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Medusa Mining Ltd.
Summary
| Project: | Bananghilig | |
|---|---|---|
| Deposit: | Bananghilig | |
| Location: | Philippines | |
| Commodities: | Gold | |
| Date: | 4/9/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 9-4-2019: Medusa Mining Ltd. announces a Resource Estimation report for its Bananghilig deposit at the Bananghilig project. Annual statement of mineral resources, unchanged since last estimate. Medusa Mining Limited (“Medusa” or the “Company”), through it | |
| Resources: | (Resource, I+I): 7.78Mt @ 1.73g/t Au for 435000oz Au contained at project | |
| CP/QP: | [Resources]: James Llorca (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 8 month period, ending 31 December 2017. MANAGING DIRECTOR’S STATEMENT Medusa has taken a decision to release all future resource and reserve statements on an annual basis using a close off date of 31 December. This is in contrast to previous releases which used 30 June as the close off date. An interim resource and reserve was released on 30 April 2017 to transition this change. This decision will enable use of the most current resource and reserve estimates in the mine budgeting process that is usually finalized by 30th June each year. With the release of our 31 December 2017 resource and reserve statement, Medusa is now better aligned with its financial year-end reporting requirements. From the 8 months of diamond drilling and mine development, Medusa has slightly increased its total Co-O Mine resource to 865,000 ounces. Total resources now stand at 1.34 million ounces of gold. The Co-O Mine drilling program focused on better understanding the geological limits of the main epithermal veins, particularly in the eastern and down plunge limits of the Great Hamish Vein (“GHV”) as well as the Jereme and Don Pedro veins. The GHV eastern limit between Levels 10 to 16 is now better understood and shows that the vein is again returning high grade economic intercepts below Level 8 and down to Level 16, leaving it open to the east and down dip | |
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