Philippines chapter of Medusa Mining, Philsaga Mining Corporation, has completed the annual resource estimate for the Co-O Mine located in the Philippines.
The firm said fiscal 2012 drilling has focused on infill drilling, in line with the mine expansion, to grow confidence levels in key mining areas as well as stepout drilling along strike and at depth.
Length of the strike is increased by 400m to 2,000m, and the company said it is still open in all directions and demonstrates potential to add more resources in future years.
A 3 g/t gold lower cut-off has been applied to the resource, resulting in total resources of 6,215,000t containing 2,019,000oz at a grade of 10.1 g/t gold.
The Indicated Resource was up by 16% to 715,000oz at 11.8 g/t gold from 616,000oz at 12.0 g/t gold.
Medusa managing director Peter Hepburn-Brown said this increase in Indicated Resources is pleasing as confidence levels have been significantly improved in key areas of the mine.
"Drilling is planned to continue with 6 surface and 3 underground rigs during FY 2013 with the aim of raising the resource level to approximately 2,500,000 ounces following which the on-going drilling programmes will be tailored to replace at a minimum, mined ounces each year to maintain the resource base," Hepburn-Brown added.