Medusa Mining
Medusa Mining is an expanding gold producer in the Philippines, listed on the London AIM and the Australian ASX. Medusa's gold production operations are very robust due to its high grades and low production costs, and over the next 12 to 18 months should expand considerably from an initial annualised 40,000oz as new multiple mines are brought into production to feed a central milling facility. Medusa is focused on expanding its resource base and production profile to benefit not only shareholders but also its employees and local communities. The Company’s exploration upside is rated as excellent for the discovery of new gold and copper-gold deposits.
Medusa Mining to drill at Kamarangan in two weeks
Medusa Mining to drill at Kamarangan within two weeks Medusa Mining (AIM: MML) announced that it had been granted permits for drilling over the 'Kamarangan area' which has prospective for gold, iron and copper mineralisation.
"The potential mineralisation types are hosted by various skarns that have been interpreted to cover an area approximately 1,200 metres by up to 1,000 metres where alluvial gold workings are widespread. The skarns are developed in shallowly dipping and banded limestones." the company added.
Medusa has previously reported gold, iron and copper mineralisation from 21 surface samples which averaged 9.5g/t gold and 37.5% iron and elevated copper values to 0.33% copper.
Drilling is expected to commence within two weeks, and will initially target the Dumaag area where the samples were collected.
"The Tambis-Barobo region, which includes Kamarangan, has all the hallmarks of a mineral district that will host several different types and styles of mineralisation. Drilling at Kamarangan is the start of investigating this potential away from the known Bananghilig disseminated and vein style gold mineralisation where work has been concentrated to date. We are very optimistic about this prospect." commented Geoff Davis, Managing Director of Medusa Mining.
Other Medusa Mining articles
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24/10/08 Medusa Mining has a lot going for it as a low cost gold producer
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25/07/08 Medusa Mining reaffirms target of 100,000 ounces of gold production by 2010
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13/05/08 Medusa Mining – Interview Transcript
Other Medusa Mining news
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01/12/08 Medusa discovers new high grade vein at Co-O gold mine in Philippines
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31/10/08 Medusa Mining increases gold production by 35%
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24/09/08 Medusa Mining says Crosby Capital offer "inadequate and opportunistic"
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19/09/08 Medusa Mining leaps on approach from Crosby Capital
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26/08/08 Medusa Mining updates JORC reserve estimate for Co-O Mine
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15/08/08 Medusa Mining announces discovery of magnetite-copper-gold porphyry
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12/08/08 Medusa Mining increases gold resource to 0.862 million ounces
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04/06/08 Medusa Mining firms on discovery of more gold veins
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07/05/08 Medusa Mining hits wide, high grade gold vein
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07/04/08 Medusa Mining extends length of Co-0 vein system