MCB Copper Gold

MCB Copper Gold

MCB Copper Gold

During September 2020 the Company entered into a Binding Sale Agreement to acquire 100% of Anleck Limited, a UK entity that, through various subsidiaries, a suite of copper-gold projects in the Philippines. The key asset in the portfolio is the Maalinao-Caigutan-Biyog (MCB) Project, a copper gold project situated within the Central Cordillera Region in the Island of Luzon, Philippines, approximately 320 km north of Manila. The other assets in the Anleck portfolio include the Nabiga-a Prospect (granted exploration permit for extension) and the Malangsa Prospect (Exploration Permit Application).

The MCB Project contains a large, high grade copper-gold porphyry deposit that has seen historical drilling conducted by Makilala Mining Co. Inc. (a wholly owned subsidiary of Freeport-McMoRan Inc., at the time), between 2006 and 2013 (detailed in the ASX Announcement of 16 September 2020). Surface exploration on the MCB Project commenced in 2006 and a drilling program was between December 2006 and 2012. Exploration activity included geological mapping, soil sampling, ground magnetics and limited IP geophysical surveys; and 46 diamond drill holes (25,547 m), completed by 2013. A total of approximately US$10 million has been spent on the MCB Project on historical exploration and associated costs.

No Mineral Resource has been declared for the MCB Project however a maiden resource estimate is in progress and will be completed and is expected to be reported once the current COVID quarantine restrictions have been reduced. Significant drilling results from this work is shown on Figures 1 and 2 and included:

767.00 m @ 0.77% copper and 0.27 g/t gold, from 30 m, including
384.00 m @ 1.25% copper and 0.46 g/t gold, from 384 m (MCB-030)

630.50 m @ 0.81% copper and 0.32 g/t gold, from 11.5 m, including
177.00 m @ 1.98 % copper and 0.95 g/t gold, from 349 m (MCB-018)

612.00 m @ 0.82% copper and 0.31 g/t gold, from 18 m, including
186.85 m @ 1.84% copper and 0.86 g/t gold, from 363 m (MCB-009)

505.00 m @ 0.87% copper and 0.38 g/t gold, from 29 m, including
243.30 m @ 1.38% copper and 0.75 g/t gold, from 103 m (MCB-002)

680.00 m @ 0.54% copper and 0.20 g/t gold, from 34 m, including
92.00 m @ 1.80% copper and 1.12 g/t gold, from 382 m (MCB-029)

325.00 m @ 0.86% copper and 0.13 g/t gold, from 18 m (MCB-011)

548.80 m @ 0.51% copper and 0.03 g/t gold, from 8 m (MCB-010/10A)

438.70 m @ 0.45% copper and 0.16 g/t gold, from 4 m (MCB-019)

452.50 m @ 0.48% copper and 0.06 g/t gold, from 31.5 m, including
41.25 m @ 0.81% copper and 0.08 g/t gold, from 109.50 m and
54.00 m @ 0.63% copper and 0.06 g/t gold, from 280.00 m (MCB-003)

222.65 m @ 0.62% copper and 0.60 g/t gold, from 11.35 m, including
142.90 m @ 0.81% copper and 0.85 g/t gold, from 11.35 m (MCB-025)

384.00 m @ 0.40% copper and 0.26 g/t gold, from 8 m, including
28.00 m @ 0.63% copper and 0.26 g/t gold, from 354 m (MCB-020)

540.60 m @ 0.37% copper and 0.06 g/t gold, from 18 m, including
12.00 m @ 0.80% copper and 0.06 g/t gold, from 146 m and
14.90 m @ 0.58% copper and 0.65 g/t gold, from 276 m (MCB-008)

359.80 m @ 0.40% copper and 0.11 g/t gold, from 4 m (MCB-001)

142.00 m @ 0.61% copper and 0.43 g/t gold, from 174 m, including
76.00 m @ 0.72% copper and 0.60 g/t gold, from 204 m (MCB-022)

252.00 m @ 0.42% copper and 0.11 g/t gold, from 46 m, including
42.00 m @ 0.48% copper and 0.20 g/t gold, from 50 m (MCB-023)

A full listing of significant intercepts and drillhole collars are provided in the ASX Announcement of 16 September 2020 along with the supporting information prescribed by the JORC Code.


Figure 1: MCB Project drill hole locations and interpreted surface geological plan view diagram


Figure 2: Cross Section A-B (see Figure 1) with highlighted drill hole intercepts and interpreted geology

Celsius has entered into a Binding Share Sale Agreement (Anleck Acquisition Agreement) to acquire 100% of the issued capital of Anleck Limited, a private UK company that owns, through various subsidiaries, a suite of copper-gold projects in the Philppines. Anleck owns a number of copper-gold projects through its acquisition of Makilala Holding Limited (an entity incorporated in the British Virgin Islands) (Makilala Acquisition). The Makilala Acquisition completed prior to the execution of the Anleck Acquisition Agreement under the terms of a separate agreement between Anleck and the owner of Makilala Holding Limited (MHL Acquisition Agreement). Further details on the Anleck Acquisition Agreement and the MHL Acquisition Agreement are set out later in in the ASX Announcement of 16 September 2020.

On Friday, 20 November 2020, Anleck received the Exploration Permit No. 003-2006-CAR for the Maalinao-Caigutan-Biyog (MCB) Copper Gold Project in the Philippines which was approved by the Mines and Geosciences Bureau’s (MGB).