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Medusa Mining Ltd.
Summary
| Project: | Co-O | |
|---|---|---|
| Deposit: | Co-O | |
| Location: | Philippines | |
| Commodities: | Gold | |
| Date: | 4/6/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 6-4-2020: Medusa Mining Ltd. announces a Resource Estimation report for its Co-O deposit at the Co-O project. Updated Mineral Resource Estimate for Project. Medusa Mining Limited (“Medusa” or the “Company”), through its Philippines affiliate, Philsaga Min | |
| Resources: | (Reserves, P+P): 1.65Mt @ 6.27g/t Au | |
| CP/QP: | [Resources]: James Llorca (Internal) | |
| ABSTRACT: | Medusa Mining Limited (“Medusa” or the “Company”), through its Philippines affiliate, Philsaga Mining Corporation (“Philsaga”), is pleased to advise that it has completed the annual review and update to its Mineral Resource and Ore Reserve estimates for the 2020 calendar year, ending 31 December 2019 (Table I). The past 12 months of diamond drilling and mine development has been successful in replacing the majority of the Ore Reserves depleted through mining operations. The Co-O Ore Reserves are now estimated at 332,000 ounces contained gold, compared to the 2018 estimate of 350,000 ounces. This is after depletion for the production of 104,300 ounces of gold during 2019 and represents the 12th consecutive of defining additional Ore Reserves at the Co-O Mine. The Group Mineral Resources have reduced by 7% from 1.37 million ounces to 1.27 million ounces. The majority of this change is a result of depletion at the Co-O Mine. Drilling completed during the year improved the confidence in the Mineral Resource with a greater proportion of the Mineral Resource ounces in the Measured and Indicated Resource category. Due to operational constraints not all of the planned drilling chambers were available during the period which curtailed the planned resource drilling program and resulted in the lower Inferred Mineral Resources. | |
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