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Celsius Resources Limited — Capital/Financing Update 2025
Oct 5, 2025
10450_rns_2025-10-05_cfef12e3-2ded-4ca9-89f7-111e1b5bb5c6.pdf
Capital/Financing Update
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ASX/AIM RELEASE
6 October 2025
Further High-Grade Intercepts Determined
HIGHLIGHTS
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Drilling results from current drilling program highlight high-grade intercepts of 86.0 m @ 0.56 % Cu and 0.06 g/t Au from 16.0 m, including 16.0 m @ 1.26% Cu and 0.06 g/t Au from 16.0 m.
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Feasibility Study update work now 60% complete.
Celsius Resources Limited (“ Celsius ” or the “ Company ”) ( ASX, AIM: CLA ) and its Philippines affiliate company Makilala Mining Company, Inc. (“ MMCI ”) is pleased to announce additional results from the drilling program which commenced in June this year.
The drilling program is focused on geo-technical and hydro-geological drilling and additional metallurgical test work. As stated by Peter Hume, our Technical Director, “This recent drill hole was completed to provide additional mine design and geo-technical data. With these new higher-grade intercepts, the Board have further confidence that the final mine plan, will deliver the best value for the MCB Project, our investors, shareholders and the community”.
The feasibility study update continues on schedule and is now more than 60% complete. Work on the final mine design is almost completed along with the 3D layout for the process plant and site infrastructure.
Upon all assays being received from the drilling program, the Company expects to release an updated Mineral Resource Estimate (MRE) followed by a JORC Ore Reserve Statement. These additional statements are expected to be announced along with the updated JORC Feasibility Study report by December this year.
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Level 5, 191 St. Georges Terrace, Perth WA 6000 PO Box 7059, Cloisters Square PO, Perth WA 6850 P : +61 2 8072 1400 E : [email protected] W : celsiusresources.com
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Figure 1. Location of drill hole MCB-UG-001 relative to recent and historical diamond drilling at MCB.
Drilling Results
The recently completed drill hole returned results that were higher than anticipated when compared to the resource model, confirming the presence of consistent highgrade copper mineralisation. The assays received to date cover the interval up to 102.0 metres downhole. Within this section, the hole intersected a continuous interval of 86.0 metres from 16.0 metres downhole, grading 0.56% Cu and 0.06 g/t Au, including a higher-grade zone of 16.0 metres from 16.0 metres grading 1.26 % Cu and 0.06 g/t Au . The drill hole extended to a total depth of 450.1 metres. Assay results for the significant remaining interval, from 102.0 metres to 450.1 metres, are pending and will be released to the market once they have been received and validated. These results provide strong support for the robustness of mineralization within the targeted zone and will be incorporated into future resource evaluation.
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Table 1. Significant intersection from drill hole MCB-UG-001.
| Hole ID | East | North | RL | Dip | Azi | Drillhole Depth (m) |
Depth From (m) |
Depth To(m) |
Length (m) |
Cu (%) | Au (g/t) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MCB-UG- 001 |
293995 | 1918733 | 925 | 280 | -60 | 450.1 | 16 | 102 | 86 | 0.56 | 0.06 |
| including | 16 | 32 | 16 | 1.26 | 0.06 |
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Figure 2. Cross section (see location at Figure 1) showing drill hole MCB-UG-001 in proximity to historical diamond drilling, highlighting significant assay results (looking northeast)[1] .
MCB COPPER-GOLD PROJECT
The MCB Copper-Gold Project (MCB) is located in the Cordillera Administrative Region in the Philippines, approximately 320km north of Manila (Figure 1). It is the flagship project within the Makilala portfolio which also contains other key prospects in the pipeline for permit renewal/extension.
1 ASX announcement 16 September 2020 (MCB-003, MCB-008 and MCB-019, ASX announcement 19 October 2022 (MCB-041), ASX announcement 4 October 2022 (MCB-040), ASX announcement 3 August 2022 (MCB-039), ASX announcement 4 July 2022 (MCB-038), ASX announcement 23 May 2022 (MCB-037), ASX announcement 13 December 2021 (MCB-036).
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An updated JORC compliant Mineral Resource Estimate was announced for the MCB Project on 12 December 2022, comprising 338 million tonnes @ 0.47% copper and 0.12 g/t gold, for a total of 1.6 million tonnes of contained copper and 1.3 million ounces of gold, of which 249 million tonnes @ 0.44% copper and 0.11 g/t gold is classified as Indicated, 42 million tonnes @ 0.52% copper and 0.11 g/t gold is classified as Inferred, and 47 million tonnes @ 0.59% copper and 0.19 g/t gold is classified as Measured.
