TIDMMML
RNS Number : 3846B
Medusa Mining Limited
16 April 2012
Medusa Mining Limited
Co-O DRILLING UPDATE
16 April 2012
(ASX & LSE: MML)
Medusa Mining Limited ("Medusa" or the "Company"), through its
Philippines operating company Philsaga Mining Corporation,
announces an update of the Co-O Mine surface and underground
drilling undertaken since the report dated 17 October 2011 up to 31
March 2012.
Highlights include:
Hole Number Width Grade (uncut)
(metres) (g/t gold)
EXP108 1.90 79.18
EXP121 6.00 16.01
EXP127 1.00 10.39*
EXP134 2.00 93.40
EXP136 1.90 79.94
L5-078 1.60 69.11
L5-097 0.80 377.24
L5-100 8.50 89.17
10.85 16.52
L6-010 2.40 159.23
* Deepest intersection to date at 1,076 metres below
surface.
Surface drilling since October 2011 continues to provide
resource infill and extension information for mine planning mainly
to the east of the Oriental Fault, including the multiple East
Agsao Veins and veins associated with the Roysan Vein. Two surface
drill rigs are about to commence drilling to the west of the
Oriental Fault and four will remain on the east side of the
fault.
Underground drilling continues to confirm vein continuity.
Recent statistical studies indicate that 3 to 5 holes out of every
10 holes in a particular vein are required to return ore-grades to
indicate that the vein will be mineable.
Peter Hepburn-Brown, Managing Director of Medusa, commented:
"The Co-O Mine drilling continues to confirm our belief that
this deposit is a multi-million ounce deposit of high grade veins.
The intersection of ore grade veins at over 1,000 metres vertical
depth is a significant milestone in indicating the potential of
this deposit.
Drilling at the current rate will continue for the foreseeable
future."
Co-O MINE DRILLING
Discussion
This report lists the surface and underground drill holes with
new assay results returned since 27 September 2011 to 31 March
2012.
Previous detailed drilling reports were published for Co-O Mine
drilling on 17 October 2011, 27 July 2011, 05 April 2011, 18
January 2011, 29 October 2010, 30 June 2010, 29 March 2010, January
2010, 10 December 2009, 01 July 2009, 22 January 2009, 01 December
2008 and 12 August 2008. In 2007 the announcements are dated 09
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 the
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. A recent statistical assessment of the percentage of
ore-grade drill hole intersections required in each vein to
indicate the vein will be mineable shows that 3 to 5 holes out of
every 10 holes is required to intersect ore grades. This is
consistent with other large vein systems in the Eastern Goldfields
of Western Australia.
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 EXP111
to EXP145 comprising 35 holes for a total of 25,152 metres. Assay
results are awaited for holes EXP138 to EXP145.
Holes EXP127 to 1,201 metres and EXP133 to 1,200 metres were
completed to test for possible deep shaft positions. Hole EXP127
intersected a number of ore-grade veins, however EXP133 was in
barren ground for its entire length.
Table I shows the results >=3 g/t gold over >=0.2 metres
for holes EXP102 to EXP137. The locations of holes EXP102 to EXP110
were shown in the announcement of 17 October 2011. 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 14,023 metres in 66 holes. Table II lists underground
drill hole results >=3 g/t gold over >=0.2 metres received
since 27 October 2011 as well as some previously completed holes
whose locations are also shown in Figure 2 (please see link at the
end of this announcement). Assays are awaited for holes L2-051 to
L2-053, L2-055 to L2-057, L3-022, L3-027, L3-028, L5-087, L5-088,
L5-091 to L5-096, L5-105, L5-106, L6-023, L6-025 and LM-011.
Table I. Surface drill hole results >=3 g/t gold and >=0.2
metres downhole for previously completed holes EXP102 to EXP110 and
new holes EXP111 to EXP137.
