Celsius Resources Limited Provides Mineral Resource Update for Sagay Mining Project
February 06, 2024, 03:51AM EST
Celsius Resources Limited announced Focus of the update related to shallow supergene copper mineralisation which now includes Measured and Indicated Mineral Resources. The previous Mineral Resource only placed this area in the Inferred Category, and with this new update to the Mineral Resource, this area is now largely in the Measured and Indicated category, which allowed to complete and submit a feasibility study to the Philippine Government. More recently in late 2023, Celsius completed a further 12 shallow drill holes which are the focus for this Mineral Resource update.
These shallow drill holes relate to the 900SG mineralised domain with a total meterage of 824.7m. This cost range estimate matches closely with a broad geological cut-off grade of between 0.15% copper and 0.25% copper (at a forward-looking Copper Price of USD 10,000/t). Study Results Based on the resource model, mining parameters, and metallurgical test works, a Mining Project Feasibility Study was submitted to the Philippine Mines and Geosciences Bureau on 20 December 2023 confirming the presence of minerals in the area which are recoverable by processing the ore through gravity separation which was determined to be economically sound, ensuring environmental protection and preservation methods would be implemented through the advanced mining technologies.
In the MRE, drill hole assays were composited to 2 metres which matches closely with the sample length down hole for all drill hole sampling completed at Sagay. The drilling completed at Sagay is dominantly towards the north-west or south-east which is perpendicular to the main trend of the copper mineralisation and host rock geology. The drill spacing for the drill holes in this orientation is irregular, ranging from just over 150m separation up to 400m separation.
Drill hole spacing for the 900SG area have been reduced to between 50m and 100m with the results from the 2023 drilling program. 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. The 900SG domain is at a horizontal orientation and drilling has largely been completed at a 60-degree angle which is appropriate for defining both this flat lying domain in addition to potential vertical feeder structures related to the primary porphyry copper source of this supergene copper domain.
Balanced reporting: Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. All data for the project has been collected, validated and reported and is considered to be a fair representation of the MRE from the Sagay Project which is the subject of this release. Other substantive exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances; potential deleterious or contaminationating substances.
All drill core from the Purok Tan-ao drilling which were used to define the 2024 MRE have been preserved and were available for the author to visually check against the drill logs and recorded assay results. Geological observations that are recorded in the drill logs leading to the definition of the ore domains at Purok Tan-ao appear consistent and reflective of what could be observed from the drill core by the Author. In addition, copper sulphides and recently weathered copper-sulphides (due to exposure of the drill core at the surface) are observable in the drill core where high-grade copper mineralisation has been reported.
The relative presence of copper sulphides and oxidised copper minerals appear reasonably reflective of the assay results reported in the database based on the observations made by the author of the author of the Author.
Source: Market Screener