A Study for the MCB Project was announced by CLA on 1 December 2021, which identified the potential for the development of a copper-gold operation with a 25-year mine life. The Study was based on an underground mining operation and processing facility to produce a saleable copper-gold concentrate.
Highlights from the Study include a Post tax NPV (8%) of US$464m and IRR of 31%, assuming a copper price of US$4.00/lb and gold price of US$1,695/oz. Initial capital expenditure is estimated to be US$253m with a payback period of approximately 2.7 years. The designed mine production is matched to a 2.28Mtpa processing plant which will treat ore with an estimated average grade of 1.14% copper and 0.54g/t gold for the first 10 years of planned production with a C1[2] cash costs at just US$0.73/lb copper, net of gold credits.
Please note that as at the date of this announcement there are studies ongoing to update the Feasibility Study for the MCB Project and to complete the Front-end Engineering and Design. These studies are scheduled for completion before December 2025[3] .
2 C1 costs include all direct costs in mining, processing, general and administration, and selling (including freight).
3 ASX/AIM announcement 7 August 2025
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Figure 3. Location of the MCB Project in the province of Kalinga, Northern Luzon, Philippines.
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.
Listing Rule Disclosures
The Company confirms that it is not aware of any new information or data that relates to Exploration Results and Mineral Resources at the MCB Project and that all material
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assumptions and technical parameters underpinning the Mineral Resource continue to apply. The Mineral Resource Estimate for the MCB Project referred to in this announcement was first disclosed in accordance with the requirements of ASX Listing Rule 5.8 in the Company’s ASX Announcement dated 12 December 2022 titled “Updated Mineral Resource for Celsius’ MCB Copper-Gold Project”. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed. Please note that as at the date of this announcement there are studies ongoing to update the Feasibility Study for the MCB Project which are scheduled for completion by December 2025.
The information in this announcement at footnote 2 relates to exploration results that have been previously released to ASX. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcement and that all material assumptions and technical parameters continue to apply.
Qualified / Competent Person Statement
Information in this report relating to Exploration Results 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 and has sufficient experience which is relevant to the style of mineralization 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.
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.
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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.
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: [email protected]
W: www.celsiusresources.com
Celsius Resources Limited
Neil Grimes
P: +61 419 922 478 E: [email protected] W: www.celsiusresources.com
Multiplier Media
(Australia Media Contact) Jon Cuthbert
M: +61 402 075 707 E: [email protected]
Zeus Capital Limited
(Nominated Adviser & Broker) Harry Ansell/James Joyce/ P: +44 (0) 20 3 829 5000 James Bavister
Zeus Capital Limited (“Zeus”) is the Company’s Nominated Adviser and is authorised and regulated by FCA. Zeus’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Zeus is not acting for and will not be responsible to any persons for providing protections afforded to customers of Zeus nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
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Appendix 1: The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the MCB 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 spe- cific 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 min- eralisation that are Material to the Public Report. In cases where ‘indus- try standard’ work has been done this would be relatively simple (eg ‘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 prob- lems. Unusual commodities or min- eralisation 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 dia- mond core saw following the cutting lines marked by the Geologist. Split cores returned to its respective core tray. • Samples were shipped by company vehi- cle 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 val- ues greater than 50 ppm were deter- mined by gravimetric fire assay. • Copper (Cu) values were assayed using Four acid digestion. Elements deter- mined by AAS finish with final reporting for a total of 36 elements. |
| Drilling techniques |
• Drill type (e.g. core, reverse circula- tion, 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 rock samples for the new drill hole inter- cepts, with the following drill core size summarized as follows: • PQ sized drill core with a core diameter of 81.1 mm was used from surface to more competent lithology. Core samples of this size are estimated to comprise about 43%of the total length of the re- cently drilled holes. • HQ sized drill core, with a core diameter of 61.1mm,was then substituted at |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| greater depths to accommodate varia- tions of subsurface conditions. Core samples of this size is estimated to com- prise about 57% of the total length of the recently drilled holes. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Drill sam- ple recov- ery |
• Method of recording and as- sessing 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 pref- erential loss/gain of fine/coarse material. |
