Celsius Resources secures permit extension for Sagay Copper-Gold Project in the Philippines

Celsius Resources Ltd’s Philippine subsidiary Tambuli Mining Company Inc (TMCI) has been granted a two-year extension of the Sagay Exploration Permit (EP) No 000003VI in support of the National Government’s economic recovery program.  The Sagay Copper-Gold Project is at the northern tip of Negros with a total area of 4,594.24 hectares, where occurrences of large porphyry copper mineralisation potential have been confirmed.  A key condition to the permit extension is the filing of the declaration of the mining project feasibility (DMPF) within the prescribed final two-year extension period.  The company plans to undertake definition drilling to support the declaration of a maiden JORC resource and testing the broader extents of the large-scale porphyry copper mineralisation, which is likely to begin in the third quarter of 2021. Meaningful action and genuine support Celsius’ executive director Blair Sergeant said: “It is very pleasing to see the Philippines Government’s recent commitment to reinvigorate the country’s mining industry translating into meaningful action and genuine support of our Philippine subsidiaries activities. “I look forward to the drilling program at Sagay commencing as soon as practically possible and providing the results thereof as and when they come to hand.” The Sagay exploration permit extension underwent a full evaluation of the proposed exploration, environmental and social work programs and provided a basis for the Mines and Geosciences Bureau (MGB) to approve the permit extension, with a number of key conditions attached. TMCI president Atty. Julito R. Sarmiento added: “This is an important step in developing another of the assets within the company’s copper-gold portfolio, and re-confirms the renewed commitment of the Philippine National Government to support the mining industry and the country’s path to economic recovery. “Our in-country team is now preparing to advance the Sagay Project with a substantial drilling program, despite the challenges due to the COVID-19 pandemic." The company looks forward to working closely with local landowners, stakeholders and the relevant government agencies to advance the project, in adherence to global environmental, social and governance (ESG) principles. Permit issuance and drilling commencement The extension of the Sagay Exploration Permit, valid for a final period of two years, takes effect upon registration at the regional MGB office on August 11, 2021. The registration process included complying with certain regulatory requirements, including: ➢ Posting of a performance surety bond equivalent to the expenditure requirement of the approved WP’s with a validity consistent to the EP term; ➢ Payment of occupation fees per fraction to the municipalities and province/s where the Sagay tenement is located; and ➢ Securing land use agreements with a majority of landowners within the permit area before entry or conduct of exploration activities therein. The proposed drilling program is anticipated to commence in mid-September 2021. The definition drilling with a coring metreage of 4,800 metres is comprised of eight drill holes, of which two are deep holes and six are shallow holes. Fitting of the vibrating wire piezometer for groundwater readings and sampling preparations for metallurgical test work along with other technical studies will support the necessary documentation for the DMPF submission before the end of the two-year period. The proposed definition drilling is designed to confirm continuity of the copper-gold mineralisation identified in the historical drilling The conclusion of the proposed drilling program and associated work streams should enable the company to declare maiden JORC compliant mineral resources. The Sagay Copper-Gold Project Negros Island is part of the central group of Islands in the Philippines commonly referred to as 'the Visayas'. The Sagay Project appears to contain a very large-scale porphyry copper mineralisation at depth as defined by the numerous thick drill hole intersections as seen in the historical drilling conducted by TMCI between 2008 and 2017. Previous drilling has identified several relatively high-grade shallow copper mineralisation occurrences, in addition to a very large body of copper mineralisation with true widths interpreted to exceed 500 metres in places. The large-scale copper mineralisation at depth is still open in multiple directions.