Medusa Mining (LON:MML, ASX:MML) today repeated the exploration target for its flagship Co-O project in the Philippines, which it said has the potential for resource enhancements for years to come.
The company told investors that its conceptual exploration target of three million ounces in 9.8 million tonnes to seven million ounces in 23.5 million tonnes using a grade range of nine to 11 grammes per tonne (g/t) gold remains valid and is “well supported”.
The current deposit size is around 2.52 million ounces comprising current resources and past production.
Medusa noted that there are currently 979 drill hole intersections within the resource area that have not yet been included in the model.
During the year, the company has made “major advances” in understanding the geology of the Co-O mine. This was highlighted by the identification of extensive porphyry-related copper-gold mineralisation, which could potentially be connected to a major porphyry copper-gold source in the immediate vicinity.
The company added that work is currently underway on zones of multiple epithermal and stockwork veining, which may have bulk mining potential.
“As we continue to extend the size of the area of mineralisation, our confidence in the validity of the conceptual exploration target size is enhanced. This year has again justified that level of confidence,” said managing director of Medusa Peter Hepburn-Brown.
“It is still very apparent that the Co-O vein system is open in all directions providing potential for resource enhancements for many years.”