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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 |
Hot Features
Premium
New High Grade Vein Discovery
1 December 2008
MEDUSA MINING LIMITED
(AIM: MML)
MAJOR NEW HIGH GRADE VEIN DISCOVERY
Medusa Mining Limited ("Medusa" or the "Company"), the Australian
based company operating and developing gold mines in the Philippines
through its Philippines operating company Philsaga Mining Corporation
("Philsaga"), announces that it has discovered a new high grade vein
at the Co-O Gold Mine, named the Great Hamish Vein ("GHV"). The GHV
is currently interpreted to be between 600 to 650 metres long and
open along strike and at depth. Development on two levels has
commenced.
The GHV drill hole intersections to date are:
+---------------------------------------+
| Hole Number | Intercepts | Grade |
| | (metres) | (g/t gold) |
|-------------+------------+------------|
| MD 85 | 2.50 | 16.02 |
|-------------+------------+------------|
| MD 86 | 2.65 | 113.80 |
|-------------+------------+------------|
| MD 87 | 1.60 | 19.55 |
|-------------+------------+------------|
| MD 88 | 1.45 | 97.62 |
|-------------+------------+------------|
| MD 91 | 1.00 | 31.71 |
|-------------+------------+------------|
| MD 92 | 1.60 | 61.03 |
|-------------+------------+------------|
| MD 97 | 3.45 | 43.26 |
|-------------+------------+------------|
| MD 98 | 4.90 | 67.03 |
|-------------+------------+------------|
| MD 100 | 2.80 | 31.09 |
|-------------+------------+------------|
| MD 103 | 0.30 | 28.29 |
|-------------+------------+------------|
| MD 104 | 2.25 | 166.29 |
|-------------+------------+------------|
| MD 111 | 2.25 | 28.10 |
|-------------+------------+------------|
| Average | 2.23 | 61.84 |
+---------------------------------------+
Geoff Davis, Managing Director of Medusa, commented:
"These spectacular results from the 12 drill holes, into the GHV,
average very close to two ounces of gold to the tonne, and are
strongly supported by the development already underway. These again
demonstrate the excellent potential of the Co-O Mine vein system
which Management believes will continue to deliver more discoveries
as we carry out further drilling".
For further information, please contact:
Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director
Fairfax I.S. PLC +44 (0)20 7598 5368
Nominated Adviser/Joint Broker
Ewan Leggat
Mirabaud Securities Limited +44 (0)20 7321 2508
Joint Broker
Peter Krens
Lothbury Financial +44 (0)20 7011 9411
Michael Padley/Louise Davis
Discussion
Figure 1 shows the location of the Co-O Mine and Figure 2 shows all
the diamond drill holes from MD 85 upwards drilled and in progress
around the Co-O Mine and the projection of the vein system. Figure 3
shows the longitudinal projection of the GHV and Figure 4 shows the
current three dimensional model of the Co-O vein system excluding the
GHV. Please see the link at the end of this announcement for these
images.
Description
The GHV has been defined over approximately 550 metres on the west
side of the Oriental Fault and is interpreted to have been
intersected on the east side of the fault in holes MD 87, 98, 108
and 112 over a strike length of approximately 100 metres. The vein
has consistent high grades and generally dips northwards around
60-70º.
It has been intersected by drives on Levels 2 (50 metres below adit)
and 3 (100 metres below adit), with driving on vein and sub-level
development commenced.
Assays from the levels to date are:
+-------------------------------------------------------------------+
| Level 2 | Level drive | 119 metres length at average width of 1.4 |
| | | metres at 39.79 g/t gold |
|---------+-------------+-------------------------------------------|
| | Sub-level | 133 metres length at average width of 1.2 |
| | | metres at 33.72 g/t gold |
|---------+-------------+-------------------------------------------|
| | | |
|---------+-------------+-------------------------------------------|
| Level 3 | Level drive | 87 metres length at average width of 1.2 |
| | | metres at 92.00 g/t gold |
|---------+-------------+-------------------------------------------|
| | Sub-level | 82 metres length at average width of 1.0 |
| | | metres at 70.09 g/t gold |
+-------------------------------------------------------------------+
Drill results
Table I lists the surface diamond drilling results greater than 3 g/t
gold from the Co-O Mine for drill holes which have intersected the
GHV from MD 85 onwards. Some intersections in MDs 85-88 have been
previously reported on 11 August 2008. Other previous announcements
on the Co-O drilling on 9 July, 15 May and 28 February 2007 contain
information regarding drilling and surveying techniques, comments on
vein interpretation and methodologies and assaying protocols.
Drilling with four surface rigs and two underground rigs is
continuing.
Table I: Drill hole results >3g/t gold for holes which have
intersected the GHV.
GHV intersections are marked with (^).
