High Grade Extensions Confirmed
Medusa Mining Limited (ASX and AIM - MML; TSX - MLL) ("Medusa" or the
"Company"), through its Philippines operating company Philsaga Mining
Corporation ("Philsaga"), announces an update of drilling results for
holes MD 165 to MD 216 from the Co-O Mine subsequent to the
announcement of 1 July 2009. High grade drill intersections to the
east of the Co-O Mine confirm strike extensions of the vein system to
around 1,400 metres.
These results will be incorporated into a new resource estimate which
is expected to be available in January 2010.
Highlights include:
+---------------------------------------+
| Hole Number | Intercepts | Grade |
| | (metres) | (g/t gold) |
|-------------+------------+------------|
| MD 172 | 0.85 | 83.47 |
|-------------+------------+------------|
| MD 179 | 0.75 | 100.63 |
|-------------+------------+------------|
| MD 183 | 1.25 | 14.66 |
|-------------+------------+------------|
| MD 189 | 2.15 | 15.41 |
|-------------+------------+------------|
| | 0.90 | 32.29 |
|-------------+------------+------------|
| MD 196 | 2.00 | 103.36 |
|-------------+------------+------------|
| | 1.65 | 62.36 |
|-------------+------------+------------|
| MD 199 | 1.90 | 24.07 |
|-------------+------------+------------|
| MD 200 | 1.70 | 41.69 |
+---------------------------------------+
Separately, away from the Co-O Mine, 16 holes of an on-going regional
drilling programme have been completed to test other veins. Several
holes have returned strongly anomalous results with individual
samples returning 0.5 to 5g/t gold in the context of vertically zoned
epithermal veins and potentially mineralised structures.
Geoff Davis, Managing Director of Medusa, commented:
"These very high grade results continue to confirm the quality of the
Co-O Deposit. Our drilling campaign will continue at the Co-O Mine
for the next six months with the aim of defining opportunities for
expanding the mine infrastructure further. The regional drilling
will systematically explore other vein systems away from the Co-O
Mine, which if successful, could contribute to the possibility of
diversifying our sources of mineral resources".
Co-O MINE DRILLING
Discussion
Figure 1 (please see the link at the end of this announcement) shows
all the MD series diamond drill holes from MD 165 to MD 216 totalling
27,182.7 metres which have been completed around the Co-O Mine since
1 July 2009.
The on-going drilling programme has concentrated on infill and
extensional (up and down dip, and lateral) drilling in and around the
Co-O Mine.
Drill results
Table I lists the surface diamond drilling results greater than 3 g/t
gold from the Co-O Mine for drill holes from MD 165 to MD 216. These
drill hole results will be incorporated into a new resource estimate
which is expected to be available in January 2010. Other reports
containing intersections for holes numbered below were announced on 1
July 2009, 1 December 2008 and 11 August 2008. In 2007 the
announcements are dated 9 July, 15 May and 28 February. The 2007
announcements also contain information regarding drilling and
surveying techniques, comments on vein interpretation and
methodologies and assaying protocols.
Most of the results in the announcement dated 1 July 2009 which are
east of the Agsao River have yet to be incorporated into a resource
model. Now that a significant amount of on-vein development has been
completed from the bottom of the Agsao Shaft (Level 5) and vein
orientations are established, most of these previous drill results
are now expected to be used in the forthcoming estimate.
Results down to 0.2 metres wide are reported since underground
development shows that in many cases as the veins approach
cross-cutting faults, they narrow down on both sides of the fault
over 5 to 10 metres before widening out, and hence the narrower
intersections are important in defining vein continuity. There is
also some pinching and swelling of veins along strike. Most drilling
is sub-parallel to the fault direction and rarely intersects the
faults, which are subsequently identified by underground on-vein
development.
Table I. Drill hole results >3 g/t gold and >0.2 metres downhole for
holes MD 165 to MD 216.
