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Maalinao-Caigutan-Biyog (MCB Project)

The Maalinao-Caigutan-Biyog (MCB Project) is Celsius Resources’ world-class copper-gold project situated in the Philippines on the country’s main island of Luzon - about 320 km north of Manila.

The MCB Project, which is held by CLA’s Philippine subsidiary, Makilala Mining Company, Inc., contains a JORC Mineral Resource estimate comprising 313.8Mt @ 0.48% copper, and 0.15g/t gold, at a cut-off grade of 0.2% copper of which:

290.3Mt @ 0.48% copper is in the Indicated category; and

23.5Mt @ 0.48% copper is in the Inferred category.

Within the above mentioned JORC Resource is a high-grade core of 93.7Mt @ 0.80% copper and 0.28g/t gold, at a cut-off grade of 0.5% copper, which is currently the subject of a Scoping Study due to be completed towards the end of Q3 2021.

MCB Copper-Gold Project Maiden JORC Mineral Resource

The advanced MCB Project was owned by Freeport-McMoRan – the world’s third largest copper producer, who invested in excess of $14.5m in Country on this asset.  Historical exploration conducted by Freeport delivered some incredible drill intersections, including:

  • 384.00 m @ 1.25% copper & 0.46 g/t gold, within 767.00 m @ 0.77% copper & 0.27 g/t gold
  • 177.00 m @ 1.98% copper & 0.95 g/t gold, within 630.50 m @ 0.81% copper & 0.32 g/t gold
  • 186.85 m @ 1.84% copper & 0.86 g/t gold, within 612.00 m @ 0.82% copper & 0.31 g/t gold
  • 243.30 m @ 1.38% copper & 0.75 g/t gold, within 505.00 m @ 0.87% copper & 0.38 g/t gold
  • 92.00 m @ 1.80% copper & 1.12 g/t gold, within 680.00 m @ 0.54% copper & 0.20 g/t gold
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Makilala is currently undertaking a 4,000 metre drilling program, comprising 6 diamond holes:

FIRST HOLE RESULTS:
  • Total intersection of 619m @ 0.41% copper and 0.08g/t gold (true width est. of ~408m) from 17m down hole; including
  • 87.85m @ 1.24% copper and 0.36g/t gold from 305m down hole.
Celsius receives high grade copper-gold results from first drill hole at MCB Project
SECOND HOLE RESULTS:
  • Continuity of high-grade core confirmed with assay results from MCB-034, including 74m @ 0.97% Cu and 0.14g/t gold from 353m down hole.
  • Total intersection of 607m @ 0.44% copper and 0.04g/t gold from 26m down hole.
Celsius receives further high-grade copper-gold results from MCB Project

Drilling results

Significant historical and current drilling results are shown in Figure 1, with MCB-033 being the first hole in the current 6 hole drilling program;

767.00 m @ 0.77% copper and 0.27 g/t gold, from 30 m, including
384.00 m @ 1.25% copper and 0.46 g/t gold, from 384 m (MCB-030)

630.50 m @ 0.81% copper and 0.32 g/t gold, from 11.5 m, including
177.00 m @ 1.98 % copper and 0.95 g/t gold, from 349 m (MCB-018)

612.00 m @ 0.82% copper and 0.31 g/t gold, from 18 m, including
186.85 m @ 1.84% copper and 0.86 g/t gold, from 363 m (MCB-009)

505.00 m @ 0.87% copper and 0.38 g/t gold, from 29 m, including
243.30 m @ 1.38% copper and 0.75 g/t gold, from 103 m (MCB-002)

680.00 m @ 0.54% copper and 0.20 g/t gold, from 34 m, including
92.00 m @ 1.80% copper and 1.12 g/t gold, from 382 m (MCB-029)

325.00 m @ 0.86% copper and 0.13 g/t gold, from 18 m (MCB-011)

548.80 m @ 0.51% copper and 0.03 g/t gold, from 8 m (MCB-010/10A)

