Medusa Mining
Medusa is an expanding gold producer in the Philippines, listed on the Australian Stock Exchange and London AIM markets. With an expanding resource base now at 1.2million ounces at 13.3g/t gold and production on track to achieve 60,000 ounces annualised in Q3 09 and 100,000 ounces annualised early 2010, it is anticipated that long term cash costs will be approximately US$200/ounce. Numerous new discoveries of gold and copper-gold are anticipated in the future within the large regional tenement package totalling 820km². The operations are an integral part of the local communities.
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."
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Other Medusa Mining articles
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28/01/09 Medusa Mining to increase gold production to 60,000 ozs in 2009
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19/01/09 Medusa Mining increases gold resource to 1.2 million ounces in Philippines
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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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Other Medusa Mining news
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03/07/09 Medusa Mining is added to S&P/ASX 200 Index
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01/07/09 Medusa Mining increases gold resource at Co-0 Mine to 1.38 million ounces
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22/06/09 Medusa Mining extends high grade gold vein system to 1400 metres
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29/05/09 Medusa Mining encouraged by scout drilling results at Kamarangan copper anomaly
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15/04/09 Medusa Mining says Co-O mine expansion on track, gold production rises in Q3
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09/04/09 Sprott Asset Management holds 5.4 pct of Medusa Mining
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18/03/09 Medusa Mining drilling at Lingig discovery supports potential for a large copper system
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05/03/09 Medusa Mining cashed up, unhedged and producing gold
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26/02/09 Medusa Mining raising A$23.3 mln net for Co-O mine development via placing
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01/12/08 Medusa discovers new high grade vein at Co-O gold mine in Philippines
