MCB Project Faces Key Test as Drilling Program Targets Critical Subsurface Data
Celsius Resources’ Philippine subsidiary has launched a detailed drilling campaign to refine the feasibility and engineering plans for its flagship copper-gold project, aiming to unlock further value and operational clarity.
- Makilala Mining engages DrillCorp for geotechnical and hydrogeological drilling
- 2,300 meters of drilling planned at an estimated cost of AUD 925,000
- Data to update Feasibility Study and Front-End Engineering and Design
- DrillCorp’s proven track record with Makilala since 2006
- MCB Project holds 1.6 million tonnes of contained copper and 1.3 million ounces of gold
Drilling Program Initiated to Support Project Advancement
Celsius Resources Limited’s Philippine subsidiary, Makilala Mining Company, Inc., has commenced a significant geotechnical and hydrogeological drilling program at the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project. The program, starting mid-June 2025, is designed to generate critical subsurface data that will inform updates to the project’s Feasibility Study and Front-End Engineering and Design (FEED) phase.
The drilling will cover approximately 2,300 meters and is budgeted at around PHP 33 million (approximately AUD 925,000). This investment underscores Celsius’s commitment to refining mine planning and infrastructure design, aiming to optimize the underground mine layout, processing plant positioning, and surface infrastructure.
Trusted Partner DrillCorp to Deliver Precision Data
DrillCorp Mining Resources and Construction Corp., a respected drilling contractor in Asia with a history of collaboration with Makilala since 2006, has been engaged to execute the program. Known for its expertise in diamond drilling, hydrogeological testing, and geotechnical services, DrillCorp’s involvement brings confidence in the quality and reliability of the data to be collected.
The scope includes diamond boreholes targeting underground infrastructure and fault structures, hydrogeological boreholes to assess water connectivity and fault presence, and re-entry into historical boreholes to maximize data efficiency. Additionally, multi-level standpipe installations will provide detailed hydrological assessments, while a suite of geotechnical tests will evaluate rock mass conditions critical for safe and effective mine development.
MCB Project – A Long-Life Copper-Gold Opportunity
Located in the Cordillera Administrative Region of the Philippines, the MCB Project is a cornerstone asset for Celsius. An updated mineral resource estimate from late 2022 highlights 338 million tonnes of ore grading 0.47% copper and 0.12 grams per tonne gold, translating to 1.6 million tonnes of contained copper and 1.3 million ounces of gold.
Previous studies have outlined a 25-year underground mining operation with robust economics, including a post-tax net present value of US$464 million and an internal rate of return of 31%, based on conservative commodity prices. The current drilling program is expected to provide the detailed data necessary to advance these plans toward construction readiness.
Governance and Forward Outlook
Alongside the drilling announcement, Celsius updated disclosures regarding a recent board appointment, reflecting ongoing governance transparency. While the drilling results and their impact on project economics remain to be seen, this program marks a pivotal step in de-risking and refining the MCB Project’s development pathway.
Investors and stakeholders will be watching closely for subsequent updates on feasibility study revisions and engineering design progress, which will shape the project’s trajectory in a challenging commodity price environment.
Bottom Line?
As drilling progresses, Celsius aims to sharpen its project blueprint, setting the stage for critical development decisions ahead.
Questions in the middle?
- How will the new drilling data influence the updated feasibility study and capital expenditure estimates?
- What potential challenges could arise from the hydrogeological findings near the Pasil River Fault?
- Will the updated engineering design accelerate the project timeline or alter production targets?
