Medusa Mining has updated the JORC-compliant mineral resource estimate for Bananghilig gold deposit, following completion of infill drilling. The company’s Philippines operating subsidiary Philsaga Mining has announced the new indicated and inferred estimate of 20.9 million tonnes @ 1.6 grams/tonne gold for 1.08 million ounces.  1

An additional 14 infill holes are now under way to convert the additional inferred resources to an indicated category, with the next resource estimate expected by August.

Medusa’s managing director Peter Hepburn-Brown says the new indicated resource estimate will be used for feasibility studies. “The resource conversion has been very good where drilling densities are sufficient. The conversion of inferred resources to indicated resources is re-commencing with an additional 14 holes planned. A new resource estimate will subsequently be undertaken and published in the September quarter with the annual resource statement.”

Bananghilig is within the Tambis district project and is operated under a mining agreement with Philex Gold Philippines covering 6262 hectares. It is made up of three zones which are each about 1km-long and open in all directions, and termed the Sorex, Garden and Malinao zones.

In the 1980s and 1990s a large amount of diamond and reverse circulation drilling was undertaken by various explorers to investigate a large area of known mineralization. From 2005 to 2007, Philsaga undertook underground exploration through a 50 metre deep shaft and development, adits, and underground and surface drilling totalling 7715 metres in 31 holes.

During the last two years, diamond drilling covering 78,873 metres in 258 holes has been completed at the site. A re-classification of the August 28, 2012 resource estimate has been completed incorporating the artisanal depletion, and has highlighted two areas within the model requiring an additional 14 drill holes to upgrade the resource category in these areas. Assaying for silver is incomplete and will be included in the annual resource update.

www.medusamining.com.au

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