Photo credit: Celsius Resources
Celsius Resources Limited is pleased to declare a maiden JORC compliant Mineral Resource for the Sagay (SGY) Copper-Gold Project (“Project”), held under its Philippine Subsidiary Company, Tambuli Mining Co., Inc (TMCI) and located at the Island of Negros in the Philippines. The latest results suggest that the SGY Project hosts a large-scale porphyry copper-gold mineralisation.
The Global Mineral Resource estimate comprises 302 million tonnes of 0.41% copper, and 0.11g/t gold, at a lower cutoff grade of 0.2% copper.
The maiden Mineral Resource Estimate (MRE) is located at Nabiga-a Hill, within the broader SGY Project area. At Nabiga-a, the MRE has been defined by a total of 32 diamond drill holes which are very broadly spaced and have shown copper mineralisation over an extensive area from the surface down to 1.2km in depth.
Celsius Resources Executive Director Peter Hume said:
“The copper mineralisation at Sagay is truly large scale, with potential to develop into another significant copper deposit in the Philippines.”
“We have only drilled a modest number of holes into this deposit but the large intersections have already defined 1.2Mt of copper. With open intersection at multiple positions and in multiple directions, we anticipate that further drilling will lead to substantial growth in the known copper mineralisation.”
“We also have some evidence that higher-grade zones could exist within the huge lower-grade copper envelop. We look forward to the next phase of exploration which will also focus on investigating the possible extensions of these higher-grade positions closer to the surface.”
Celsius Resources is still in the process of finding a suitable partner to develop the Sagay Project.
Article courtesy of Celsius Resources