Celsius Resources Ltd (ASX:CLA, AIM:CLA) shares climbed almost 5% to 0.58p after it flagged progress by affiliate company Makilala Mining (MMCI) in the Philippines.
A second drawdown has been made from the bridge loan facility from Maharlika Investment Corporation to support front-end engineering design (FEED) to advance early development works and an updated feasibility study for the Maalinao-Caigutan-Biyog copper-gold project, it said.
Closing cash stood at A$2.39 million as of 30 September, of which A$1.5 million was held by MMCI.
The FEED program remains on track, Celsius said, with the current scope of work progressing steadily towards its targeted completion in December.
Ongoing field work is helping add detail for the feasibility study, with consultant Ausenco having issued an interim study report that outlined key enhancements in several technical areas, while geotechnical and hydrogeological drilling is "well advanced".
One hole from the drilling program delivered better-than-expected results than the resource model, with assay results containing 113.1m at 1.32% copper and 0.41g/t gold from a depth of 8.1m, including 54.6m at 1.84% copper and 0.74m g/t gold from 60.4m.
"These findings reconfirmed the mineralisation of the target zone and will inform upcoming test work and resource assessment."