REG - Celsius Resources Ld - Shallow Copper Results from Sagay
17/10/2023 07:45
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231017:nRSQ3615Qa&default-theme=true
RNS Number : 3615Q Celsius Resources Limited 17 October 2023
ASX/AIM RELEASE
17 OCTOBER 2023
Shallow Copper Results from Sagay
HIGHLIGHTS
· CLA has completed a program of 12 shallow diamond drill holes to test the
extents of oxide copper mineralisation from Nabiga-a Hill at the Sagay
Copper-Gold Project.
· Highlights from the drilling program include:
o 69.3m @ 0.56% copper from 10.7m down hole from SGY-040, including
§ 23.3m @ 1.19% copper from 15m down hole.
o 47.0m @ 0.85% copper from 33m down hole from SGY-045, including
§ 35m @ 1.01% copper from 35m down hole.
o 50.3m @ 0.68% copper from 31.7m down hole from SGY-049, including
§ 30m @ 0.87% copper from 52m down hole.
Celsius Resources Limited ("CLA" or "Celsius") (ASX, AIM: CLA) is pleased to
announce that its Philippine subsidiary, Tambuli Mining Company, Inc. ("TMCI
or the "Company"), has concluded the drilling program with positive drilling
results for its Sagay Copper-Gold Project ("Sagay" or the "Project") in the
island of Negros.
Drilling focused on the shallow high-grade copper, or the Secondary Supergene
Chalcocite Enrichment zone, to supplement the data gaps and increase
confidence in the Mineral Resource 1 (1) of this shallow high-grade zone.
Celsius Managing Director, Peter Hume, said:
"The results from the recent drilling confirm the location of copper
mineralisation starting from less than 10m beneath the surface. This shallow
and relatively flat oxidised zone has potential for a new development to
support the phased growth of Sagay.
A proposed phased approach for Sagay could deliver project self-reliance
towards our goal of ultimately developing the much larger porphyry Cu-Au
mineralisation which exists underneath this shallow copper mineralisation and
Nabiga-a Hill.
This potential mining opportunity is approximately one year behind the
Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB") in approvals and has the
potential for a rapid start up."
Drilling Results
Twelve diamond drill holes were completed for a total of 824.70 meterage
drilled. Results returned from the shallow drilling program identified
significant copper mineralisation from 8 out of the 12 drill holes completed
(see Table 1).
The higher-grade intervals, appear to be closely linked to breccia bodies and
an intrusive medium grained porphyritic diorite rock which have a vertical
orientation extending up into the shallow oxidised copper mineralisation zone
(see Figures 1 and 2).
Table 1. Significant intersections from all drill holes completed in the 2023
shallow diamond drilling program. All intercepts are constrained to a lower
grade cut-off of 0.2% copper within logged oxide or transition rocks
containing the copper mineral chalcocite. Higher grade intercepts are defined
using a 0.5% copper lower cut-off.
SGY-039 542850 1195400 111 -60 135 60.00 11.10 31.00 19.90 0.31 0.01
SGY-040 542734 1195322 141 -60 135 80.00 10.70 80.00 69.30 0.56 0.03
Incl. 13.00 36.3 23.50 1.21 0.06
SGY-041 542846 1195310 126 -60 135 14.20 2.00 14.20 12.20 0.32 0.02
SGY-043 542825 1195250 113 -60 135 80.00 5.60 45.00 39.40 0.52 0.05
SGY-044 542662 1195367 163 -60 135 80.00 11.60 64.00 52.40 0.47 0.02
SGY-045 542683 1195244 144 -60 135 80.00 33.00 80.00 47.00 0.85 0.01
Incl. 35.00 70.00 35.00 1.01 0.01
SGY-049 542665 1195303 140 -60 135 90.50 31.70 82.00 50.30 0.66 0.06
Incl. 50.00 80.50 30.50 0.86 0.09
SGY-050 542775 1195200 119 -60 135 80.00 17.70 80.00 62.30 0.48 0.03
Incl. 17.70 30.00 12.30 1.09 0.03
Technical, Social and Environmental Studies
Metallurgical test works are ongoing which is intended to provide a process
flow for the extraction of copper/copper mineral concentrate by gravity
separation. Results of the analysis will be further refined in the mine plan,
and financial and technical studies, which are critical components of the
Project's viability and are in the final stages of development.
