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Medusa Mining Ltd.
Summary
| Project: | Co-O | |
|---|---|---|
| Deposit: | Co-O | |
| Location: | Philippines | |
| Commodities: | Gold | |
| Date: | 10/25/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 25-10-2018: Medusa Mining Ltd. announces an Exploration/Drilling Update report for its Co-O deposit at the Co-O project. Drilling results incl. 0.7m @ 425.27g/t Au from 468.60m. The Company produced 24,177 ounces of gold for the quarter - a 6% improvement | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: James Llorca (Internal) | |
| ABSTRACT: | The Company produced 24,177 ounces of gold for the quarter - a 6% improvement on the previous quarter - at an average head grade of 5.97 g/t gold from 133,209 tonnes of ore processed. Tonnes processed were restricted by mine ore hoisting. Total ore mined for the quarter was up on the previous quarter following continued good utilisation of the L8 Shaft for hoisting. With ore reserves in the upper levels diminishing, the hoisting contribution from the Agsao Shaft, Baguio Shaft and Portals will reduce over time. The mine completed a total of 7,898 metres of horizontal and vertical development. The high development will assist in identification of resources and give earlier access to ore blocks. Horizontal development of 593 metres was achieved on the L10. All-In Sustaining Costs (“AISC”) for the quarter were US$1,126 per ounce of gold - down 11.9% on the previous quarter - despite the inclusion of exceptional costs for E15 Service Shaft hardware, surface civil works for future infrastructure and additional development metres. The process plant throughput was 133,209 tonnes at a grade of 5.97 g/t gold, both improved compared to previous quarter (Jun 2018 qtr: 129,962 tonnes at 5.74 g/t gold). The processing plant throughput remains limited by the mine hoisting production. The process plant continued with good recoveries to 94.5% for the quarter (Jun 2018 quarter: 94.5%). | |
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