Celsius Resources updates Sagay JORC estimate
Melbourne, Victoria
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February 07, 2024 05:00 PM Eastern Standard Time
Celsius Resources Ltd (ASX: CLA) managing director Peter Hume joins Jonathan Jackson in the Proactive studio to discuss a range of milestones, the latest being an updated JORC estimate for the Sagay Copper Project on the Island of Negros in the Philippines. Hume explains the significance of the update, which relates to shallow supergene copper mineralisation and now includes measured and indicated resources. He also talks about the Sagay Project for Declaration of Mining Project Feasibility and another notable quarterly highlight in the MoU with the Kalinga Provincial Government. Finally, Hume explains the drivers of a positive report by WH Ireland which called Celsius ‘a potential near-term, low-cost copper producer’ and puts the company at a fair value of 8.8 cents.
Hume said: “The greater definition of the shallow supergene copper at Sagay has increased both the resource category and our own confidence in the ability to look at a new shallow sustainable friendly development option.
"The previous mineral resource only placed this area in the inferred category, and with this new update to the mineral resource, this area is now largely in the measured and indicated category, which allowed us to complete and submit a feasibility study to the Philippine Government.
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