Hole number East North Dip ([deg]) Azimuth From Width Grade
([deg]) (metres) (metres) (uncut)
(g/t gold)
EXP103 614203 913145 -66 180 34.40 0.80 8.13*
138.90 0.35 6.87*
EXP105 614670 913306 -50 160 434.40 1.00 3.83*
534.20 0.95 22.27*
555.05 0.30 9.70*
675.30 0.60 4.70*
EXP106 614867 913453 -50 160 644.90 1.45 7.39*
697.40 2.05 14.47*
743.60 1.00 11.30*
EXP107 614108 913265 -60 180 556.90 0.80 21.27*
EXP108 614630 913331 -50 160 73.10 1.90 79.18*
450.80 1.00 5.33*
562.80 0.65 49.37*
576.20 0.70 17.97*
654.50 0.65 10.73*
667.40 1.10 3.54*
693.80 1.10 4.78*
713.45 0.65 3.14*
784.20 1.25 3.32*
EXP111 614041 913225 -57 160 160.05 1.65 8.03*
403.55 0.70 3.96*
499.95 0.45 3.59*
EXP112 614172 912957 -48 160 308.95 0.40 25.27*
316.85 0.30 38.33*
354.00 0.55 33.37*
411.65 1.40 30.66*
EXP113 614928 913453 -50 160 615.45 1.00 4.25*
658.55 0.65 7.47*
EXP114 614442 912987 -50 180 325.75 1.75 4.97*
379.35 0.20 4.90*
425.20 0.90 3.33*
430.95 1.45 7.73*
461.80 1.00 4.10*
481.60 0.45 8.83*
494.40 0.20 12.10*
523.40 1.15 12.94*
532.70 0.30 4.87*
565.85 0.25 8.57*
EXP116 614107 913162 -50 180 357.65 0.35 5.10*
360.00 0.80 8.40*
482.40 0.85 83.33*
497.60 1.65 3.10*
545.30 0.25 16.17*
558.20 0.30 3.50*
567.30 0.95 4.43*
672.30 1.15 53.70*
Hole number East North Dip ([deg]) Azimuth From Width Grade
([deg]) (metres) (metres) (uncut)
(g/t gold)
EXP117 614507 913213 -53 180 173.75 0.20 4.50*
423.95 1.45 4.82*
485.05 0.30 7.51*
580.05 0.50 5.13*
597.25 1.00 3.38*
602.65 1.00 13.27*
770.50 1.60 7.01*
812.50 0.90 3.96*
EXP118 614134 912960 -50 160 244.40 2.20 16.39*
269.70 0.40 9.47*
314.05 0.80 36.17*
396.90 2.40 15.79*
558.70 0.45 64.37*
579.50 0.20 3.72*
EXP119 613899 913105 -53 160 56.75 1.65 6.01*
69.90 1.40 3.07*
152.65 0.65 4.10*
166.35 0.65 3.70*
277.60 2.50 3.17*
300.25 0.70 3.67*
347.10 1.35 7.05*
352.35 2.45 3.84*
367.15 0.25 4.29*
405.80 0.35 5.90*
409.85 3.30 3.88*
480.25 1.00 15.70*
518.45 0.55 9.59*
554.30 0.25 3.85*
598.70 0.45 3.23*
EXP120 614586 913271 -50 160 474.40 2.35 10.53*
478.45 0.30 7.17*
479.75 0.40 6.10*
488.35 1.20 5.33*
557.00 0.25 58.93*
577.45 0.35 3.26*
EXP121 614551 912992 -55 180 314.40 2.10 9.78*
568.85 0.25 43.97*
573.30 4.80 13.04*
580.15 6.00 16.01*
EXP124 614549 913123 -52 160 332.85 0.30 3.15*
452.05 1.35 7.09*
463.85 2.90 20.16*
518.55 0.40 15.97*
783.55 1.75 17.01*
EXP125 614044 912858 -59 160 247.65 1.00 17.27*
319.85 0.95 9.00*
EXP127 614551 912592 0 -90 888.70 0.30 3.78*
1055.80 0.90 3.30*
1076.40 1.00 10.39*
EXP128 614394 913026 -60 180 306.30 3.80 7.24*
342.80 0.20 4.21*
344.80 0.35 22.77*
362.30 0.35 25.33*
366.85 0.70 22.17*
Hole number East North Dip ([deg]) Azimuth From Width Grade (uncut)
([deg]) (metres) (metres) (g/t gold)
EXP130 614510 912909 -52 180 322.90 0.40 29.56*
EXP134 614604 913032 -65 180 389.45 0.25 42.84*
463.85 0.20 3.30*
495.20 0.50 8.75*
500.00 1.55 25.08*
653.60 2.00 93.40*
706.60 0.30 8.96*
719.80 2.40 5.39*
815.70 3.50 37.50*
898.30 3.80 6.70*
922.10 1.30 36.78*
EXP136 614655 913101 -57 180 223.65 0.45 4.42*
263.45 0.45 27.13*
321.05 0.65 14.43*
385.25 0.25 51.09*
409.80 0.35 3.68*
413.30 0.65 9.00*
455.40 1.30 11.27*
462.70 0.45 52.57*
521.70 1.90 79.94*
580.70 0.25 121.73*
582.95 0.45 3.43*
657.40 1.00 5.67*
771.75 1.05 3.40*
EXP137 614744 913100 -60 180 497.40 0.20 29.73*
517.15 0.25 4.33*
564.90 0.60 9.47*
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 for new holes and previously completed
holes designated .
