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Medusa Mining Ltd.
Summary
| Project: | Bananghilig | |
|---|---|---|
| Deposit: | Bananghilig | |
| Location: | Philippines | |
| Commodities: | Gold | |
| Date: | 9/28/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-9-2016: Medusa Mining Ltd. announces a Resource Estimation report for its Bananghilig deposit at the Bananghilig project. Updated mineral resources at project. Medusa Mining Limited (“Medusa” or the “Company”), through its Philippines affiliate, Philsa | |
| Resources: | (Resource, I+I): 7.78Mt @ 1.73g/t Au | |
| CP/QP: | [Resources]: Dr. Spero Carras, Gary Powell (Carras Mining Pty Ltd.;Internal) | |
| ABSTRACT: | Medusa Mining Limited (“Medusa” or the “Company”), through its Philippines affiliate, Philsaga Mining Corporation (“Philsaga”), advises that it has completed the annual review and update to its Mineral Resource and Ore Reserve estimates for the year ending 30 June 2016. The Company recently completed an exhaustive two year review of the Bananghilig B1 (“Bananghilig) gold deposit. This review included detailed underground mapping, re-logging of some 70,000 metres of diamond core, database validation and QAQC studies. This has resulted in an updated mineral resource estimate in accordance with the guidelines of JORC 2012. The total Indicated and Inferred Mineral Resources for the Bananghilig Gold Deposit, at a block cut-off grade of 0.75 g/t gold for Indicated (open-pit material), and 3.0 g/t gold for Inferred (underground material), has been estimated at 7.78 million tonnes at a grade of 1.73 g/t gold (435,00 ounces contained gold) The reduction in Bananghilig’s total Mineral Resources is primarily due to the application of the JORC 2012 criteria. It should be noted that the application of the same Whittle pit shell to the 30 June 2013 JORC 2004 resource estimate model resulted in a similar result to that reported above. Therefore, the apparent reduction of the total Mineral Resources is attributed mainly to the mineralisation that is outside the Whittle pit shell, and cannot be classified as a Mineral Resource under JORC 2012. This unclassified mineralisation is still present but fails to meet the nominated cut-off grade of 3.0 g/t gold. | |
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