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Medusa Mining Ltd.
Summary
| Project: | Co-O | |
|---|---|---|
| Deposit: | Co-O | |
| Location: | Philippines | |
| Commodities: | Gold | |
| Date: | 8/7/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 7-8-2017: 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, Phil | |
| Resources: | (Reserve, Prob.): 1.64Mt @ 6.54g/t Au for 345000oz Au contained at project | |
| CP/QP: | [Resources]: Dr. Spero Carras, James Llorca (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 10-month period, ending 30 April 2017. MANAGING DIRECTOR’S STATEMENT With the release of our 30 April 2017 resource and reserve statement, Medusa is now better aligned with our financial year-end reporting requirements. From the 10 months of diamond drilling and mine development Medusa has realized a resource grade improvement of almost 14% and an indicated resource to reserve conversion of 76%, very high for this gold deposit type and industry standards. The drilling program focused on better understanding the geological limits of the main epithermal veins, particularly the eastern and down plunge limits of the Great Hamish Vein (“GHV”) at the expense of completing all the infill drilling of the central down dip sections below Level 11. The GHV eastern limit between Level 10 to 16 is now well understood and shows the vein is again returning high grade economic intercepts at and below Level 16, again leaving it open to the east and down dip. The drilling has also confirmed our interpretation of the structural controls and impact of the Diatreme contact. This is confirmed with the results seen on the Jereme (“JV”) and Don Pedro (“DPV”) veins to the east from Level 8 to Level 11 having yielded new high-quality intercepts and resources. Both veins are open to the east and down dip for future resource expansion potential The 10 month drill program has maintained nearly a 350,000 ounce reserve base. In Co-O’s 10 years of production history, the original pre-production reserves have been replaced fourfold, showing the robustness of this deposit. Today we have a better understanding of the Co-O ore body, a higher level of confidence in the resources and reserves and the deposit remains open to the east and down plunge on the main structures | |
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