Through its Philippine operating company Philsaga Mining, Medusa Mining has announced the completion of an exploration and tenement review up to 31 December 2014.
The review stated that a substantial pipeline of pre-resource exploration prospects has been identified, with the two existing, high-priority exploration areas Co-O Mine environs and the Guinhalinan gold prospect.
Further, the tenement rationalisation has resulted in a reduction in tenement area to about 489km² from approximately 806 km².
Medusa Mining CEO Geoff Davis said: "Our core tenements have many years of exploration ahead as our substantial pipeline of prospects is systematically assessed and more are likely to be identified over time.
"Rationalisation of our tenement areas has been undertaken now that sufficient regional to detailed knowledge is available regarding prospectivity, as well as considerations such as competing land use and accessibility.
"This will reduce our holding costs and administrative requirements."
The company is said to have acquired a portfolio of tenements with numerous prospects over the last eleven years, ranging in stages of advancement from ‘greenfields’ through to ‘resource definition’.
At present, only the Bananghilig and Saugon deposits have resources besides the operating Co-O mine.
Prior to advancing the scoping studies, Bananghilig is undergoing further geological work and Saugon is yet to be prioritised with respect to scoping studies.
According Medusa Mining, there are various tenement applications still in the process of approval and that the majority of prospects are located within the granted tenements.
Image: Exploration porfolio showing the status of each target. Photo: courtesy of Medusa Mining.