+------------------------------------------------------------------------+
|Hole | East | North | Dip | Azimuth | From | Width | Grade |
| | | | (°) | (°) | (metres) | (metres) | (uncut) |
| | | | | | | | (g/t |
| | | | | | | | gold) |
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 166| 613606| 913221| -45| 186| 45.55| 0.55| 3.06|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 168| 613423| 913169| -47| 185| 191.10| 4.00| 3.76|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 170| 613809| 913202| -46| 190| 109.40| 1.00| 5.28|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 137.45| 0.50| 8.27|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 195.05| 0.20| 3.51|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 254.45| 0.20| 10.85|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 519.85| 1.00| 3.50|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 636.25| 2.15| 18.43|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 644.95| 0.25| 47.33|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 727.55| 0.20| 3.91|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 171| 614677| 912995| -57| 166| 413.80| 3.10| 3.67|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 430.85| 1.00| 7.40|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 172| 613420| 913124| -45| 171| 52.60| 0.20| 14.17|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 54.85| 1.60| 3.05|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 114.20| 1.00| 7.41|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 127.20| 0.80| 5.01|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 243.45| 0.85| 83.47|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 275.60| 0.30| 3.30|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 306.50| 0.20| 14.61|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 308.80| 0.35| 6.35|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 400.90| 0.20| 4.73|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 173| 613411| 913106| -47| 185| 76.30| 0.50| 13.21|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 99.10| 2.00| 6.49|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 175| 613713| 913335| -55| 190| 383.80| 1.00| 4.16|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 177| | | -45| 190| 98.00| 0.20| 13.66|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 111.85| 0.20| 20.47|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 348.00| 0.20| 9.55|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 178| 614532| 913023| -70| 160| 255.25| 0.20| 3.79|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 296.00| 0.30| 13.49|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 314.10| 0.50| 59.44|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 334.55| 0.65| 18.71|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 395.05| 2.90| 6.75|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 412.75| 0.20| 3.90|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 459.80| 1.55| 9.73|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 529.90| 0.25| 5.11|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 538.35| 0.30| 4.22|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 546.05| 0.30| 35.04|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 560.45| 0.30| 10.92|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 179| 613351| 912825| -68| 217| 65.65| 2.80| 7.43|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 113.65| 0.75| 100.63|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 180| 613870| 913302| -45| 190| 403.50| 0.65| 8.37|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 427.50| 3.01| 3.06|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 181| 613875| 912811| -45| 152| 279.90| 0.40| 21.56|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 182| 614565| 913158| -67| 158| 404.20| 0.20| 5.44|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 480.70| 0.20| 6.89|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 619.85| 0.40| 5.18|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 183| 613352| 912824| -63| 171| 65.30| 0.85|13.73 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 113.15| 0.25| 5.83 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 151.05| 1.25|14.66 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 184| 613770| 912813| -45| 185| 131.40| 0.25| 3.23|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 187| 614226| 913131| -56| 180| 210.70| 1.10| 6.54|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 234.60| 0.20| 28.69|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 421.50| 1.10| 4.32 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 428.00| 0.20| 8.00 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 438.55| 0.50| 9.35 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 559.70| 0.20|18.06 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 188| 613475| 912843| -45| 185| 53.80| 0.65| 47.90|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 127.95| 1.00| 3.89|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 160.80| 2.60| 9.65|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 189| 614532| 913021| -70| 175| 312.75| 0.3| 8.06|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 322.95| 1.00| 3.37|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 394.00| 2.95| 5.74|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 401.65| 2.15| 15.41|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 409.85| 0.25| 23.82|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 428.10| 0.40| 38.82|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 431.75| 0.20| 7.30|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 436.40| 2.40| 18.89|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 497.40| 0.50| 11.59|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 524.80| 0.35| 5.69|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 671.00| 0.90| 32.29|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 703.00| 0.20| 3.86|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 190| 613342| 912848| -71| 196| 29.80| 1.00| 3.67|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 89.75| 0.30| 51.39|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 136.70| 0.40| 4.34|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 155.40| 1.30| 11.03|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 191| 613522| 912806| -56| 187| 33.50| 0.30| 3.03|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 37.65| 0.20| 5.48|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 149.80| 1.70| 14.90|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 195| 613331| 912882| -70| 189| 16.10| 1.00| 6.71 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 107.40| 0.40| 15.74|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 211.00| 0.50| 13.55|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 196| 614163| 913110| -50| 175| 99.20| 0.90| 4.03|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 320.70| 0.30| 7.48|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 434.10| 1.50| 5.78|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 439.70| 0.20| 18.70|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 460.10| 0.20| 19.05|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 474.60| 0.20| 8.55|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 485.10| 3.20| 11.37|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 492.85| 0.20| 3.76|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 520.00| 0.20| 3.62|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 539.75| 2.00| 103.36|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 544.90| 1.65| 62.36|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 561.50| 0.40| 35.12|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 