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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 |
Vein Extensions Discovered 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 21 January 2008 MEDUSA MINING LIMITED (AIM: MML) NEW CATTO VEIN EXTENSIONS DISCOVERED Medusa Mining Limited ("Medusa" or the "Company"), the Australian based company operating and developing gold mines in the Philippines, advises that continuing diamond drilling at the Co-O Gold Mine has located and extended the New Catto Vein system, previously discovered on the east of the Oriental Fault, for approximately 200 metres to the west side of the Oriental Fault. Development work is now in progress to prepare these veins for stoping in the third quarter of the year, which will result in mining being conducted from five different levels in the mine. Additional new significant intersections include: Hole Number Intercepts Grade (metres) (g/t gold) MD 46 1.40 20.62 MD 48 1.95 22.02 MD 54 1.80 14.59 MD 57 3.30 26.09 MD 58 0.40 43.13 DBH 03 0.40 17.21 The drill programme is continuing with four surface rigs and one underground rig currently active. A new interim resource estimate will be completed in April 2008. Drilling programme and results Figure 1 (please see the link at the end of this announcement) shows the location of the Co-O Mine and Figure 2 (please see the link at the end of this announcement) shows all the diamond drill holes holes drilled and those in progress around the Co-O Mine since December 2006. Figure 3 (please see the link at the end of this announcement) shows the current three dimensional model of the vein system which will be updated in April. The resource estimate published in August 2007 (Table I) was based on drill holes up to MD 45. Table I: Resource Summary for the Co-O Mine Category > 3 g/t gold tonnes g/t gold ounces Indicated 928,000 12.6 377,000 Inferred 1,106,000 9.5 336,000 Grand total 2,034,000 10.9 713,000 Notes: - - A lower cut-off of 3 g/t gold is the designated lower cut-off based on economic parameters; - - An uppercut of 300 g/t gold has been applied; and - - Resources are inclusive of reserves. Since August 2007 a total of 13 new surface holes have been completed with assays waited for hole MD 55. Hole MD 50 was abandoned due to bad ground conditions in a fault zone. Drilling is continuing with four surface drilling rigs and one underground rig. Table II lists the diamond drilling results from the Co-O Mine for drill holes MD 46 to MD 58 (excluding MD 50 and 55) and for underground drill hole DBH 03. 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. Table II: Drill hole results greater than 3 g/t gold for holes MD 46 to 58 and DBH 03 Hole East North Dip Azimuth From Width Grade (°) (°) (metres) (metres) (uncut) (g/t gold) EAST MD 46 614,047 912,472 -48 41 489.30 0.85 8.96 501.40 0.40 4.50 542.90 1.40 20.62 MD 48 614,257 912,704 -60 253 212.45 1.95 22.02 (Agsao Shaft pilot hole) MD 49 614,129 912,487 -50 40 449.85 0.85 14.69 463.90 1.00 4.24 WEST MD 47 613,805 912,788 -55 30 153.30 1.10 7.01 MD 51 613,749 912,798 -53 17 130.50 0.85 9.31 (*) 155.75 0.25 41.06 286.65 1.00 3.00 (*) MD 52 613,754 912,816 -50 14 75.25 0.55 3.53 157.60 0.30 5.31 170.40 0.30 14.93 MD 54 613,830 912,745 -47 29 174.00 1.80 14.59 MD 56 613,809 912,706 -54 29 390.85 1.00 3.11 MD 57 613,739 912,767 -54 16 191.90 3.30 26.09 MD 58 613,739 912,767 -58 16 176.10 0.40 43.13 (*) 207.00 0.70 7.15 (*) 280.40 0.90 6.20 (*) DBH 03 613,918 912,909 -0.2 236 29.05 1.05 6.58 57.30 1.90 9.60 72.20 0.40 17.21 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 in line with resource estimation parameters; and (v) MD 55 not yet assayed and MD 50 abandoned. Discussion All drill holes completed by the end of February 2008 will be included in a new interim resource estimate that is expected to be completed in April. However, drilling will continue after the resource estimate is completed. West of the Oriental Fault The drilling has now successfully demonstrated that the three New Catto Veins continue to the west of the Oriental Fault for approximately 200 metres and may extend through to surface, similar to the Central Vein. Consequently, development is underway to intersect them on the 3150 metre or adit level, on the 3100 metre level, and on the 3050 metre level as intersected in underground drill hole DBH 3. It is anticipated that stoping should commence from the west New Catto Veins on these three levels in the third quarter of this year. These veins are still open along strike to the west and at depth. East of the Oriental Fault Hole MD 48 (Agsao Shaft pilot hole) intersected one of the east New Catto Veins and returned confirmatory high grades. Hole MD 46 (and MD 49) drilled through the top of the New Catto Veins returning anomalous values in the interpreted positions for these veins and intersecting the Central Vein (1.40 metres at 20.62 g/t gold) at approximately 400 metres below surface. Follow up drilling in this position is expected to intersect the New Catto Veins below MD 46. Geoff Davis, Managing Director, commented: "These results confirm the existence of the high grade New Catto Veins along strike to the west and demonstrates that the vein system is more extensive than originally thought. The extensions are also accessible from the existing workings, which will benefit production, particularly from the 3150 metre adit level where shaft haulage is not required . The gold grades obtained are again excellent and we look forward to the next resource statement with continued optimism." Enquiries: Medusa Mining Limited +61 8 9367 0601 Geoffrey Davis, Managing Director Roy Daniel, Finance Director Ambrian Partners +44 (0)20 7776 6417 Richard Brown / Richard Greenfield Bankside Consultants +44 (0)20 7367 8888 Michael Padley / Louise Davis 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 of the matters based on his information in the form and context in which it appears. - ---END OF MESSAGE--- http://hugin.info/138050/R/1183659/236549.doc
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