Overview
Stage | Production |
Mine Type | Underground |
Commodities |
|
Mining Method |
- Shrinkage stoping
- Room-and-pillar
|
Production Start | ... |
Mine Life | 2025 |
The Co-O project is an operating gold mine with all of the appropriate regulatory permits to allow underground mining, haulage and processing of ore material, and storage of tailings.
In mid-June 2023, the Company’s Board of Directors resigned, and a new Board was established on 19 June 2023.
The newly appointed Board commissioned a detailed financial analysis of the X64 Group’s business and identified that prior to its appointment, circumstances arose involving a dispute concerning the alleged transfer of ownership of a 60% interest in X64’s subsidiary Philsaga Mining Corporation (“PMC”). Whilst this dispute continued, X64 has no guarantee of continued income from PMC to support its operations.
Whilst the Administrators are conducting their assessment of the Company’s operations, the Company’s business will continue to operate under the control of the Administrators. |
Source:
p. 1
Company | Interest | Ownership |
Ten Sixty Four Ltd.
|
100 %
|
Indirect
|
Philsaga Mining Corp.
(operator)
|
100 %
|
Direct
|
The Co-O is operated by subsidiary Philsaga Mining Corporation PMC), a Philippine registered corporation.
The newly appointed Board identified that, prior to its appointment, circumstances arose involving uncertainty concerning the control of the Co-O mine, and disputes regarding the alleged transfer of ownership of a 60% interest in X64’s subsidiary Philsaga Management and Holding Inc (“PMHI”) which holds 100% of Philsaga Mining Corporation (“PMC”) the operator of the Co-O Mine located in Central Eastern Mindanao in the Republic of the Philippines.
Contractors
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Deposit Type
- Epithermal
- Vein / narrow vein
Summary:
The Co-O deposit is an intermediate sulphidation, epithermal gold (+Ag ±Cu±Pb±Zn) vein system. The deposit is located in the Eastern Mindanao volcano-plutonic belt of the Philippines.
The overall Co-O project area comprises numerous anastomosing veins generally orientated east-west with steep and flat dipping inter-connected veins within a 0.5km x 2.0km area. Mineralisation extends from surface to approximately 850m below surface. The depth limit to mineralisation is not yet defined, with current limits being a function of geological plunge and lack of drilling.
Mining Methods
- Shrinkage stoping
- Room-and-pillar
Summary:
The Co-O Mine is a shaft access, underground track mine, utilising battery powered locomotives and mine cars. Air-leg mining is used to extract the ore and waste is hauled to surface via the main L8 Production Shaft, two 60- degree inclined shafts; Baguio and Agsao, and through the original portals.
By the end of FY 2022, five primary winzes (internal inclined shafts) were in operation, hoisting to Level 8. The 12E and 29E winzes service Level 9 while the 12E and 48E winzes service both Level 9 and 10. The 35E winze is currently servicing Levels 11 and 12. The 43E internal shaft is currently in development down to L12. It is projected to provide additional support to future development and production at Levels 11 and below.
E15 Shaft, a man and materials shaft, was completed in November 2018. The shaft is used for transporting people and materials underground enabling increased utilisation of the L8 Shaft for hoisting of ore.
As Ore Reserves are diminished from the upper levels, the utilisations of the Portals, Agsao and Baguio shafts for hoisting of ore will reduce partially offsetting the increased skipping expected from L8 Shaft.
Two mining methods are currently utilised at the Co-O Mine:
Shrink stope mining is predominantly used on steeply dipping veins with a minimum mining width of 1.25 metres. Mining commences from the bottom and progresses upwards and the broken ore is left in the stope to provide ground support. ........
Source:
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Flow Sheet:
Summary:
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Reserves at December 31, 2022:
For Ore Reserve the following gold price and cut-off grades were applied:
- Gold price of US$1,850 per ounce gold;
- 4.0 g/t for stopes below Level 10;
- 3.75 g/t for stopes on Levels 2 to 10 inclusive (lower due to comprehensive development in place);
- 2.0 g/t gold for development ‘on-vein’; and
- 1.0 g/t gold for development ‘off-vein’.
Mineral Resources:
- Co-O mine: various high cut gold grades, up to 300 g/t gold, have been applied to different veins, and a gold price of US$1,850 per ounce has been applied;
- TSF#1 Tailings: a lower cut-off of 0.85 g/t gold has been applied, and a gold price of US$1,500 per ounce has been applied;
- Royal Crowne Vein: a lower cut-off of 0.3 g/t gold has been applied to define the mineralisation, and a bulk density of 2.55 g/cm3 was used based on the average density measurements.
Mineral Resources are reported inclusive of Mineral Reserves.
Category | Tonnage | Commodity | Grade | Contained Metal |
Proven
|
214,700 t
|
Gold
|
6.37 g/t
|
44,000 oz
|
Probable
|
1,598,000 t
|
Gold
|
5.35 g/t
|
274,800 oz
|
Proven & Probable
|
1,812,900 t
|
Gold
|
5.47 g/t
|
318,700 oz
|
Measured
|
254,700 t
|
Gold
|
6.9 g/t
|
56,500 oz
|
Indicated
|
1,921,700 t
|
Gold
|
7.87 g/t
|
486,600 oz
|
Inferred
|
1,172,600 t
|
Gold
|
8.79 g/t
|
331,300 oz
|
Total Resource
|
3,349,000 t
|
Gold
|
8.12 g/t
|
874,400 oz
|
Corporate Filings & Presentations:
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