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Medusa Mining Ltd.
Summary
| Project: | Co-O | |
|---|---|---|
| Deposit: | Co-O | |
| Location: | Philippines | |
| Commodities: | Gold | |
| Date: | 9/28/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 28-9-2016: Medusa Mining Ltd. announces a Resource Estimation report for its Co-O deposit at the Co-O project. Updated mineral resources and ore reserves at project. Medusa Mining Limited (“Medusa” or the “Company”), through its Philippines affiliate, Phi | |
| Resources: | (Reserve, Prob.): 1.67Mt @ 6.99g/t Au for 376000oz Au contained | |
| 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. Total Indicated and Inferred Mineral Resources for the Co-O Mine are now estimated at 2.77 million tonnes at a grade of 10.8 g/t gold for a total 0.96 million ounces contained gold, compared to the 30 June 2015 estimate of 3.50 million tonnes at a grade of 10.2 g/t gold for a total 1.15 million ounces contained gold (Table I). The changes in the Co-O Mine’s Mineral Resources (a net reduction of 188,000 ounces) are primarily due to mining depletion of 115,500 ounces (108,578 ounces recovered). Despite the mining depletion of 115,500 ounces in FY2016, the total ounces in the Indicated Resource category has been reduced by only 9%, albeit at a lower grade, and the amount of ounces in the Inferred Resource category has been reduced by 24%, but at an increased grade of 24%. This is primarily a result of conversion from Inferred to Indicated by infill drilling and development, rather than extensional resource drilling. The overall grade of the total combined Indicated Resource and Inferred Resource has increased by 6%. | |
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