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].
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]. 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].
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].
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]
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].
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
NAME
|
PERMIT
NUMBER
|
REGISTERED HOLDER /
APPLICANT
|
PERMIT
STATUS
|
PERMIT
EXPIRY
|
INTEREST / CONTRACTUAL
RIGHT
|
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]
|
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
W:
www.celsiusresources.com
|
|
|
|
|
Multiplier
Media
(Australian Media
Contact)
|
|
|
Jon
Cuthbert
|
M: +61 402
075 707
E:
jon.cuthbert@multiplier.com.au
|
|
Tavistock Communications
(UK
Media and Investor Relations)
|
P: +44 (0) 207 628 3396
|
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)
Roland
Cornish/Andrew Price
|
P: +44 (0)
207 628 3396
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]
Project, the Sagay[9]
Project or the Opuwo[10] 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 specific specialised industry standard measurement tools
appropriate to the minerals under investigation, such as down whole
gamma sondes, or handheld XRF instruments, etc). These examples
should not be taken as limiting the broad meaning of
sampling.
· Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any measurement
tools or systems used.
· Aspects of
the determination of mineralisation that are Material to the Public
Report. In cases where 'industry standard' work has been done this
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 fire assay'). In other cases, more
explanation may be required, such as where there is coarse gold
that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g., submarine nodules) may warrant
disclosure of detailed information.
|
· Samples were collected from diamond core drilled from the
surface. All drill core was generally sampled on 2-meter intervals.
In cases where geological and mineralogical characteristics change,
sample length was not less than 1 meter.
· Core
samples cut into half using diamond core saw following the cutting
lines marked by the Geologist. Split cores returned to its
respective core tray.
· Samples were shipped by company vehicle to Intertek Testing
Services which is an external laboratory located in Manila,
Philippines.
· Crushed samples were fire assayed for gold (Au) using a
30-gram charge, with a 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 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 blast, auger, Bangka, sonic, etc) and details (e.g. core
diameter, triple or standard tube, depth of diamond tails,
face-sampling bit or other type, whether core is oriented and if
so, by what method, etc).
|
· Diamond drilling was used to capture the samples which are the
subject of this release.
· 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 results assessed.
· Measures taken to maximise sample recovery and ensure
representative nature of the samples.
· Whether a relationship exists between sample recovery and
grade and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
|
· Core
recovery has been recorded for every interval as part of the
routine geomechanical logging.
· Recovered core lengths on average were measured to be approx.
97% for the drill holes with form part of the MRE, indicating a
high recovery and minimal lost core.
· All
drilling activities were supervised by company Geologists. Trained
Core house technician were responsible for the core recovery
determination.
|
Logging
|
· Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
· Whether logging is qualitative or quantitative in nature. Core
(or costean, channel, etc) photography.
· The
total length and percentage of the relevant intersections
logged.
|
· Geologists were tasked to oversee the daily quick log report
down to sampling. Daily quick log form was completed to identify
the geological details such as lithology, alteration and
mineralisation with corresponding percentage estimate of Cu
minerals and Cu grade, using an established geological
code.
· Detailed logging proceeds describing geological
characteristics present 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.
· If
non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
· For
all sample types, the nature, quality and appropriateness of the
sample preparation technique.
· Quality control procedures adopted for all sub-sampling stages
to maximise representivity of 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.
|
· 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 for future reference.
· Samples were cut on site using a hand core saw. Samples
were then selected and bagged on site prior to delivery to the
laboratory (Intertek) in Manila for sample preparation.
· The
sample size is considered appropriate for type of material being
samples.
|
Quality of assay data and laboratory tests
|
· The
nature, quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or
total.
· For
geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including
instrument make and model, reading times, calibrations factors
applied and their derivation, etc.
· Nature of quality control procedures adopted (e.g. standards,
blanks, duplicates, external laboratory checks) and whether
acceptable levels of accuracy (i.e. lack of bias) and precision
have been established.
|
· Samples were fire assayed for gold (Au) using a 30-gram
charge, with a 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 digestion. Elements determined
by AAS finish.
· The
procedures for the submission of samples to the laboratory also
include the regular insertion of QA/QC samples in every transmittal
form or batch, which was typically delivered to the laboratory in
batches of 50 numbered samples. For each batch of 50 samples a
total of 43 came from core 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
alternative company personnel.
· The
use of twinned holes.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic)
protocols.
· Discuss any adjustment to assay data.
|
· Analytical procedures provided by an internationally certified
laboratory is considered in line with industry standard for the
type of deposit and mineralisation identified at the
Property.
· Apart from the verification of the procedures and results as
described above, no further verification of the sampling and
assaying have been undertaken.