• Core recovery has been recorded for every in- terval as part of the routine geomechanical log- ging. • Recovered core lengths on average were measured to be over 98% for the total length of the drill hole, indicating a high recovery and minimal lost core. • All drilling activities were supervised by com- pany Geologists. Trained Core house Techni- cian were responsible for the core recovery de- termination. • Core was arranged to fit the breakages before the actual core length from the start to the end of the drill run was measured. Percent recovery was calculated from dividing the measured core length over the total drill run multiplied by 100. |
| Logging | • Whether core and chip samples have been geologically and ge- otechnically 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) pho- tography. • 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 geolog- ical 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 geologi- cal characteristics present in the core, i.e. lithol- ogy, alteration, mineralogy, structures, etc. • Core photography was undertaken after com- pleting the geomechanical logging. |
| Sub-sam- pling tech- niques and sample prepara- tion |
• 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. |
• Samples were routinely taken over a 2m inter- val, and cut in half, with half of the drill core sent for analysis and half of the drill core re- tained for future reference. • Samples were cut on site using a hand core saw. Samples were then selected and bagged |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • For all sample types, the nature, quality and appropriateness of the sample preparation tech- nique. • Quality control procedures adopted for all sub-sampling stages to maximise representiv- ity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, in- cluding for instance results for field duplicate/second-half sam- pling. • Whether sample sizes are ap- propriate to the grain size of the material being sampled. |
on site prior to delivery to the laboratory (Inter- tek) in Manila for sample preparation. • The sample size is considered appropriate for type of material being samples. |
|
| Quality of assay data and labora- tory tests |
• The nature, quality and appro- priateness of the assaying and laboratory procedures used and whether the technique is consid- ered partial or total. • For geophysical tools, spec- trometers, handheld XRF instru- ments, etc, the parameters used in determining the analysis in- cluding instrument make and model, reading times, calibra- tions factors applied and their derivation, etc. • Nature of quality control proce- dures adopted (e.g. standards, blanks, duplicates, external la- boratory 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 diges- tion. Elements determined by AAS finish • The procedures for the submission of samples to the laboratory also include the regular inser- tion of QA/QC samples in every transmittal form or batch, which was typically delivered to the laboratory in batches of 50 numbered sam- ples. 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: • Four referenced standards • One referenced Blank • One coarse (unrecognisable) blank • One field duplicate taken from the quartered core • After sample preparation, all samples were sent for final analysis to Intertek at their labora- tory in Manila. Intertek is an internationally rec- ognised and ISO/IEC 17025:2005 & ISO/IEC 17020:2004 certified independent laboratory. |
| Verification of sam- pling and assaying |
• The verification of significant in- tersections by either independ- ent or alternative company per- sonnel. • The use of twinned holes. |
• Analytical procedures provided by an interna- tionally 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 |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Documentation of primary data, data entry procedures, data ver- ification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
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 topo- graphic control. |
• All data reference points and maps for the Makilala 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 sur- veys. Drill collar locations were positioned us- ing a handheld Garmin GPS unit, set to UTM WGS 84 Zone 51N coordinate reference sys- tem, with an accuracy expected to be within 2 metres. Downhole surveys were also com- pleted using a Keeper Gyro at 50m intervals. • Collar surveys were then logged into the mas- ter MS Excel spreadsheet as part of the data- base. |
| Data spac- ing and distribu- tion |
• Data spacing for reporting of Ex- ploration Results. • Whether the data spacing and distribution is sufficient to estab- lish the degree of geological and grade continuity appropri- ate for the Mineral Resource and Ore Reserve estimation proce- dure(s) and classifications ap- plied. • Whether sample compositing has been applied. |
• The broad drilling pattern is at 100m spacing for a series of diamond drill holes which are oriented in a north-west direction and dipping at predominantly at 60 degrees. These drill holes are augmented by some drill holes which have a west-north-west orientation or a north- east orientation or are vertical. (see figure 1 for Drill Hole Locations). • Drill holes at the MCB deposit are distributed broadly on eight grid lines, giving coverage of 1,000 metres from east to west. • The drill hole spacing where significant cop- per-gold mineralisation has been identified is sufficient to determine the geology and grade continuity of the area, as well as the ore body and mineralisation extents. |
| Orientation of data in relation to geological structure |
• Whether the orientation of sam- pling achieves unbiased sam- pling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the ori- entation of key mineralised structures is considered to have introduced a samplingbias,this |
