Celsius set to explore new copper-gold prospect

Celsius Resources announced its plans to explore the Botilao Porphyry Copper-Gold Prospect on Tuesday - a secondary tenement located adjacent to the MCB project - through its Philippine subsidiary Makilala Mining Company (MMCI).

The AIM-traded firm said the exploration initiative was designed to complement the development of the area, and potentially extend the operational mine life.

After fulfilling all the necessary documentary requirements, the Mines and Geosciences Bureau (MGB) had confirmed that the permit issuance was imminent pending the clearance of signatories, which was expected in the coming weeks.

“This is another opportunity for Celsius to explore and develop our portfolio of copper-gold assets in the Philippines,” said executive chairman Julito Sarmiento.

“We appreciate the trust of the Marcos Jr.'s administration in the company's commitment to build responsible and transformative mining projects that goes beyond regulatory compliances.

“This tenement could add significant value and complement the Maalinao-Caigutan-Biyog Copper-Gold Project, given its location and porphyry copper-gold mineralisation within the area.”

At 1401 BST, shares in Celsius Resources were down 3.85% at 1.25p.

Reporting by Josh White for Sharecast.com.