Celsius Resources (ASX:CLA) announced its first JORC-compliant ore reserve estimate for the Maalinao-Caigutan-Biyog Copper-Gold Project in the Philippines, operated through its affiliate Makilala Mining.
The maiden reserve defines 130.2 million tonnes of underground ore grading 0.66% copper and 0.21 g/t gold, containing approximately 856,000 tonnes of copper and 891,000 ounces of gold at a 0.84% copper-equivalent grade.
The estimate underpins the Project’s updated feasibility study and ongoing discussions with potential financing partners. It has been prepared and certified by DMT Consulting, an independent competent person with no commercial interest in Celsius or MCB.
The proposed underground operation will employ sub-level open stoping with paste backfill and dry-stack tailings, supported by a conventional concentrator plant.
Metallurgical testing confirms the production of a high-quality copper-gold concentrate with strong flotation recoveries and no expected penalty elements.
MMCI Technical Director Peter Hume described the milestone as validation of MCB’s long-term potential, noting the contributions of local communities and MMCI staff.
“This ore reserve estimate reflects the professionalism and commitment of everyone involved and reinforces our confidence in delivering sustained value to shareholders and stakeholders,” he said.
Located in Barangay Balatoc, Pasil, Kalinga, approximately 320 km north of Manila, the 2,500-hectare MCB Project has been explored extensively since 2006, with over 31,600m drilled across 60 diamond holes.
The project features porphyry-style copper-gold mineralisation, with ongoing studies supporting the transition to production.
At the time of reporting, Celsius Resources' share price was $0.012.