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 announces discovery of magnetite-copper-gold porphyry
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."
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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12/08/08 Medusa Mining increases gold resource to 0.862 million ounces
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11/06/08 Medusa Mining to drill at Kamarangan in two weeks
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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