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Medusa Mining Ltd.
Summary
| Project: | Co-O | |
|---|---|---|
| Deposit: | Royal Crowne | |
| Location: | Philippines | |
| Commodities: | Gold | |
| Date: | 4/16/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 16-4-2019: Medusa Mining Ltd. announces a Resource Estimation report for its Royal Crowne deposit at the Co-O project. Initial mineral resource estimate at Royal Crowne Vein deposit. Medusa Mining Limited (“Medusa” or the “Company”), through its Philippin | |
| Resources: | (Resource, Inf.): 311.3Kt @ 5.03g/t Au for 50.3Koz Au contained | |
| 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 announce a JORC Code 2012 compliant Mineral Resource estimate for the Royal Crowne Vein Gold Deposit. An Inferred Resource is estimated at 50,300 ounces at a grade of 5.03 g/t gold contained in 311,300 tonnes of ore using a cut-off grade of 2.0 g/t gold. The Mineral Resource estimate is based on assay results of core samples from 12 historical drill holes and 20 new drill holes for 1,885 and 5,087 drilled metres, respectively. David McGowan, Chief Executive Officer of Medusa, commented: “It is pleasing that our 2018 drilling campaign has achieved the objective of validating historical data and establishing an initial Inferred Resource of 50koz gold. With the mineralisation still open at depth and along strike, there is good potential to grow the resource. A second phase campaign of drilling is planned to increase the confidence and size of the resource base. This would enable us to better evaluate the project’s potential to provide additional feed to the under utilised Co-O mill, located just 3km away | |
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