Celsius Resources Ltd on Monday said it was issued a two-year exploration permit for its Botilao copper-gold project by the Philippine Mines & Geosciences Bureau.
The copper-gold exploration and development company, focused on the Philippines, Namibia and Australia, holds the Botilao asset via its Philippine subsidiary Makilala Mining Co Inc.
The company said an exploration work programme will be implemented along with an environmental work & community development work programmes, which will be developed in consultation with the host community.
Celsius Resources said the exploration programme ‘aims to define the extent and distribution of the observed mineralisation along Botilao Creek, which will consist of regional to semi-detailed geochemical sampling and mapping to generate future targets for possible geophysical surveys and eventual diamond drilling activities’.
This is alongside outlining ‘environmental protection and enhancement activities during the exploration period, as well as a community development programme consisting of socio-economic projects which will be identified in consultation with the host community’.
‘Given its location, it is possible that the mineralisation controls in the Botilao prospect are similar to those at the Maalinao-Caigutan-Biyog copper-gold project deposit. Thus, they may have the same mineralisation style and grades which will be confirmed once we progress the exploration,’ said Managing Director Peter Hume.
‘This prospect, once developed, will bring additional value to Celsius’ portfolio and complement the MCB Project.’
Shares in Celsius Resources were down 22% to 0.98 pence each in London on Monday morning.
On Wednesday last week, Celsius Resources said it had substantially completed negotiations with Silvercorp Metals Inc regarding the legally binding agreements for the scheme and demerger.
This followed the announcement on May 15 that Silvecorp Metals Inc had agreed to buy the company in exchange for Silvercorp shares. Celsius said the proposed acquisition is valued at approximately £30.2 million. If it is completed, Silvercorp will issue approximately 9.7 million shares at about £2.74 each.
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