197| 614226| 913107| -60| 180| 93.85| 0.25| 8.95|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 98.60| 3.05| 6.04|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 123.80| 2.15| 6.08|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 343.30| 0.40| 11.01|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 366.90| 0.20| 10.30|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 408.50| 1.00| 3.29|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 411.85| 1.20| 6.31|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 438.00| 0.90| 4.17|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 463.25| 1.35| 6.34|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 495.55| 1.25| 3.88|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 514.00| 0.20| 9.42|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 528.00| 0.45| 5.40|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 531.20| 0.20| 50.97|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 542.45| 0.25| 17.86|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 607.20| 0.40| 8.40|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 198| 613316| 912930| -60| 155| 126.25| 0.40| 23.64|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 301.35| 0.30| 84.43|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 324.70| 0.30| 8.20|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 199| 614567| 913137| -58| 158| 401.40| 1.55| 8.27 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 430.60| 1.90|24.07 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 437.10| 0.30| 3.80 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 470.05| 0.45| 3.42 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 551.05| 0.50|26.54 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 561.00| 1.20| 3.07 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 566.00| 1.50| 6.63 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 578.40| 0.25|74.12 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 200| 614533| 913020| -45| 175| 239.85| 0.25| 4.23 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 515.80| 1.70|41.69 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 201| 613316| 912930| -75| 127| 43.35| 2.10| 5.15 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 73.40| 0.20|13.93 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 128.90| 0.50| 4.77 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 218.60| 0.20| 4.07 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 202| 614157| 913197| -52| 175| 255.30| 0.50|64.93 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 268.30| 0.35| 3.33 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 204| 614294| 913116| -45| 180| 91.20| 2.10| 3.47 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 101.80| 0.20|22.60 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 205| 614536| 913221| -64| 158| 214.55| 1.30| 9.07 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 474.85| 0.60| 4.66 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 515.45| 0.55| 4.47 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 628.15| 0.40| 3.02 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 208| 614111| 913210| -50| 177| 220.55| 0.45|27.53 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 390.35| 0.45| 3.71 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 210| 613478| 912846| -85| 185| 90.45| 6.35| 8.46 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 180.35| 0.25|17.40 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 234.55| 0.85|18.90 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 240.40| 2.45| 3.56 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 313.10| 1.70| 3.87 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 399.90| 0.20| 5.27 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 211| 614009| 912469| -50| 192| 134.25| 1.25| 8.90 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 163.70| 4.15| 6.25 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 171.20| 0.40| 5.65 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 197.95| 1.20| 3.02 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 213| 613320| 912924| -80| 180| 58.80| 2.25| 3.06 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 72.55| 1.15| 3.53 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 165.30| 0.26| 5.93 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|MD 216| 613551| 912780| -45| 220| 126.80| 0.45|15.07 (*)|
+------------------------------------------------------------------------+
notes:
(i) All above assays accepted for incorporation into a
resource estimation;
(ii) Assays denoted (*) are Philsaga assays, all others are by
McPhar Geoservices Inc in Manila;
(iii) Grid coordinates based on the Philippine Reference System
92;
(iv) Assays awaited for MD 212, 214 and 215.
Co-O REGIONAL DRILLING
Discussion
Using the Co-O Mine as a model, drill testing has commenced on veins
in the vicinity of the Co-O Mine to delineate new resources which
could be developed with minimal mining infrastructure costs.
The Co-O vein system outcrops at surface on the western side of the
Oriental Fault, where it was first discovered. The veins at surface
rarely exceed 0.5 metres width and generally assay around 1 to 5 g/t
gold (with possibly some supergene enrichment). Gold values start to
increase significantly approximately 80 metres below surface.
To date 16 drill holes (EXP 1 to 16) as shown on Figure 2 (please see
the link at the end of this announcement) have been completed.
Results are available for EXP 1 to 12 where strongly anomalous
values have been obtained from a number of individual samples in
excess of 0.5g/t gold and up to 5.13g/t gold. These mineralised
structures will be assessed for further follow-up either along strike
or at depth.
Table II. Drill hole results >0.5 g/t gold for holes EXP 1 to 12.
+------------------------------------------------------------------------+
|Hole | East | North | Dip | Azimuth | From | Width | Grade |
| | | | (°) | (°) | (metres) | (metres) | (uncut) |
| | | | | | | | (g/t |
| | | | | | | | gold) |
|------+--------+--------+-----+---------+----------+----------+---------|
|EXP 2 | 613792| 912724| -63| 130| 24.50| 2.00| 1.39 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 62.55| 1.35| 1.72 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | Incl.| 63.55| 0.35| 5.13 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 179.30| 1.00| 1.60 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 185.30| 1.00| 0.65 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 190.30| 0.70| 0.71 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 416.60| 1.00| 0.58 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 446.70| 1.00| 0.53 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 452.00| 1.00| 0.79 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|EXP 3 | 615733| 911967| -60| 175| 232.00| 1.00| 0.71 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|EXP 10| 614880| 913266| -70| 158| 583.30| 1.00| 0.55 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 636.15| 0.35| 2.20 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 659.60| 1.00| 0.65 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 671.45| 1.45| 0.77 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
|EXP 12| 614961| 913050| -47| 162| 782.90| 0.70| 0.76 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 783.75| 0.65| 0.72 (*)|
|------+--------+--------+-----+---------+----------+----------+---------|
| | | | | | 785.35| 0.55| 0.85 (*)|
+------------------------------------------------------------------------+
Notes:
(v) Assays denoted (*) are Philsaga assays;
(vi) Grid coordinates based on the Philippine Reference System
92;
(vii) Assays awaited for EXP 13 to 16.