• In the resource estimation, drill hole assays were composited to 2 metres downhole intervals. The dominant trend of the tonalite intrusion, which is directly related to the broader lower grade copper-gold mineralisation has an over- all strike of 50 degrees and a sub-vertical dip. Drill hole MCB-UG-001 was drilled at a 60-de- gree angle to intersect the interpreted high- grade positions. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| should be assessed and re- ported if material. |
||
| Sample se- curity |
• The measures taken to ensure sample security. |
• The following standard procedures were en- forced for the drilling of new intercepts: Sample bags are arranged in sequence ac- cording to its sample number. These are then weighed and jotted down to a sample dispatch note which details the sample numbers, sam- ple type and laboratory processing required. Geologists ensures that the transmittal form is correct for encoding and submission. The bags of samples are sent directly to the Intertek La- boratory in Manila by company vehicle. No un- supervised third parties were given access prior to the chain of custody procedure. • Samples were delivered to Intertek Testing Ser- vices along with two copies of the sample dis- patch form. One copy for the laboratory to ac- cept custody of the sample, and the signed/re- ceived copy return to database custodian at the Core House facility in Tabuk, Kalinga. |
| Audits or reviews |
• The results of any audits or re- views of sampling techniques and data. |
• No other specific audit or review was con- ducted other than the validation checks by the author documented earlier with regard to the sample preparation, analysis or security for the information in the new drillholes. |
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SECTION 2:
Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenure status |
• Type, reference name/number, location and ownership including agreements or material is- sues with third parties such as joint ventures, partner- ships, overriding royalties, native title interests, histor- ical sites, wilderness or na- tional park and environ- mental settings. • The security of the tenure held at the time of report- ing along with any known impediments to obtaining a licence to operate in the area. |
• TheMaalinao-Caigutan-Biyog(MCB) Copper-Gold project is situated in Luzon Central Cordillera in the Barangay of Balatoc, Municipality of Pasil, Province of Kalinga. • The property comprises a single Exploration Tene- ment (EP-003-2006-CAR) which covers an area of ap- proximately 2,500.82 hectares. The Exploration Tene- ment surrounds the previous Copper-Gold mining operations known as Batong Buhay Gold Mines, Inc. • The underlying title is in the name of the Philippines registered corporation Makilala Mining Company Inc. (MMCI) which is 100% owned by Makilala Holdings Ltd. • Celsius Resources Ltd has acquired 100% of Makilala Holdings upon the issuance of the extension to carry out exploration of the Tenement (EP-003-2006-CAR) from the Mines and Geosciences Bureau (MGB) of the Philippines and this requirement was met on 24thNo- vember 2020 |
| Explora- tion done by other parties |
• Acknowledgment and ap- praisal of exploration by other parties. |
• Exploration work and drilling was completed by Makilala Mining Company Inc. which was previously a subsidiary of Freeport-McMoran Exploration Cor- poration-Philippine Branch from year 2006 to 2013, the details of which have been documented in CLA announcement dated 16 September 2020. • The relative quality and detail associated with the drilling information is considered to be of a high standard. This has enabled the author to establish a high level of confidence associated with the historical drilling information. |
| Geology | • Deposit type, geological setting and style of miner- alisation. |
• The geological setting for the MCB copper-gold min- eralisation 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 minerali- sation and associated alteration exist across the con- tact between the genetically related intrusive body (tonalite) and the surrounding host rock material. In most cases the surrounding host rock is a mafic vol- canic, however, in some instances the older (not ge- netically related to copper-gold mineralisation) intru- sive bodies also exist in contact with theyounger |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| intrusive resulting in broad sections of mineralisation and alteration within a series of intrusive bodies. There is also evidence at MCB for epithermal vein de- posit types which exist within close proximity to the large-scale porphyry copper-gold mineralisation. At this stage, only the deposit type that is identified from the drilling information for MCB is a porphyry copper- gold style. • Basalt lava flows make up the majority of the host rocks in the tenement area, which is part of the oldest exposed unit, Basement Complex. This Cretaceous- Paleogene Metavolcanics has been intruded by quartz diorite complex, which in Kalinga, ranges in composition from gabbro to tonalite. • A later stage Tonalite intrusion exists throughout the project area and is interpreted to be genetically re- lated to the copper-gold mineralisation at MCB de- posit. • A dacite flow and dacitic pyroclastic blankets the older basalt host rock and tonalitic intrusive rocks. • There are four types of ore mineralisation that were emphasized in the project: oType 1 - Early high-grade porphyry Cu-Au miner- alisation, hosted both in tonalite and basalt. oType 2 - Mix of high-grade porphyry Cu-Au (Type 1) and high-sulphidation mineralisation (Type 4). Hosted in basalt and tonalites, but with strong Type 1 mineralisation that was partially over- printed by ore Type 4. oType 3 - Medium grade porphyry-copper oType 4 - High-sulphidation epithermal minerali- sation • (See figures 2 and 3 for a representative Cross Sec- tion of the Geology and its relationship to the copper- gold mineralisation at the MCB Deposit). |
||
| Drill hole Infor- mation |
