Medusa releases March 2019 quarterly report; Stock surged up on ASX

4 min read | April 29, 2019 03:45 PM AEST | By Team Kalkine Media

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Medusa releases March 2019 quarterly report; Stock surged up on ASX

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Medusa Mining Limited (ASX: MML) is an ASX listed metals and mining company based in South Perth, Western Australia. The company is specifically focused on high-grade gold mining and production, concentrating in the Asia Pacific Region. Two of its recently found gold deposits are Saugon Gold Deposit and Bananghilig Gold Deposit. On 29^th April 2019, the company released March 2019 quarterly activities report. At the end of the quarter, the tenement holdings of the company remained unchanged with 17 tenements covering a total area of 412km². Co-O Mine Production In the March 2019 quarter, a total of 160,651 WMT ore was mined which is higher compared to 137,982 MWT of ore mined in the previous quarter. With the head grade of 6.98g/t and 94.7% recovery, a total of 29,858 ounces of gold was produced in the March quarter, compared to the 23,120 ounces of gold production with head grade of 6.11 and 94.5% recovery in the previous quarter. Out of the total production 29,858 ounces in March quarter 2019 and 23,120 ounces in December 2018 quarter, 28,600 ounces and 24,168 have been sold respectively. The company was also able to increase the efficiency of the operations with lower cash utilisation per ounce of gold which stood at $510/ounce as compared to $567 in the previous quarter. The average gold price received was of $1,303/ounce for the March quarter was higher by $72/ounce the last quarter price of $1,231/ounce. Production Shafts Overall hoisted material 157,130 dry tonnes (DMT) for ore and waste combined, made up for the previous quarter deficit.

Level 8 Shaft: Between levels 2 and 4 of the L8 Shaft structures refurbishments has been commenced with the replacement of ground support.
Agsao Inclined Shaft: Production was slightly ahead, but the utilisation of the Agsao shaft is expected to decrease due to resource depletion
Baguio Inclined Shaft: Material hoisted was slightly better than the previous quarter, with the number of work areas being maintained leading to better than planned production.
Portals: The material hoisted during the quarter was more than the prior one, but hoisting is expected to reduce as the number of production areas available on level 2 reduces.

Health, Safety and Environment The total recorded injury frequency rate for the last 12 months reduced to 2.4 incidents per million-man hours, which is an improved rate compared to 2.9 incidents per million-man hours at the end of last quarter. The company has been successfully re-accredited for the ISO 14001 â Environmental Management. Resource and Reserves as at 31^st December 2018 Through drilling success, Medusa has increased both Resource and Reserves with total reserves standing at 1.40 million ounces of gold. Mineral Resources

Co-O Resources: A total of 2,660,000 tonnes containing 890,000 ounces of gold has been estimated at a grading of 10.41 g/t gold.
Bananghilig Resources: A total of 7,780,000 tonnes containing 435,000 ounces of gold has been estimated at a grading of 1.73 g/t gold.
Saugon Resources: A total of 81,500 tonnes containing 15,700 ounces of gold has been estimated at a grading of 6 g/t gold.
TSF#1 Tailings Resources: A total of 81,500 tonnes containing 28,200 ounces of gold has been estimated at a grading of 1.72 g/t gold.

Ore Reserves

Co-O Reserves: A total of 1,585,000 tonnes containing 350,000 ounces of gold has been estimated at a grading of 6.86 g/t gold

You can also read about other companies in the same sector. Technical Outlook The market capitalisation of the company is A$77.92 million. The 52-week high and low of the stock is A$0.662 and A$0.3 respectively. The stock traded at A$0.395, up by 5.333% from the previous close, (as noted on 29^th April 2019). In the last six months, the stock has given a return of 17.19% and the YTD return of negative 8.54%.

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