MGB Issues Exploration Permit
The Mines and Geosciences Bureau (MGB) has issued an exploration permit to Celsius Resources Ltd for its Maalinao-Caigutan-Biyog (MCB) project in the Philippines, received as part of its acquisition of Anleck Limited, a UK company with a suite of copper and gold projects in the Philippines.
In September 2020, Celsius went into a binding share sale agreement to purchase Anleck, subject to several conditions
With the MGB issuing this exploration permit, Celsius has taken a major step in fulfilling the contractual obligations of the share sale agreement.
Anleck chairman and Celsius director designate Martin Buckingham said, “This is an important step in developing the MCB project which is a world-class opportunity with the potential to be a future significant copper and gold producer within the Asia Pacific region, to be implemented under the Philippine-registered company Makilala Mining Co Inc. Our dynamic in-country team is now preparing to deliver additional milestones as part of the mine development initiatives, working closely with local indigenous communities, stakeholders and the National Government under a responsible mining approach.”
A flagship project of the Anleck portfolio which also involves the Malangsa project in Southern Leyte and the Sagay project in Negros Occidental, the MCB is located at the Cordillera Administrative Region and hosts a high-grade copper-gold porphyry deposit based on historical exploration.
The results of the MCB conducted by Makilala Mining include:
384 metres at 1.25% copper and 0.46 g/t gold, within 767 metres at 0.77% copper & 0.27 g/t gold
177 metres at 1.98% copper and 0.95 g/t gold within 630.5 metres at 0.81% copper and 0.32 g/t gold.
The renewal of the permit means that MGB gives Celsius the right to conduct mineral exploration, filing of the declaration of mining project feasibility, preparation of completion of studies, and the important Mineral Agreement.
The permit lasts for two years with a permit extension if needed.
Following the filing of a Declaration of Mining Project Feasibility, Celsius is working on its preparations - with drilling to start early 2021. Meanwhile, the Anleck transaction will be finished after a shareholder meeting to approve the transaction.
In the meantime, Celsius awaits for the completion of an independent export report, part of the Notice of Meeting to be sent to shareholders. This meeting is expected to be conducted in January 2021.