Medusa Mining
Full Medusa Mining profile here
Medusa Mining (ASX: MML) is an Australian based gold producer, focused solely on the Philippines. Medusa's corporate strategy is to become a mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.
Medusa Mining announces discovery of magnetite-copper-gold porphyry
Friday, August 15, 2008
Medusa Mining, best known for producing gold from the high grade Co-0 Mine in the Philippines, announced that first pass drilling at the Kamarangan Prospect had intersected “visible copper and molybdenum”. Drilling also intersected massive magnetite with copper and gold mineralisation in the overlying skarn rocks.
Assays from upper sections of the first two holes had been returned, and included 11 metres grading 0.5 grams per tonne gold, 0.66% copper in Hole Kam 1, which was within the skarn rocks. The second hole, drilled through weathered diorite, and returned 29 metres grading 0.15% copper, and 3.2 metres grading 1.35 grams per tonne gold and 1.49% copper in skarn rock. The assays from the remainder of the holes are pending, as are results for the magnetite grade.
Geoff Davis, Managing Director of Medusa, stated:
"The Company is delighted with the success from the first two on-going holes at Kamarangan. These demonstrate that the previously identified regional-scale features are indeed linked to a potentially major mineralised porphyry system, with indications of significant mineralisation in the surrounding rocks. As soon as more rigs are available, Kamarangan together with Lingig and the on-going drilling at Co-O will be the major foci for some time to come."
No investment advice
The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.
You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
