Copper-gold hopeful Celsius Resources (ASX/AIM: CLA) has announced key appointments to its wholly owned subsidiary, Tambuli Mining, including Dr Attilenore “Nene” Manero as interim chair and president.
In addition, Celsius says it will appoint Peter Hume, a member of the Celsius board and the current interim chair, as technical advisor.
Tambuli is focused on progressing the Sagay Copper Project in the Philippines.
The appointments will enable Celsius to retain critical in-country expertise and experience, and support the longer-term strategy of progressing the development of the Sagay Copper Project.
Celsius’ primary focus remains on the development of the MCB Copper-Gold Project.
Sagay Copper Project
- Tenement area ~1,780 hectares
- Main deposit – large-scale deep copper-gold porphyry
- Secondary deposit – shallow supergene deposit west of the main porphyry, which would be the first target to be developed
- Exploration – commenced in 2008
- Completed drilling – 47 drill holes and 28,252m completed between 2012 to 2023
- Mineral Resource Estimate – 312Mt @ 0.39% copper and 0.11g/t gold (~1.2Mt of contained copper and ~1Moz of contained gold)
Potential development approach
The intended two-phase approach to developing the Sagay Project entails:
- Phase 1 – initial development of the shallow supergene copper deposit via a mid-scale surface mining operation, utilising simple gravity separation to produce a copper concentrate; and
- Phase 2 – potential future development of the large-scale deep copper-gold porphyry via an underground block cave mine with milling and floatation.
- An Environmental Compliance Certificate (“ECC”) is expected to be issued post approval of the DMPF and the EIA; and
- Following the issuance of the ECC, a permitting process will be undertaken for either a Mineral Production Sharing Agreement (“MPSA”) or a Financial or Technical Assistance Agreement (“FTAA”).
