Medusa Annual Mineral Resources And Ore Reserves Update Statement
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).
CHIEF EXECUTIVE OFFICER’S STATEMENT:
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.
The Company continued its focus on the Great Hamish Vein (“GHV”) and Jereme Vein at the Co-O operation. We have grown our knowledge and understanding of structures, vein textures and their relationships with mineralisation and gold grades in the eastern extension. This has resulted in maintaining a high level of confidence in the Co-O resources, better defining the eastern geologic extension to the main GHV between Levels 12 and 16 and greater understanding of the structural controls on the epithermal gold system created by the Diatreme Intrusive Contact.
The GHV continued to return economic intercepts down to Level 16 and both the GHV and Jereme Vein are open to the east and down dip.