Investors smiled on Celsius Resources (ASX:CLA) today after the company moved an important step closer to acquiring the Maalinao-Caigutan-Biyog (MCB) Project in the Philippines.
The stock hit an intraday high of 4.6c, up 0.8c or 21%, with over $500,000 worth of shares changing hands by 1pm AEDT on news the exploration permit overlying the project had been granted by the Philippines Mines and Geosciences Bureau.
The granting of the permit is a substantive condition precedent for completion of the acquisition of Anleck Limited, a private UK company that owns, through various subsidiaries, a suite of copper-gold projects in the Philippines.
A shareholder meeting will now be held to ratify the transaction with an Independent Expert Report and Notice of Meeting to be dispatched by mid-December 2020.
This is an important step in developing the MCB project which is a world class opportunity with the potential to be a future significant copper and gold producer within the Asia Pacific region, to be implemented under the Philippine-registered company Makilala Mining Co. Inc,” Anleck Chairman and CLA Director designate Martin Buckingham said.
“Our dynamic in-country team is now preparing to deliver additional milestones as part of the mine development initiatives, working closely with local indigenous communities, stakeholders and the National Government under a responsible mining approach.”
Results from historical drilling at the MCB Project, conducted by Makilala Mining Co., Inc. (MMCI) a wholly owned subsidiary of one of the world’s largest copper/gold producers Freeport-McMoRan, include 384m at 1.25% copper and 0.46 g/t gold within 767m at 0.77% copper and 0.27 g/t gold and 177m at 1.98% copper and 0.95 g/t gold within 630.50m at 0.81% copper and 0.32g/t gold.
Preparations are well advanced to commence drilling at the project site in January 2021, to support scoping and further feasibility studies.
Shares were last trading on Tuesday at 4.4c.