Celsius secures permit extension to Sagay copper-gold project
Celsius Resources is pleased to announce our Philippine Subsidiary Tambuli Mining Company Inc. (“TMCI”) has been granted a two-year extension of its exploration program for its denominated EP No. 000003-VI.
The Sagay copper-gold asset is located in the northern tip of Negros with a total area of 4,594.2369 hectares where occurrences of large porphyry copper mineralisation potential have been confirmed.
“It’s very pleasing to see the Philippine Government’s recent commitment to reinvigorate the country’s mining industry translating into meaningful action and genuine support of our Philippine subsidiaries activities,” Celsius Resources executive director Blair Sergeant said.
“I look forward to the drilling program at Sagay commencing as soon as practically possible and providing the results thereof as and when they come to hand.”
- The Philippine Mines and Geosciences Bureau (“MGB”) inks two-year extension of the Sagay Exploration Permit (EP) (No. 000003VI) in support of the National Government’s economic recovery program.
- A key condition to the permit extension is the filing of the Declaration of the Mining Project Feasibility (“DMPF”) within the term of the EP.
- Planned definition drilling to commence Q3 of CY2021 to support the declaration of a maiden JORC Resource and testing the broader extents of the large-scale porphyry copper mineralisation.
- Results from historical drilling at the Sagay (see CLA announcement on 20 April 2021), conducted by Freeport-McMoRan, one of the world’s largest copper/gold producers, include:
o 77.22m @ 0.69% copper & 0.19 g/t gold, within 521.37m @ 0.47% copper & 0.13g/t gold,
o 113.96m @ 0.68% copper & 0.20 g/t gold, within 461.38m @ 0.49% copper & 0.14 g/t gold,
o 23.93m @ 1.03% copper & 0.51 g/t gold, within 207.48m @ 0.44% copper & 0.12g/t gold,
o 26.74m @ 0.89% copper & 0.02 g/t gold, within 80.28m @ 0.64% copper & 0.03g/t gold.
“This is an important step in developing another of the assets within the Company’s Copper-Gold portfolio and re-confirms the renewed commitment of the Philippine National Government to support the mining industry and the Country’s path to economic recovery,” TMCI President Atty. Julito R. Sarmiento said.
“Our in-country team is now preparing to advance the Sagay Project with a substantial drilling program, despite the challenges due to the COVID-19 pandemic.
We would like to thank the Philippine National Government for their ongoing support as the Company looks forward to working closely with local land owners, stakeholders and relevant government agencies in advancing the project, showcasing our faithful adherence to global environmental, social, and governance (ESG) principles.”