TIDMMML
RNS Number : 2537Q
Medusa Mining Limited
17 October 2011
Medusa Mining Limited
17 October 2011
Co-O DRILLING UPDATE
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
the Co-O Mine surface and underground drilling undertaken since the
report dated 6 July 2011 up to 27 September 2011.
Highlights include:
Width Grade (uncut)
Hole Number (metres) (g/t gold)
EXP 087 1.40 28.02
EXP 092 1.45 56.23
1.55 33.55
EXP 093 2.50 72.80
1.00 21.53
EXP 094 1.10 14.73
EXP 095 2.35 10.61
2.05 15.97
Recent surface drilling continued to provide mine planning and
resource infill information mainly to the east of the Oriental
Fault, including the multiple East Agsao Veins and veins associated
with the Roysan Vein.
Underground drilling continues to confirm vein continuity.
Geoff Davis, Non-executive Chairman of Medusa, commented:
"The Co-O Mine drilling continues to deliver confirmation of the
extent of this vein system. Following on from the new resource
announced on 27 July 2011 of 1,960,000 ounces, we expect positive
drill results to continue as drilling expands the vein system.
Drilling is continuing with six surface rigs and five
underground rigs."
Co-O MINE DRILLING
Discussion
This report lists the surface and underground drill holes with
new assay results returned since 30 June 2011 to 27 September 2011.
The MD series of holes has been discontinued.
Previous detailed drilling reports were published for MD holes,
EXP holes and underground holes on 27 July 2011, 5 April 2011, 18
January 2011, 29 October 2010, 30 June 2010, 29 March 2010, January
2010, 10 December 2009, 1 July 2009, 22 January 2009, 1 December
2008 and 12 August 2008. In 2007 the announcements are dated 9
July, 15 May and 28 February.
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 cross-cutting fault direction (and
perpendicular to the strike of the veins) and rarely intersects
these faults, which are subsequently identified by underground
on-vein development or underground drilling.
It should also be emphasised that drilling of vein systems
rarely provides ore-grade intersections in every intersection in a
vein. As our data base grows, and the characteristics of each vein
become clearer, a statistical assessment of the percentage of
ore-grade drill hole intersections required in each vein will
provide the levels of certainty for turning exploration drill
results into ore that can be developed with confidence.
Drill hole collar positions are surveyed by a qualified surveyor
and surface drill holes are surveyed downhole at regular intervals
using a digital multi-shot downhole camera.
It is important to note that the drilling of narrow epithermal
veins generally provides an indication of the presence of the gold
mineralised vein but may not always provide good quantitative data
with respect to accurate grade and volume estimations for some or
all of the following reasons:
- Veins commonly pinch and swell and may be brecciated or
displaced by faults;
- Gold distribution may be erratic; and
- Drill core recovery may be reduced because of the brecciation
and soft unconsolidated material and hence the recovered material
may not be representative of the material drilled.
The Company regards the initial drilling as indicative only and
operates the policy of using drilling to locate the position and
extent of the mineralised veins. This is then followed by on-vein
development to support the drilling results, and to provide a more
accurate estimate of vein grades which results in the upgrading of
the resource category from Inferred to Indicated. The development
supports the estimation of resources and facilitates the conversion
of resources to reserves.
Further information on narrow veins and the Company's policies
regarding exploration, development and resources-reserves is
contained on the Company's website, www.medusamining.com.au.
Drilling Results
Figure 1 (please see link at the end of this announcement) shows
the locations of the recently completed surface drill holes EXP 087
to 110 comprising 24 holes for a total of 16,824 metres. Assay
results are awaited for EXP102 to EXP110.
Table I shows the results >=3 g/t gold over >=0.2 metres
for holes EXP087 to EXP101. A number of these holes have been
drilled to define the upper limits of mineralisation in the
structures containing the veins and consequently some may not have
intersected vein mineralisation within the grade and/or width
parameters in this report.
Figure 2 (please see link at the end of this announcement) shows
the locations of the recently completed underground drill holes
totalling 6,900 metres in 33 holes. Table II lists underground
drill hole results >=3 g/t gold over >=0.2 metres since 30
June 2011 for 8 out of 33 holes. Assays are awaited for holes
L2-042 and 43, L2-046, L5-068 to 083, L6-003 to 010 and LM 001.
Table I. Surface drill hole results >=3 g/t gold and >=0.2
metres downhole for new holes EXP 087 to EXP 101.
