Co-O Vein System Extenstions Continue
07 April 2008 - 6:45PM
UK Regulatory
Co-O Vein System Extenstions Continue
7 April 2008
MEDUSA MINING LIMITED
(AIM: MML)
Co-O VEIN SYSTEM EXTENSIONS CONTINUE
Medusa Mining Limited ("Medusa" or the "Company"), the Australian
based company operating and developing gold mines in the Philippines,
advises that on-going diamond drilling at the Co-O Gold Mine
continues to extend the vein system. The Company has now drilled
approximately 1,000 metres along strike and approximately 200 metres
across strike.
New significant intersections include:
Hole Number Intercepts Grade
(metres) (g/t gold)
MD 55 3.45 12.48
MD 57 0.45 39.65
MD 61 14.60 5.29
1.45 12.64
MD 65 0.65 25.42
West Catto Vein 1 has now been extended along strike to the west for
approximately 300 metres from the Oriental Fault and is still open to
the west.
The drill programme is continuing with four surface rigs and two
underground rigs.
Please see the link at the end of this announcement for Figure 1,
which shows the location of the Co-O Mine, Figure 2, which shows all
the diamond drill holes holes drilled and in progress around the Co-O
Mine since December 2006 and Figure 3, which shows the updated three
dimensional model of the vein system including the newly discovered
Catto West Veins. Figure 4 shows the Co-O Mine composite level plan
for the 3050 metre level (100 metres below adit level).
Geoff Davis, Managing Director commented:
"The drill programme has further extended the vein system to the
west. We are confident the ongoing programme will continue to
provide excellent results that vindicate our decision to reduce
short-term production levels whilst we expand the production capacity
of the mine to match the size of what is proving to be a very
extensive mineralised system."
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
Bankside Consultants +44 (0)20 7367 8888
Michael Padley / Louise Davis
Results and Drilling Programme
Since the last drilling update on 24 January 2008 a total of 11 new
surface holes have been completed. Drilling is continuing with four
surface drilling rigs and two underground rigs.
Table I lists the diamond drilling results greater than 3 g/t gold
from the Co-O Mine for drill holes MD 46 to MD 68 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 I. Drill hole results > 3 g/t gold for holes MD 46 to 69.
(Results and completed holes since 24 January 2008 marked with *)
Grade
(uncut)
Dip Azimuth From Width (g/t
Hole East North (�) (�) (metres) (metres) gold)
EAST
MD 46 614,047 912,472 -48 41 489.30 0.85 8.51
501.40 0.40 4.50
542.90 1.40 20.62
MD 48
(Agsao Shaft 614,257 912,704 -60 253 212.45 1.95 22.02
pilot hole)
MD 49 614,129 912,487 -50 40 449.85 2.05 6.61
463.90 1.00 4.24
MD 55* 614,134 912,495 -45 35 361.60 3.45 12.48
421.20 0.70 12.23
486.25 0.70 3.89
MD 64* 614,175 912,505 -45 41 405.80 1.00 3.19
MD 67* 614,173 912,504 -52 43 278.00 0.80 7.20
398.30 1.30 6.55
WEST
MD 47 613,805 912,788 -55 30 153.30 1.80 4.70
MD 51 613,749 912,798 -53 17 130.50 1.30 6.50
155.75 0.25 41.06
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 16 152.55* 0.45* 39.64*
191.90 3.45 26.26
MD 58 613,739 912,767 -58 16 176.10 0.40 43.46
207.00 0.70 7.45
280.40 0.90 6.18
MD 61* 613,662 912,804 -47 347 249.10 14.60 5.29
308.20 1.45 12.64
MD 62* 613,723 912,767 -56 2 184.65 2.10 9.07
MD 65* 115.60 0.65 25.42
153.05 2.75 8.80
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 new results;
(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
current resource estimation parameters;
(v)Some previously reported intersection widths and grades may have
changed as a result of check assaying by McPhar.
During on-vein development along the West Catto Veins at the 3050
metre level, a number of splits in the West Catto Veins are being
delineated, including the discovery of a vein that shows dip
variations from sub-vertical to 30� to the north and swings in strike
directions. This vein's variable dip and strike requires further
development work to determine its geometry, as well as for the main
Catto West veins. The wide intercept in MD 61 (14.60 metres at 5.29
g/t gold) may be another example of yet to be understood dip and
strike variations not previously seen in the mine.
Drilling at the eastern end of the vein system near the Agsao River
shows that faulting intensity appears to increase in this area.
Drilling is underway on the east side of the Agsao River to assist
with vein interpretation around the Agsao River zone.
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/1206736/248431.pdf
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