· 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 down-hole surveys), trenches, mine workings and other
locations used in Mineral Resource estimation.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
|
· All
data reference points and maps for the Sagay database, including
drill hole collar co-ordinates are recorded in WGS 84/UTM Zone
51N.
· Compass measurements taken by Geologists were used to
establish the dip 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 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.
· Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve estimation procedure(s)
and classifications applied.
· Whether sample compositing has been applied.
|
· The
drilling which is the subject of this release was designed to test
shallow oxide copper mineralisation at between 50m and 100m
spacing.
· The
drilling completed at was drilled towards the south-east at 60
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 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 possible structures and the extent to which this is known,
considering the deposit type.
· If
the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and reported if
material.
|
· The
drill hole orientations at Nabiga-a Hill are largely towards the
south-west or towards the south-east. These orientations were
chosen to cut roughly perpendicular to the interpreted dominant
structural trend and possible trend of the mineralised intrusive
rocks which are trending towards the north-east, and some evidence
of a trend to the north-west.
· 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 or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title
interests, historical sites, wilderness or national park and
environmental settings.
· The
security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the
area.
·
|
· The
Nabiga-a Copper-Gold project is at the north-eastern part of Negros
Island within the Cities of Sagay and Escalante Negros
Occidental.
· The
underlying title is in the name of the Philippines registered
corporation Tambuli Mining Company Inc. ("TMCI") is currently 100%
owned by a private Delaware Company who in turn is owned by Celsius
Resources Limited ("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
exploration results including a tabulation of the following
information for all Material drill holes:
· easting and northing of the drill hole collar
· elevation or RL (Reduced Level - elevation above sea level in
metres) of the drill hole collar
· 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.
|
· See
Table 1 for all details pertaining to drill holes which are the
subject of this release.
· In
summary, the drill hole in the database for the Property which
relate 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 holes which are the subject of this
release.
· No
drill hole information has been excluded.
|
Data
aggregation methods
|
· In
reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (e.g. cutting of high
grades) and cut-off grades are usually Material and should be
stated.
· Where aggregate intercepts incorporate short lengths of
high-grade results and longer lengths of low-grade results, the
procedure used for such aggregation should be stated and some
typical examples of such aggregations should be shown in
detail.
· The
assumptions used for any reporting of metal equivalent values
should be clearly stated.
|
· Significant intersections are reported in Table 1 and are
aggregated relative to broad mineralised interval which corresponds
with a definable and continuous zone of copper-gold mineralisation,
nominally above a grade of 0.2% copper. The intervals have
been reported as weighted average totals. Internal to the
broader mineralisation that has been reported, there are some
internal higher-grade copper-gold assay results reported (nominally
above 0.5% copper) which are interpreted to exist as a continuous
domain of higher-grade copper-gold mineralisation. These
sections have also been reported as weighted average
totals.
· 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 Exploration Results.
· If
the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If
it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length,
true width not known').
|
· 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
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 perpendicular to the dominant geological trend at
Nabigaa, which is close to vertical towards the north-east, in
addition to the horizontal orientation of 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 should be included for any significant discovery being
reported These should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional
views.
|
· See
Figures 1 to 2 for a representative plan and cross section of the
Geology and its relationship to the copper-gold mineralisation at
Nabiga-a.
|
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
|
· Other 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.
|
· Historical exploration since the date of the original grant of
EXP000003VI in 2008 was undertaken under the ownership and
management of TMCI.
· On
June 2008, first stage of geological work was established by
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
extensions or depth extensions or large-scale step-out
drilling).
· Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations and
future drilling areas, provided this information is not
commercially sensitive.
|
· The
information reported in this release pertain specifically to an
area 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
include:
· 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
[1] Refer to ASX
announcement dated 28 September 2023 "MCB Project receives DMPF
approval"
[2] Refer to ASX
announcement dated 19 October 2023 "Celsius Collaborate with
Kalinga LGU for MCB Road Access"
[3] Refer to ASX announcement dated 7
August 2023 "Philippine government issues exploration permit for
Celsius' Botilao Copper-Gold Prospect"
[4] Refer to ASX announcement dated 6
November 2023 "Celsius receives renewal of Exclusive Prospecting
License for Opuwo Project"
[5] Refer to ASX announcement dated 17
October 2023 "Shallow Copper Results from Sagay"
[6] Refer to ASX announcement dated 14
November 2023 "Results of Meeting"
[7] 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] Refer to ASX
announcement dated 12 December 2022 for an updated JORC compliant
Mineral Resource Estimate.
[9] Refer to ASX
announcement dated 7 November 2022 for the Maiden Mineral Resource
for Celsius' Sagay Cu-Au Project
[10] Refer to
ASX announcement dated 1 July 2021 for the updated Mineral Resource
Estimate for the Opuwo Project.
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