• A summary of all infor- mation material to the un- derstanding of the explo- ration 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 |
• See Table 1 for all details pertaining to drill hole MCB-UG-001 which is the subject of this release. • In summary, with the inclusion of the drill hole re- ported in this announcement, the drill hole data- base for the Property consists of 59 diamond core drilled holes with an accumulative meterage of 31,058.00. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • dip and azimuth of the hole • down hole length and in- terception depth • hole length. • If the exclusion of this in- formation is justified on the basis that the infor- mation is not Material and this exclusion does not de- tract from the understand- ing of the report, the Com- petent Person should clearly explain why this is the case. |
||
| Data ag- gregation methods |
• In reporting Exploration Results, weighting averag- ing techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate inter- cepts incorporate short lengths of high-grade re- sults and longer lengths of low-grade results, the pro- cedure used for such ag- gregation 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 correspond with a definable and continuous zone of copper-gold mineralisation, nominally above a grade of 0.2% copper. The intervals have been re- ported 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 do- main of higher-grade copper-gold mineralisation. These sections have also been reported as weighted average totals. • The reporting of copper equivalent values (CuEq) is based on a copper price of US$4.0lb, gold price of US$1,695/oz and with copper and gold recoveries of 94.2% and 79% respectively as identified in the re- ported Scoping Study for the MCB Project (see CLA announcement on 1 December 2021). |
| Relation- ship be- tween minerali- sation widths and inter- cept lengths |
• These relationships are particularly important in the reporting of Explora- tion Results. • If the geometry of the min- eralisation 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 |
• Drill hole MCB-UG-001 is a diamond drill hole an- gled at 60 degrees to confirm and obtain samples of the orebody. This hole intersected the interpreted shallow high-grade domain which appear to be hori- zontal in orientation in addition to some possible ver- tical structures which also host the high-grade cop- per mineralisation. • Based on the geometry of the mineralisation relative to drill hole MCB-UG-001, the apparent width of the reported higher-grade intercepts is approximately 70 to 80% of the down hole interval reported for the drill hole. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| effect (eg ‘down hole length, true width not known’). |
||
| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should in- clude, but not be limited to a plan view of drill hole collar locations and appro- priate sectional views. |
• See Figure 2 for representative Cross Section of the Geology and its relationship to the copper-gold min- eralisation at MCB for drill hole MCB-UG-001. |
| Balanced reporting |
• Where comprehensive re- porting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid mis- leading reporting of Explo- ration Results. |
• All data for the MCB project has been collected, validated and reported and is considered to be a fair representation of the Exploration Results from drill hole MCB-UG-001, which is the subject of this release. |
| Other substan- tive ex- ploration data |
• Other exploration data, if meaningful and material, should be reported includ- ing (but not limited to): ge- ological observations; ge- ophysical survey results; geochemical survey re- sults; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminat- ing substances. |
• Historical exploration since the date of the original grant of EP-003-2006-CAR in 2006 was undertaken under the ownership and management of Makilala Mining Company Inc. Exploration work conducted by Makilala Mining Company Inc include surface map- ping and sampling (2007), ground magnetic survey (2007), induced polarisation (IP) geophysical surveys (2010), and an extended period of diamond drilling from 2006 through to 2013 for a total of 46 diamond drill holes. |
| Further work |
• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drill- ing). • Diagrams clearly highlight- ing the areas of possible extensions, including the main geological interpre- tations and future drilling areas, provided this |
• There are a few locations where the potential exten- sion to the current Minerals Resource could be tested. These locations are initially defined at depth plunging steeply to the west underneath the high- grade copper-gold mineralisation, and also to the west of the Maalinao-Panyaw fault. The location for the possible high-grade copper-gold to the west in- clude at depth, due to the interpretation that the fault has downthrown the geology on its western side, or toward the north-west, as a possible trend exists to the mineralisation in this direction which has not been tested. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| information is not commer- cially sensitive. |
• Apart from the direct extensions to the currently de- fined copper-gold mineralisation, there is considera- ble scope for further discoveries of two defined de- posit types at the MCB Tenement. • Porphyry copper-gold deposit types oThere are extensive intrusions in the area that are directly related to the copper-gold mineralisa- tion, and which could at multiple locations formed significant high-grade copper-gold de- posits. • Epithermal vein hosted deposit types oIt is considered likely that there could be a com- bination of narrow high grade, and/or more broad large scale and lower grade epithermal deposit types that are closely related to the porphyry copper-gold deposits at MCB. |
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