Hole number East North Dip ([deg]) Azimuth From Width Grade (uncut)
([deg]) (metres) (metres) (g/t gold)
LEVEL
2
L2-046 614062 913053 3 233 56.80 0.25 20.34*
61.75 0.45 8.77*
L2-054 613279 912925 3 356 70.55 0.75 10.00*
79.15 0.45 16.83*
L2-057 613275 912928 0 61 20.90 1.00 4.41*
LEVEL
3
L3-021 614103 913045 3 350 69.00 0.95 11.47*
L3-024 614103 913051 10 34 118.80 0.35 11.00*
LEVEL
5
L5-070 613951 912921 -47 138 28.60 0.40 10.73*
30.65 0.55 3.10*
33.55 0.50 3.27*
126.20 0.20 30.87*
143.95 1.80 9.27*
Hole number East North Dip ([deg]) Azimuth From (metres) Width Grade (uncut)
([deg]) (metres) (g/t gold)
L5-075 614143 912935 -33 166 45.80 0.40 4.60*
278.40 0.60 44.07*
L5-077 614146 912933 -33 55 188.10 0.40 7.77*
277.45 0.55 25.57*
303.15 0.35 7.37*
307.60 1.25 7.02*
L5-078 614146 912931 -33 160 71.90 1.35 27.23*
76.85 1.60 69.11*
L5-079 613950 912925 -60 9 26.95 6.55 6.45*
80.60 0.60 15.21*
L5-080 614146 912933 -33 57 166.10 0.30 5.70*
L5-081 613948 912924 -60 335 46.60 0.80 7.40*
92.80 0.25 6.20*
93.90 1.10 9.50*
205.60 0.35 10.90*
L5-082 614146 912932 -47 59 88.10 0.30 3.96*
117.10 0.45 6.50*
147.85 0.60 37.26*
L5-083 613947 912923 -60 333 107.45 0.20 3.30*
139.90 1.15 3.93*
L5-084 614146 912933 -47 54 127.60 0.50 99.17*
135.40 0.55 3.95*
143.25 2.05 25.01*
L5-085 613947 912923 -47 321 23.00 0.50 3.55*
88.40 0.30 4.67*
L5-086 614145 912933 -47 231 121.65 1.95 8.42*
143.55 0.20 31.70*
L5-087 613950 912925 -60 8 25.50 0.70 4.80*
82.70 4.15 4.37*
127.55 0.70 3.32*
135.90 0.45 4.33*
L5-089 613951 912923 -60 200 68.65 0.75 7.00*
74.40 5.00 8.23*
132.80 0.55 6.13*
L5-090 613951 912922 -60 323 15.90 1.65 7.14*
97.10 1.80 27.44*
102.85 1.15 63.00*
126.85 0.25 3.73*
L5-091 613615 912851 0 63 244.30 0.50 4.85*
L5-097 613951 912924 -40 13 14.60 0.80 377.24*
24.60 3.20 4.58*
51.95 1.85 4.54*
L5-098 613950 912925 0 206 5.90 0.60 9.49*
12.70 0.90 10.34*
26.95 1.20 5.79*
59.50 1.25 7.72*
73.70 0.35 7.33*
L5-099 613612 912854 0 6 38.90 0.75 3.25*
44.50 0.40 6.77*
58.80 0.65 4.56*
69.70 0.25 15.97*
Hole number East North Dip ([deg]) Azimuth From Width Grade (uncut)
([deg]) (metres) (metres) (g/t gold)
L5-100 613949 912924 -40 186 4.40 8.50 89.17*
30.70 0.40 3.90*
57.50 3.50 9.86*
51.55 10.85 16.52*
269.85 0.55 6.74*
L5-101 613612 912855 0 206 34.75 0.30 8.07*
49.30 0.70 12.87*
160.75 0.35 28.90*
L5-102 613948 912924 -43 356 1.23 0.37 6.10*
5.40 0.50 11.80*
10.65 3.55 6.14*
29.40 0.30 24.37*
30.52 0.33 15.20*
54.10 0.45 8.27*
56.30 3.55 9.07*
61.30 3.05 3.40*
64.00 0.50 7.33*
76.90 0.65 4.83*
349.00 0.80 19.00*
L5-103 613947 912923 0 342 4.65 1.35 5.97*
12.70 1.70 28.66*
43.00 0.65 4.73*
