The overall intercept included intervals of 151m at 1.9% copper and 1.6gpt gold from 207m and 234m at 1.9% copper and 0.87gpt gold from 391m, as well as 77.5m at 2.47% copper and 2.1gpt gold from 232m.

While the drilling was confirmatory in nature, Celsius said the drill hole was also positioned to intersect previously defined deeper high-grade positions which are also interpreted to have a near to horizontal orientation.

A maiden resource estimate for MCB 18 months ago totalled 313.8 million tonnes at 0.48% copper and 0.15gpt gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold, of which 290Mt was classified in the ‘indicated' category.

Scoping work completed late last year looked at a 25-year mine life based on a 2.3Mt per annum underground mining operation and processing facility producing concentrate containing about 22,000t of copper and 27,000oz of gold.

The development could cost about US$253 million to develop and was estimated to have a post-tax net present value (8%) of $464 million and internal rate of return of 35%, assuming a copper price of $4/lb and gold price of $1695/oz.

Further resource and development study work is said to be underway.

Celsius started the just-completed June quarter with A$3.4 million cash.

Shares in the company closed Friday at 1.4c, capitalising Celsius at $17 million.