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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Medusa Mining | LSE:MML | London | Ordinary Share | AU000000MML0 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 97.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Iron Ore Targets Identified MEDUSA MINING LIMITED ABN: 60 099 377 849 Unit 7, 11 Preston Street Como WA 6152 PO Box 860 Canning Bridge WA 6153 Telephone: +618-9367 0601 Facsimile: +618-9367 0602 Email: admin@medusamining.com.au Internet: www.medusamining.com.au 25 February 2008 MEDUSA MINING LIMITED (AIM: MML) IRON ORE TARGETS IDENTIFIED Medusa Mining Limited ("Medusa" or the "Company") the Australian based company operating and developing gold mines in the Philippines, is pleased to announce that an area of potential magnetite iron ore mineralisation has been identified at Kamarangan during the recent Tambis-Barobo regional soil sampling programme, outlined over approximately 1,200 metres and width of up to 450 metres. The weathered magnetite-rich mineralisation returned initial assays in excess of 50% iron in some samples and averaged 37.54% iron from 21 surface samples. It carries widespread gold values, including one of 40.88 g/t gold, as well as some copper values to more than 0.1%. Other adjacent skarn bodies also carry significant anomalous gold and copper values. Significant values include: Sample type Iron (%) Gold (g/t) Copper (%) Iron-rich >50.00 2.03 0.12 Iron-rich >50.00 1.16 0.05 Iron-rich 48.63 3.33 0.04 Iron-rich 46.57 5.22 0.10 Iron-rich 34.01 40.88 0.12 Iron-rich 32.58 19.44 0.09 Iron-rich 25.49 15.13 0.08 Iron-rich 27.29 15.66 0.33 Kamarangan is located approximately 15 kilometres from the coast, accessible by a concrete road. Road access is being planned for drilling later in the year. Background Figure 1 (please see the link at the end of this announcement) shows the location of the Kamarangan area in the Tambis-Barobo region. It is approximately 15 kilometres by road from the coast. Figure 2 (please see the link at the end of this announcement) shows the various geological and geophysical features of the region and the detailed location of the Kamarangan area. During the recent ridge and spur soil sampling programme, for which the results are expected towards mid-year, an extensive area of weathered magnetite with secondary hematite skarn mineralisation was located. The magnetite skarn area is also marked by extensive alluvial gold workings from previous local sluicing operations. Magnetite is a magnetic iron oxide mineral that contains 72.36% iron. Its magnetic property permits recovery of a magnetite concentrate by relatively simple magnetic separation techniques. Skarn rocks are formed when hot fluids containing silica, iron and other metals emanate from intrusive rocks (such as granites or porphyry copper bodies) and come into contact with and react with limestones and other calcareous rocks. At Kamarangan, the skarns are hosted by a banded limestone sequence that is older than the "younger" massive white limestone that outcrops prominently to east. The younger limestone is the unit that caps the blanket style disseminated gold mineralisation hosted by diatreme breccias at Bananghilig, as reported on 11 February 2007. Table II lists the iron, gold, silver and copper assay results from various outcrops. Table II: Assay results from 21 surface samples in the Kamarangan iron skarn area. Sample number Sample type Au (ppm) Cu (ppm) Ag (ppm) Fe (%) 425253 1m channel 1.23 602
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