+-------------------------------------------------------------------------+
|Hole | East |North |Dip|Azimuth| From | Width | Grade (uncut) (g/t |
| | | |(°)| (°) | (metres) |(metres)| gold) |
|------+------+------+---+-------+----------+--------+--------------------|
|EAST | | | | | | | |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 98 |614150|912993|-57| 210| 234.95 | 1.65 | 15.61 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 313.80 | 1.10 | 5.10 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 340.45 | 0.20 | 28.04 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 504.60 | 0.20 | 4.37 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |508.70 (^)|4.90 (^)| 67.03(*) (^) |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 108|613856|912812|-54| 185| 371.95 | 0.25 | 120.55 (*) |
|------+------+------+---+-------+-------------------+--------------------|
| | | | | |GHV assays awaited | |
|------+------+------+---+-------+-------------------+--------------------|
|MD 112|614010|912889|-65| 180| 245.20 | 0.25 | 13.07 (*) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 252.75 | 0.85 | 30.23 (*) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 331.00 | 1.70 | 60.86 (*) |
|------+------+------+---+-------+-------------------+--------------------|
| | | | | |GHV assays awaited | |
|------+------+------+---+-------+-------------------+--------------------|
|WEST | | | | | | | |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 85 |613587|912868|-75| 180| 157.80 | 0.30 | 11.44 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 183.50 | 0.40 | 7.82 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 214.50 | 1.30 | 9.23 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |257.00 (^)|2.50 (^)| 16.02 (^) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 264.30 | 0.40 | 6.56 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 277.65 | 1.05 | 8.09 |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 86 |613737|912855|-60| 190|217.25 (^)|2.65 (^)| 113.80 (^) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 287.80 | 0.50 | 33.26 |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 87 |614206|912994|-43| 212| 224.75 | 1.00 | 5.46 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 277.20 | 5.00 | 3.50 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 289.00 | 4.30 | 22.66 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 313.00 | 1.00 | 23.19 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 347.10 | 0.20 | 11.45 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 376.30 | 2.00 | 29.20 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 388.90 | 3.90 | 26.45 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 406.90 | 0.60 | 11.65 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 413.60 | 1.70 | 13.65 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |419.40 (^)|1.60 (^)| 19.55 (^) |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 88 |613546|912850|-75| 195| 66.05 | 1.10 | 20.04 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 69.70 | 1.80 | 13.65 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 126.35 | 1.85 | 16.61 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 219.20 | 3.35 | 3.82 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 228.45 | 1.15 | 3.71 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 264.20 | 0.35 | 42.49 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 280.30 | 5.00 | 4.59 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 328.20 | 0.90 | 3.92 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |366.10 (^)|1.45 (^)| 97.62 (^) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 399.50 | 0.85 | 13.79 |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 91 |613477|912845|-70| 205| 62.80 | 0.80 | 6.63 (*) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 69.10 | 0.50 | 39.63 (*) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |198.40 (^)|1.00 (^)| 31.71 (^) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 287.95 | 0.35 | 11.50 (*) |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 92 |613544|912844|-62| 196| 65.10 | 1.15 | 4.52 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 193.30 | 0.25 | 88.45 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |195.40 (^)|1.60 (^)| 61.05 (^) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 211.60 | 0.75 | 14.97 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 278.70 | 0.40 | 9.49 |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 97 |613660|912837|-65| 190| 151.50 | 0.30 | 33.07 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |172.40 (^)|3.45 (^)| 43.26 (*) (^) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 195.60 | 0.30 | 12.02 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 295.90 | 0.60 | 43.59 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 307.60 | 0.30 | 6.73 |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 100|613350|912846|-72| 185| 119.70 | 0.40 | 8.80 (*) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 155.60 | 2.50 | 17.31 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 218.30 | 1.20 | 6.79 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |223.40 (^)|2.80 (^)| 31.09 (^) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 249.00 | 0.75 | 7.57 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 267.00 | 0.60 | 10.39 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 277.80 | 1.20 | 4.89 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 343.80 | 2.60 | 10.53 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 357.65 | 1.00 | 5.49 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 362.00 | 1.00 | 7.53 |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 103|613663|912782|-50| 196|99.30 (^) |0.30 (^)| 28.29 (^) |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 104|613840|912883|-60| 168| 202.00 | 1.10 | 14.96 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |258.65 (^)|2.25 (^)| 166.29 (^) |
|------+------+------+---+-------+-------------------+--------------------|
|MD 107|613966|912928|-60| 170|GHV assays awaited | |
|------+------+------+---+-------+-------------------+--------------------|
|MD 111|613766|912841|-70| 180| 161.00 | 0.60 | 4.30 |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 190.50 | 1.70 | 15.77 (*) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | |248.85 (^)|2.25 (^)| 28.10 (*) (^) |
|------+------+------+---+-------+----------+--------+--------------------|
|MD 112|614010|912889|-65| 180| 245.20 | 0.25 | 13.70 (*) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 252.75 | 0.85 | 30.23 (*) |
|------+------+------+---+-------+----------+--------+--------------------|
| | | | | | 332.00 | 0.70 | 144.40 (*) |
|------+------+------+---+-------+-------------------+--------------------|
| | | | | |GHV assays awaited | |
+-------------------------------------------------------------------------+
Notes:
(i) (*) denotes Philsaga assays;
(ii) Independent laboratory McPhar assays are quoted in
preference to Philsaga assays;
(iii) Grid coordinates based on the Philippine Reference System
92;
(iv) Intersection lower cut-off grade is 3 g/t gold;
(v) Some previously reported intersection widths and grades
may have changed as a result of check assaying by McPhar.
Information in this report relating to Exploration Results is based
on information compiled by Mr Geoff Davis, who is a member of The
Australian Institute of Geoscientists. Mr Davis is the Managing
Director of Medusa Mining Limited and has sufficient experience which
is relevant to the style of mineralisation and type of deposits under
consideration and to the activity which he is undertaking to qualify
as a Competent Person as defined in the 2004 Edition of the
"Australian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Davis consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
---END OF MESSAGE---
http://hugin.info/138050/R/1273872/283101.pdf
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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