TIDMCLA
RNS Number : 4852I
Celsius Resources Limited
07 August 2023
ASX/AIM RELEASE
7 August 2023
Philippine Government issues exploration permit for Celsius'
Botilao Copper-Gold Prospect
HIGHLIGHTS
-- Philippine Mines and Geosciences Bureau has issued a two-year
exploration permit for Celsius' Botilao Copper-Gold Prospect.
-- The Exploration Work Program will be implemented along with
an Environmental Work and Community Development Work Programs which
will be developed in consultation with the host community.
_______________________________________________________________________________
Celsius Resources Limited ("Celsius") (ASX, AIM: CLA) is pleased
to announce the issuance of an exploration permit for the Botilao
Porphyry Copper-Gold ("Botilao") Prospect in the Cordillera
Administrative Region under its Philippine subsidiary, Makilala
Mining Company, Inc. ("MMCI or "the Company").
The Exploration Work Program under the initial two-year 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.
This will be complemented with an Environmental Work Program
which outlines environmental protection and enhancement activities
during the exploration period, as well as a Community Development
Program consisting of socio-economic projects which will be
identified in consultation with the host community.
Celsius Managing Director Peter Hume, said:
"Given its location, it is possible that the mineralisation
controls in the Botilao Prospect are similar to those at the
Maalinao-Caigutan-Biyog Copper-Gold ("MCB") Project deposit[1].
Thus, they may have the same mineralisation style and grades which
will be confirmed once we progress the exploration. This Prospect,
once developed, will bring additional value to Celsius' portfolio
and complement the MCB Project."
Photo opportunity after the signing of the Botilao Prospect
Exploration Permit (from left to right: MMCI Project Monitoring
& Evaluation Supervisor Anne Zee Luz Laguerder; Mines and
Geosciences Bureau (MGB) Tenements Chief, Danilo Deleña; Celsius
Chairman and MMCI President Atty. Julito Sarmiento; Celsius
Managing Director Peter Hume; and MGB Mining Permit Evaluation
Section Head Manny Binuya).
BOTILAO PORPHYRY COPPER-GOLD PROSPECT
Botilao is located in the Cordillera Administrative Region in
the Philippines, approximately 320km north of Manila (Figure 1). It
is a prospect within the MMCI portfolio with a tenement area of
947.67 hectares, southwest of the MCB Project (Figure 2).
Historical exploration work conducted by Lepanto Consolidated
Mining Inc. in the '70s includes drilling diamond bore holes and
geochemical sampling along exploratory tunnels. A 1973 inspection
and verification report by the Bureau of Mines[2] indicated that
Lepanto was able to delineate two (2) major mineralisation zones
striking northeast. Drilling and exploration tunnel works were
concentrated around Botilao Creek, south of Pasil River. The report
indicated tunnel samples with copper grades up to 1%.
The result of historical exploration works and the current
understanding of the MCB Deposit will provide the initial working
model for the Botilao Prospect (Figure 3).
Along with geochemical sampling, mapping of different rock types
or lithologies in the area will be conducted to characterise and
delineate mineralised or altered zones. Detailed mapping will focus
on identified mineralised outcrops to ensure proper understanding
of the classification and controls of mineralisation.
Figure 2. Location of the Botilao tenement with respect to the
MCB Tenement. The Pasil River Fault which is the mineralisation
control for the MCB Deposit extends towards the Botilao
Prospect.
Figure 3. Blue and green copper minerals observed along the
walls of the Botilao outcrop.
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.
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
W: www.celsiusresources.com
Celsius Resources Limited
Peter Hume P: +61 2 8072 1400
Managing Director E: info@celsiusresources.com.au
W: www.celsiusresources.com
Multiplier Media
(Australia Media Contact)
Jon Cuthbert M: +61 402 075 707
E: jon.cuthbert@multiplier.com.au
Tavistock Communications
(UK Media and Investor Relations) +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/Felicity Geidt/Andrew
Price +44 (0) 207 628 3396
SPAngel
(Broker)
John Meyer/Ewan Leggat/Harry Davies-Ball +44 (0) 203 470 0470
[1] Refer to ASX Announcement dated 12 December 2022 for the
updated JORC compliant Mineral Resource Estimate ("MRE") for the
MCB Project. The Company confirms that it is not aware of any new
information or data that materially affects the information
included in the announcement dated 12 December 2022 and that all
material assumptions and technical parameters underpinning the MRE
continue to apply and have not materially changed.
[2] Almogela, D. H. (1973) Report on the Inspection and
Verification of the Exploration Activities of Lepanto Consolidated
Mining Company, Bureau of Mines, 16-18 March 1973
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END
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