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X64 - TEN SIXTY FOUR LIMITED


nipper
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On May 10th, 2022, Medusa Mining Limited (MML) changed its name and ASX code to Ten Sixty Four Limited (X64).
 
Ten Sixty Four (X64) is an unhedged, high grade gold producer which operates the Co-O Gold Mine in the Philippines.

The Company has FY22 guidance for 87,000 to 90,000 ounces of gold production at an All In Sustaining Cost of between US$1,350 to US$1,400 an ounce. Ten Sixty Four has no long term debt and is targeting new growth opportunities in the Asia Pacific region.

Successful Acquisition of 1064
  • Medusa completed the acquisition of Ten Sixty Four Queensland Limited (1064) by the issue of 20m Medusa shares in February 2022.
  • Transaction gave Medusa control of more than 4,200km2 of highly prospective ground in the Queensland Drummond Basin.
  • The management team acquired with the asset package are highly experienced and have a proven track record of cost effective exploration and mine development in the Drummond Basin.
  • More than 83% of the 1064 shareholders agreed to a voluntary escrow of shares in a vote of confidence in the new combination.
  • Intensive exploration programs commenced in March 2022 involving soil sampling, geophysics and drilling.

Medusa secured a 100% interest from Ten Sixty Four Queensland Ltd for 4,150 km2 exploration land package in the southern Drummond Basin region of Central Queensland.
  • The Drummond Basin assets include a pipeline of exploration targets that have been built and advanced by the 1064 team over the past five years. As part of the Transaction, the 1064 exploration team are now supporting the exploration program in the Drummond Basin in partnership with Medusa.
  • Intrusion Related Gold Systems have proven to be big and very valuable, bulk tonnage deposits.
  • These deposits are typically undercover and require the application of geophysics and detailed soil analysis prior to drilling.
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