• MCB Copper-Gold Project to have a low capex of US$253 million.
• The Philippines-based project will have post-tax NPV of US$464 million.
• Scoping Study projects a potential 25-year underground operation.

Celsius Resources Ltd (ASX:CLA) has announced the results of the Maalinao-Caigutan-Biyog (MCB Project) Scoping Study, which revealed a low-cost, longlife copper-gold project in the Philippines.

The Scoping Study has projected the MCB Copper-Gold Project to have an initial capital expenditure (capex) requirement of just US$253 million, a post-tax net present value (NPV) of US$464 million, with an average C1 cash cost for the first 10 years of production of US$0.73/lb Cu.

MCB is expected to have a payback period of just 2.67 years.

The Study confirmed the potential for a 25-year underground operation at MCB, which is located in the Barangay Balatoc area in the northern Philippines.

The MCB Project comprises classic porphyry style Cu-Au mineralisation with a high-grade sub vertical core, which has been the sole focus of the current study.

A maiden JORC compliant Mineral Resource Estimate (MRE) was declared for the MCB Project

in January 2021, comprising 313.8 million tonnes at 0.48% copper and 0.15 g/t gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold.

Celsius Resources Executive Director – Corporate Blair Sergeant said: “The results from the MCB Copper-Gold Project are very exciting for our Shareholders. The Study has identified a potential longlife, profitable, 25-year underground mining operation and a world-class asset.”