Grade
(uncut)
Hole Dip Azimuth From Width (g/t
number East North ([deg]) ([deg]) (metres) (metres) gold)
9.13
EXP 087 614291 912989 -45 180 357.65 1.00 (*)
4.97
359.20 0.35 (*)
21.50
390.10 0.45 (*)
28.02
424.80 1.40 (*)
6.27
524.70 0.25 (*)
4.26
EXP 088 614066 913152 -57 160 469.70 0.55 (*)
3.37
523.55 1.00 (*)
10.67
535.80 0.40 (*)
6.54
EXP 089 614542 912901 -55 180 345.95 6.60 (*)
98.76
379.40 0.20 (*)
8.57
EXP 091 614217 913473 -50 160 627.00 0.50 (*)
8.88
738.65 2.20 (*)
3.63
795.50 0.30 (*)
8.97
930.60 0.20 (*)
4.17
951.70 0.40 (*)
4.53
EXP 092 614575 913323 -50 160 113.75 0.75 (*)
56.23
286.75 1.45 (*)
4.53
454.75 0.45 (*)
3.09
496.80 0.30 (*)
10.03
501.70 0.50 (*)
33.55
579.00 1.55 (*)
23.70
EXP 093 614595 912950 -55 180 245.00 0.25 (*)
21.53
371.00 1.00 (*)
72.80
496.70 2.50 (*)
9.30
660.60 0.60 (*)
6.63
EXP 094 614758 913452 -50 160 610.65 0.20 (*)
7.13
631.30 0.35 (*)
26.06
640.35 0.35 (*)
16.23
648.25 0.45 (*)
14.73
725.10 1.10 (*)
4.81
EXP 095 614066 913152 -47 160 162.35 1.00 (*)
4.33
403.15 1.00 (*)
4.98
431.10 2.20 (*)
3.27
452.90 0.50 (*)
10.61
499.65 2.35 (*)
6.46
510.30 1.20 (*)
6.53
533.50 3.40 (*)
9.27
542.80 0.35 (*)
13.27
549.85 0.20 (*)
3.50
581.20 1.35 (*)
8.66
598.20 0.45 (*)
15.97
609.80 2.05 (*)
66.57
619.80 0.25 (*)
4.64
627.15 0.20 (*)
7.69
648.45 2.35 (*)
4.38
657.80 0.70 (*)
6.60
669.20 0.20 (*)
5.22
EXP 097 614589 913104 -52 160 285.60 5.10 (*)
5.92
448.20 1.15 (*)
3.09
454.70 1.80 (*)
9.93
511.60 0.45 (*)
24.30
519.55 0.50 (*)
3.10
525.25 0.35 (*)
9.74
536.45 1.95 (*)
3.85
728.45 0.20 (*)
5.70
EXP 099 614002 913216 -50 180 84.25 0.30 (*)
Notes:
(i) Intersection widths are downhole drill widths not true
widths;
(ii) Assays denoted by (*) are by Philsaga Mining Corporation's
laboratory, all other assays are by McPhar Geoservices Inc. in
Manila;
(iii) Grid coordinates based on the Philippine Reference System
92.
Table II. Underground drill hole results >=3 g/t gold and
>=0.2 metres downhole.
Grade
(uncut)
Hole Dip Azimuth From Width (g/t
number East North ([deg]) ([deg]) (metres) (metres) gold)
LEVEL 2
11.17
L2-044 613416 912949 0 322 3.80 0.60 (*)
6.50
L2-047 614057 913020 0 231 72.05 0.75 (*)
LEVEL 4
15.20
L4-023 613922 912928 0 344 26.10 0.40 (*)
24.34
L4-024 613985 912881 0 152 108.55 2.40 (*)
83.93
L4-025 613982 912882 0 122 117.40 0.40 (*)
LEVEL 5
5.87
L5-067 613945 912889 -58 138 60.45 0.80 (*)
17.10
76.30 0.30 (*)
11.37
251.10 0.40 (*)
Notes:
(i) Intersection widths are downhole drill widths not true
widths;
(ii) Assays denoted by (*) are by Philsaga Mining Corporation's
laboratory, all other assays are by McPhar Geoservices Inc. in
Manila;
(iii) Grid co-ordinates based on the Philippine Reference System
92.
DRILL HOLE SAMPLING AND ASSAYING PROCEDURES
Samples are taken from mainly HQ sized (hole outside diameter 96
mm, hole inside diameter 63.5mm) and some NQ sized (hole outside
diameter 75.8 mm, hole inside diameter 47.6 mm) drill core. The
selected sample intervals are 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 [1/4] core re-submitted for
assay.
Initial sample preparation and assaying is undertaken at the
Company's on-site laboratory. Samples are dried at 105 C 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 are assayed by fire assay with
Atomic Absorption Spectrometer (AAS) finish on a 30 gram sample.
All assays over 5 g/t gold are re-assayed using gravimetric fire
assay techniques on a 30 gram sample.
Check assaying of approximately 50% of samples used in the
yearly resource estimates is undertaken by McPhar Geoservices Phils
Inc ("McPhar"), a NATA and ISO 9001/2000 accredited laboratory in
Manila. The pulps are airfreighted to McPhar who fire assay 30
grams of samples using AAS finish and a selected number of samples
are 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 been given priority over the Company
laboratory's results.
For further information please contact:
Australia
Medusa Mining Limited
Peter Hepburn-Brown,
Managing Director Geoffrey
Davis, Non-Executive
Chairman +61 8 9367 0601
United Kingdom
Fairfax I.S. PLC
Financial Adviser and
Broker
Ewan Leggat/Laura Littley +44 (0)20 7598 5368
Information in this report relating to Exploration Results has
been reviewed and is based on information compiled by Mr Geoff
Davis, who is a member of The Australian Institute of
Geoscientists. Mr Davis is the Chairman 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 "Australasian 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.
DISCLAIMER
This announcement may contain certain forward-looking
statements. The words 'anticipate', 'believe', 'expect', 'project',
'forecast', 'estimate', 'likely', 'intend', 'should', 'could',
'may', 'target', 'plan' and other similar expressions are intended
to identify forward-looking statements. Indications of, and
guidance on, future earnings and financial position and performance
are also forward-looking statements.
Such forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors, many of which are beyond the control of Medusa, and
its officers, employees, agents and associates, that may cause
actual results to differ materially from those expressed or implied
in such statements.
Actual results, performance or outcomes may differ materially
from any projections and forward-looking statements and the
assumptions on which those assumptions are based.
You should not place undue reliance on forward-looking
statements and neither Medusa nor any of its directors, employees,
servants or agents assume any obligation to update such
information.
To view Figures 1 and 2, click on, or paste the following link
into your web browser:
http://www.rns-pdf.londonstockexchange.com/rns/2537Q_-2011-10-14.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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