Mineral Resource Estimate.
9 (#_ftnref9) Refer to ASX announcement dated 7 November 2022 for the Maiden
Mineral Resource for Celsius' Sagay Cu-Au Project
10 (#_ftnref10) Refer to ASX announcement dated 1 July 2021 for the updated
Mineral Resource Estimate for the Opuwo Project.
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