Environmental and social studies have been completed that would serve as
baseline data for the Environmental Impact Statement for the Project which is
underway. In parallel, technical, environmental, and social plans and programs
are also ongoing leading to the application of the Declaration of Mining
Project Feasibility within the term of the exploration permit leading to a
Mining Permit application during 2024.
Figure 1: Plan view of recent and historical drilling at Nabiga-a Hill.
Figure 2: Cross section of recent drill holes SGY-040, SGY-040 and SGY-043
relative to the interpreted geology and significant assay results. (see Figure
1 for relative location).
SAGAY COPPER-GOLD PROJECT
The Sagay Copper-Gold Project ("Sagay" or "the Project") is in the
northeastern part of Negros Island, within the City of Sagay in the Province
of Negros Occidental, Philippines (Figure 3). Negros Island is part of the
central group of Islands in the Philippines commonly referred to as "the
Visayas".
A Maiden Mineral Resource for Nabiga-a Hill was declared for the project on 7
November 2022 comprising 302 million tonnes @ 0.41% copper and 0.11g/t gold
for 1.2 million tonnes of contained copper and 1 million ounces of contained
gold, of which 15 million tonnes @ 0.45% copper and 0.11g/t gold is classified
as Indicated and 287 million tonnes @ 0.41% copper and 0.11g/t gold is
classified as Inferred.
Figure 3. Location of the Sagay Project in the island of Negros, Philippines.
Listing Rule 5.19 and 5.23 Disclosure
The information is this announcement with respect to the MRE for the Sagay
Project was first announced by the Company to ASX on 7 November 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 7
November 2022 and that all material assumptions and technical parameters
underpinning the MRE 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.
Competent Persons Statement
Information in this report relating to the reporting of Mineral Resource
Estimates and 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 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.
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
Level 5, 191 St. Georges Terrace
Perth WA 6000
PO Box 7059
Cloisters Square PO
Perth WA 6850
P: +61 2 8072 1400
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 2 8072 1400
(Managing Director) E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)
W: www.celsiusresources.com (http://www.celsiusresources.com)
Multiplier Media
(Australia Media Contact) Jon M: +61 402 075 707
Cuthbert
E: jon.cuthbert@multiplier.com.au (mailto:jon.cuthbert@multiplier.com.au)
Tavistock Communications +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 P: +44 (0) 207 628 3396
(Nominated Adviser) E: corpfin@b-cornish.com.uk
Roland Cornish/Felicity Geidt/Andrew Price
SPAngel Corporate Finance LLP P: +44 20 3470 0470
(Broker) E: contact@spangel.co.uk
John Meyer/Ewan Leggat/Harry Davies-Ball
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.
Criteria JORC Code explanation Commentary
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.)
Criteria JORC Code explanation Commentary
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.
Criteria JORC Code explanation Commentary
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 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. · 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.
1 Refer to ASX announcement dated 7/11/2022 for the maiden Mineral Resource
estimate (MRE) for the Sagay Project
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLFIFVRIVLDLIVRecent news on Celsius Resources
See all newsREG - Celsius Resources Ld - Amendment to Quarterly Cashflow Report
AnnouncementREG - Celsius Resources Ld - Quarterly Activities Report and Appendix 5B
AnnouncementREG - AIM - AIM Notice - 26/04/2024
AnnouncementREG - Celsius Resources Ld - Subscription Agreement with Silvercorp Metals
AnnouncementREG - Celsius Resources Ld - Result of Placing
Announcement