In the area of Bill's Vein to the east of the Co-O Mine (Fig. 2,
please see the link at the end of this announcement), interpreted
younger sedimentary and volcanic cover (conglomerate
andolcaniclastics) appears to thicken in this area and at depth is
partly intruded by strongly magnetic andesitic porphyry. Further
work and interpretative modelling is required to unravel the
structural implications.
ON-GOING DRILL PROGRAMME
Drilling with six surface rigs will continue on the Co-O Mine area
until about June 2010 when the majority of the rigs are planned to be
transferred to commence feasibility study related drilling at the
Bananghilig Deposit. Two to three drill rigs will continue exploring
untested vein systems away from the Co-O Mine area.
DRILL HOLE SAMPLING AND ASSAYING PROCEDURES
Samples were taken from mainly HQ sized and some NQ sized drill core.
The selected sample intervals were halved by diamond saw and half
the core was bagged, numbered and sent to the Company laboratory. In
a small number of cases to confirm the geological logging, the
selected interval was re-split and ¿ core re-submitted for assay.
Initial sample preparation and assaying was undertaken at the
Company's on-site laboratory. Samples were dried at 105ºC for 6 to 8
hours, crushed to less than 1.25 cm by jaw crusher, re-crushed to
less than 3 mm using a secondary crusher followed by ring grinding of
700 to 800 grams of sample to nominal particle size of less than 200
mesh. Barren rock wash is used between samples in the preparation
equipment. The samples were assayed by fire assay with Atomic
Absorption Spectrometer ("AAS") finish on a 30 gram sample. All
assays over 5 g/t gold were re-assayed using gravimetric fire assay
techniques on a 30 gram sample.
The majority of samples which contained more than 0.5 metres at more
than 2 g/t gold were re-assayed by McPhar Geoservices Phils Inc
("McPhar"), a NATA and ISO 9001/2000 accredited laboratory in Manila.
The pulps were airfreighted to McPhar who fire assayed 30 grams of
sample using AAS finish and a selected number of samples were checked
using gravimetric fire assay techniques. Duplicate samples and
standards are included in each batch of check samples.
When reporting results, where available, the assays of McPhar as an
independent laboratory have given priority over the Company
laboratory's results.
JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS
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" and is a "Qualified Person" as defined in
"National Instrument 43-101" of the Canadian Securities
Administrators. 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.
Refer to the Technical Report which was filed on www.sedar.com in
November 2009 for further discussion of the Co-O Deposit's geology,
structural controls, drilling, sampling and assaying information, and
any known material environmental, permitting, legal, title, taxation,
socio-political, marketing or other relevant issue.
ABOUT MEDUSA MINING LIMITED
Medusa Mining Limited ("Medusa" or the "Company"), a public company
listed on the ASX, AIM and the TSX, is an Australian based gold
producer, focussed solely on the Philippines.
With total current resources of over 2,000,000 ounces of gold,
Medusa's corporate strategy is to become a mid tier 300,000 to
400,000 ounce per year, low cost gold producer. The Company is
currently expanding its high grade Co-O Mine operations (total
resources of 1,380,000 ounces at 10.8 g/t gold) to increase its
production capacity to 100,000 ounces per year in 2010, and is
conducting near mine exploration to assess the possibilities of
further expansion to 200,000 ounces per year. Current cash costs at
the Co-O Mine are approximately US$200 per ounce.
A pipe-line of deposits is now being established with the Bananghilig
Deposit (resource of 650,000 ounces at 1.3 g/t gold) recently added
and which is expected to expand, potentially in conjunction with new
nearby discoveries.
Further potential upside exists in the discovery of substantial
copper deposits within the tenement holding of > 800km².
For further information, please contact:
Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director
UK
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/Libby Moss
Canada
Nicholas Sayce, Investor Relations +(416) 822 4404
Please find below and attached:
Figure 1. Map of the Co-O Mine showing drill hole locations for
holes MD165 to MD216.
http://hugin.info/138050/R/1360095/331806.pdf
Figure 2. Regional map showing the Co-O Mine and other veins with
the locations of drill holes EXP 1 to 16
http://hugin.info/138050/R/1360095/331890.pdf
---END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
