www.medusamining.com.au
Medusa Mining, a public company listed on the ASX and LSE, is an Australian based gold producer, focused solely on the Philippines. Medusa's corporate strategy is to become a mid-tier, 400,000 ounce per year, low-cost gold producer.
The Company has completed the two-phase expansion of its high grade Co-O Mine operations to a production level of 100,000 annualised ounces. The Company has approved a Phase 3 expansion to build an expanded mill with capacity for 200,000 ounces of production.
Ongoing drilling is verifying and expanding the Bananghilig Deposit with the aim of defining one million ounces of reserves to initiate feasibility studies.
Further potential upside exists for the discovery of copper and additional gold deposits within the tenement holding of more than 800km2.
Medusa Mining reveals further positive results from Bananghilig gold deposit
Medusa Mining (LON:MML, ASX:MML) revealed more positive results from the Bananghilig gold deposit in the Philippines where drilling continues.
Medusa is currently validating the existence of a 650,000-ounce resource at Bananghilig, which it aims to extend to a reserve of around 1 million ounces. It is currently focused on upgrading the resource to the indicated category.
This reserve would form the basis for a feasibility study, which would target production of 200,000 ounces of gold per year from a new milling facility.
The Bananghilig gold deposit is contained within the Tambis Project and is operated under a deal with Philex Gold Philippines which covers 6,262 hectares.
It consists of three zones, each around 1 km in length and open in all directions, known as the Sorex, Garden and Malinao zones.
From August 31 to December 31 last year, 8,568.95 metres of diamond drilling in 21 holes were completed, said the company.
Results included 6.05 metres with 17.09 grammes of gold per tonne and 28.55 metres with 1.54 g/t of the precious metal.
Medusa's managing director Peter Hepburn-Brown said: "It is pleasing that drilling continues to provide positive results in and around the existing resource which allows us to progress to infill drilling and to upgrade the resource category to predominantly Indicated, which will then be used for reserves modelling later in the year.
"We have seven rigs in the area and it is our intention to continue drilling throughout this year."
Today's results follow those reported in September last year, where the highlights included one hole with a 5.3 metre section, which returned a grade of 20.14 grammes of gold per tonne and another at 8.67 grammes over an 8.25 metre section.
From July 24 to August 31 last year, the firm had drilled over 93 holes for a total of 32,000 metres.
