Celsius Resources Limited’s Philippine subsidiary Tambuli Mining Company Inc. (TMCI) has been granted a two-year extension of its exploration program for its Sagay Copper-Gold Project.
The Sagay copper-gold asset is located in the northern tip of Negros with a total area of 4,594.2 hectares where occurrences of large porphyry copper mineralisation potential have been confirmed.
TMCI President Attorney, Julito R Sarmiento, said the announcement is an important step in developing another asset 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. We would like to thank the Philippine National Government for their ongoing support as the company looks forward to working closely with local landowners, stakeholders and relevant government agencies in advancing the project, showcasing our faithful adherence to global Environmental, Social, and Governance (ESG) principles,” he said.
Celsius’ Executive Director, Blair Sergeant, added: “It’s very pleasing to see the Philippine 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 Philippine Mines and Geosciences Bureau to approve the permit extension, with several key conditions.
In particular, TMCI is required to fully implement the approved Work Programs along with filing a Declaration of the Mining Project Feasibility within the prescribed final two-year extension period.
TMCI is expected to commence a drilling program in mid-September 2021. This work, among others, will support the declaration of a maiden JORC Resource.