438.70 m @ 0.45% copper and 0.16 g/t gold, from 4 m (MCB-019)

452.50 m @ 0.48% copper and 0.06 g/t gold, from 31.5 m, including
41.25 m @ 0.81% copper and 0.08 g/t gold, from 109.50 m and
54.00 m @ 0.63% copper and 0.06 g/t gold, from 280.00 m (MCB-003)

222.65 m @ 0.62% copper and 0.60 g/t gold, from 11.35 m, including
142.90 m @ 0.81% copper and 0.85 g/t gold, from 11.35 m (MCB-025)

384.00 m @ 0.40% copper and 0.26 g/t gold, from 8 m, including
28.00 m @ 0.63% copper and 0.26 g/t gold, from 354 m (MCB-020)

540.60 m @ 0.37% copper and 0.06 g/t gold, from 18 m, including
12.00 m @ 0.80% copper and 0.06 g/t gold, from 146 m and
14.90 m @ 0.58% copper and 0.65 g/t gold, from 276 m (MCB-008)

359.80 m @ 0.40% copper and 0.11 g/t gold, from 4 m (MCB-001)

142.00 m @ 0.61% copper and 0.43 g/t gold, from 174 m, including
76.00 m @ 0.72% copper and 0.60 g/t gold, from 204 m (MCB-022)

252.00 m @ 0.42% copper and 0.11 g/t gold, from 46 m, including
42.00 m @ 0.48% copper and 0.20 g/t gold, from 50 m (MCB-023)

Celsius0084A[1]

Figure 1: Cross Section A-B with highlighted drill hole intercepts and interpreted geology

Sagay Project (Nabiga-a Hill Prospect)

Is owned and operated by Celsius Resources’ Philippine subsidiary, Tambuli Mining Company, Inc. (“Tambuli”) and is located in the centre of the Philippines archipelago in the northern part of Negros Island. Historical drilling highlights a very large-scale porphyry copper mineralisation at depth, as defined by the numerous thick drill hole intersections.

Tambuli completed its technical due-diligence and evaluation resulting in the CLA Board deciding to pursue further exploration of its second asset in the Philippines.

Drilling operations have now commenced:

  • Drilling contractor has been appointed for 7 diamond drill holes totalling approximately 4,400 metres.

  • The current exploration program is planned for three broad priority targets and upon completion, should facilitate the declaration of a maiden JORC Mineral Resource Estimate.

  • Planning for the implementation of the mandatory Environmental and Community Development Programs is well underway.


Results from historical drilling conducted by Freeport-McMoRan include:

  • 77.22m @ 0.69% copper & 0.19 g/t gold, within 521.37m @ 0.47% copper & 0.13g/t gold,
  • 113.96m @ 0.68% copper & 0.20 g/t gold, within 461.38m @ 0.49% copper & 0.14 g/t gold,
  • 23.93m @ 1.03% copper & 0.51 g/t gold, within 207.48m @ 0.44% copper & 0.12g/t gold,
  • 26.74m @ 0.89% copper & 0.02 g/t gold, within 80.28m @ 0.64% copper & 0.03g/t gold,
  • 25.79m @ 0.98% copper & 0.01g/t gold, within 56.86m @ 0.58% copper & 0.02g/t gold,
  • 390.09m @ 0.46% copper & 0.11 g/t gold
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Malangsa Prospect

Owned and operated by Celsius Resources’ Philippine subsidiary, PDEP, Inc., Malangsa is located in Southern Leyte and is an early stage copper-gold prospect with possible economic porphyry and epithermal mineralisation.

Located in Southern Leyte, Malangsa is an early stage copper-gold prospect with possible economic porphyry and epithermal mineralisation.

A rapid survey was conducted in 2009 and determined presence of Cu-Au in stream samples.

Situated in the middle of two known productive small-scale gold mine camps where samples were collected from veins with reported values of up to 6.81% Cu, 7.66ppm Au and 148ppm Ag.

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