196.90 0.90 8.02*
LEVEL
6
L6-005 614096 912732 3 177 35.05 0.70 54.92*
L6-009 614056 912834 3 53 3.45 1.00 72.50*
53.15 0.25 3.43*
61.60 1.10 12.80*
68.00 1.00 4.93*
L6-010 614055 912831 3 120 32.80 2.40 159.23*
43.70 0.60 4.53*
65.65 0.35 7.13*
100.50 3.80 4.25*
106.55 2.75 3.72*
L6-011 614055 912831 3 116 39.75 1.85 12.50*
54.60 0.20 16.37*
L6-012 614054 912836 3 21 58.10 0.20 6.12*
58.85 1.05 3.41*
L6-013 614053 912836 3 358 5.60 0.35 4.10*
9.35 3.20 5.93*
47.10 0.55 40.00*
L6-014 614052 912836 3 347 16.25 0.25 5.00*
48.40 0.20 8.10*
78.05 1.75 7.57*
L6-015 614051 912836 3 339 23.45 0.50 5.13*
59.85 0.50 3.87*
91.80 0.60 4.49*
115.65 2.15 4.95*
120.70 1.00 3.23*
123.60 1.00 3.04*
Hole number East North Dip ([deg]) Azimuth From Width Grade (uncut)
([deg]) (metres) (metres) (g/t gold)
L6-016 614050 912836 3 148 1.50 0.30 4.93*
22.25 2.95 3.22*
30.70 0.90 20.13*
104.25 0.25 3.97*
L6-017 613963 613963 3 221 62.75 0.45 5.17
68.00 2.10 4.22*
L6-018 613958 912841 3 259 16.80 0.25 6.30*
51.80 2.10 9.65*
L6-019 613961 912848 3 200 56.50 0.70 9.33*
66.50 0.40 17.60*
L6-020 613960 912844 3 241 27.20 0.55 6.40*
79.16 0.34 9.77*
92.37 0.59 20.62*
98.14 0.31 4.40*
107.20 0.69 8.72*
L6-022 614062 912752 3 133 51.00 0.40 84.79*
57.10 0.65 4.30*
61.60 0.55 4.20*
LM series
LM-002 614384 912722 0 319 66.00 1.40 10.33*
96.00 0.45 4.39*
107.35 0.60 3.98*
136.70 0.30 7.37*
182.00 2.00 3.21*
212.10 1.40 30.94*
219.45 0.75 13.47*
223.00 1.25 3.06*
228.10 0.55 13.20*
LM-003 614384 912724 0 326 291.70 0.30 7.23*
LM-004 614385 912724 0 323 106.75 0.80 5.73*
110.35 0.55 13.93*
131.70 0.30 94.70*
194.50 0.40 5.70*
LM-005 614387 912724 0 342 92.60 0.50 6.20*
146.50 0.60 24.00*
LM-006 614388 912722 0 354 102.80 1.55 4.48*
281.40 0.45 17.63*
311.00 0.40 6.63*
LM-007 614389 912723 0 10 55.90 0.35 17.85*
91.10 0.30 11.37*
181.25 0.50 4.70*
303.40 0.40 3.58*
LM-008 614390 912723 0 28 115.10 0.30 4.80*
LM-009 614390 912723 0 31 177.00 0.20 9.17*
314.35 0.45 3.46*
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.
Figure1. (please see the link at the end of this announcement)
shows the map of the Co-O Mine Level 6 plan showing the locations
of new drill holes EXP111 to EXP145.
Figure 2. (please see the link at the end of this announcement)
shows the map of the Co-O Mine Level 6 plan showing the locations
of the new underground drill holes.
Click on, or paste the following link into your web browser, to
view the associated PDF document:
http://www.rns-pdf.londonstockexchange.com/rns/3846B_-2012-4-16.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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