TIDMMML
RNS Number : 3687Y
Medusa Mining Limited
21 February 2013
Medusa Mining Limited
("Medusa" or the "Company")
(ASX & LSE: MML)
Co-O DRILLING UPDATE
21 February 2013
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 completed from 30 June 2012 to 28 January 2013.
Highlights include:
Hole Number Width Grade (uncut)
(down hole metres) (g/t gold)
L5-20W-008 2.75 14.94
L5-42E-018 3.00 19.08
L5-42E-021 1.20 749.88
L5-42E-022 2.30 19.25
L6-13E-033 4.80 26.28
EXP 175 1.45 21.97
EXP 177 2.55 10.85
EXP 178 1.70 30.25
Surface drilling since 30 June 2012 continues to provide
resource infill and extension information for mine planning to the
east and west of the Oriental Fault. Drilling west of the Tinago
Fault has consistently intersected veins with some indications that
grades in places may be increasing at depth although to date the
grades in the upper levels have been generally below 3g/t gold.
Underground drilling continues to confirm vein continuity and is
providing additional information on vein splits and new veins not
intersected by surface drilling.
Peter Hepburn-Brown, Managing Director of Medusa, commented:
"The Co-O Mine drilling continues to deliver high grade
intersections over a strike length of approximately two kilometres
and at depth. The drilling indicates the vein system appears to be
weakening to the west of the Tinago Fault particularly near surface
with the possibility of some higher high grades at depth. Elsewhere
drilling continues to return good values from infill and
extensional drilling.
Drilling is continuing with four surface and three underground
rigs.The next resource update will be in the September quarter of
2013."
Co-O MINE DRILLING
Discussion
This report lists the surface and underground drill holes with
new assay results returned from 30 June 2012 to 20 January
2013.
Previous detailed drilling reports for Co-O Mine are available
on the Company's website.
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 (attached) shows the locations of the recently
completed and in progress surface drill holes EXP176 to EXP225.
Completed holes comprise 50 holes for a total of 35,989 metres.
Table I shows the results >= 3 g/t gold over >=0.2 metres
for previous holes EXP154, EXP161, EXP163 and EXP165 to EXP175 and
new holes EXP176 to EXP225. The locations of the previous holes
were shown in the announcement of 9 July 2012.
Figure 2 (attached) shows the locations of the recently
completed underground drill holes totalling 8,147 metres in 40
holes. Table II lists underground drill hole results >= 3 g/t
gold over >= 0.2 metres received since 30 June 2012 as well as
some previously completed holes whose locations were shown on
Figure 2 in the announcement dated 9 July 2012.
Table I. Surface drill hole results >=3 g/t gold and >=0.2
metres downhole for previously completed holes EXP154,
EXP161,EXP163 and EXP165 to EXP175 and new holes EXP176 to
EXP225.
Hole East North End of Dip Azimuth From Width Grade
number Hole (metres) (deg) (deg) (metres) (metres) (uncut)
(g/t gold)
------------ ---------- ------- --------------- --------- ---------- ------------ ------------ -----------
EXP163 614842 913100 800.10 -55 180 764.15 1.45 3.13*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
771.45 0.85 11.14*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP166 615060 913098 605.10 -55 180 505.15 0.20 13.77*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP167 613342 913144 599.10 -50 180 469.70 0.30 3,97*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP170 613251 913109 501.10 -50 180 127.10 1.00 3.26*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP172 614711 913081 994.60 -64 180 364.30 1.00 4.55*
------------ -------- -----------
514.75 0.30 10.40*
------------ -------- -----------
745.90 1.00 4.82*
------------ -------- -----------
836.40 0.40 12.63*
------------ -------- -----------
897.80 1.35 8.31*
------------ -------- -----------
911.55 0.20 4.87*
------------ -------- -----------
917.55 2.00 4.59*
------------ -------- -----------
935.70 0.45 69.10*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP173 614798 913152 800.00 -60 180 309.50 0.80 3.31*
------------ -------- -----------
429.60 2.45 6.83*
------------ -------- -----------
510.50 1.00 4.60*
------------ -------- -----------
540.10 0.50 20.10*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP174 614898 913255 707.10 -62 180 447.20 1.50 9.31*
------------ -------- -----------
480.95 0.35 7.07*
------------ -------- -----------
512.80 6.40 4.72*
------------ -------- -----------
550.15 0.35 18.71*
------------ -------- -----------
558.60 0.50 11.15*
------------ -------- -----------
590.90 0.30 24.72*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP175 614545 913270 1,004.10 -63 180 222.15 1.05 4.67*
------------ -------- -----------
450.60 1.20 5.29*
------------ -------- -----------
593.35 1.45 21.97*
------------ -------- -----------
654.45 1.65 3.34*
------------ -------- -----------
954.05 0.25 5.03*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP176 613331 913150 551.10 -61 180 184.40 1.25 4.35*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP177 614756 913168 809.10 -60 180 323.55 0.95 4.78*
------------ -------- -----------
392.20 0.20 4.83*
------------ -------- -----------
395.50 1.30 4.04*
------------ -------- -----------
406.50 3.70 3.27*
------------ -------- -----------
416.15 1.00 6.33*
------------ -------- -----------
419.75 0.20 3.28*
------------ -------- -----------
426.05 2.55 10.85*
------------ -------- -----------
431.60 2.60 5.62*
------------ -------- -----------
461.75 0.25 27.97*
------------ -------- -----------
516.35 1.50 3.59*
------------ -------- -----------
557.30 0.20 4.29*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP178 614733 913224 815.10 -60 180 396.20 0.20 3.58*
------------ -------- -----------
454.00 1.70 30.25*
------------ -------- -----------
494.55 0.50 5.23*
------------ -------- -----------
506.30 1.00 10.50*
------------ -------- -----------
510.60 0.60 30.07*
------------ -------- -----------
521.20 0.25 14.07*
------------ -------- -----------
531.20 4.30 4.86*
------------ -------- -----------
761.10 0.45 5.47*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP181 613555 913087 92.60 -50 180 71.40 0.60 4.03*
------------ -------- -----------
79.70 1.00 3.47*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP182 614557 913335 1,040.10 -62 180 984.50 0.45 4.33*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
Hole East North End of Dip Azimuth From Width Grade
number Hole (metres) (deg) (deg) (metres) (metres) (uncut)
(g/t gold)
------------ ---------- ------- --------------- --------- ---------- ------------ ------------ -----------
EXP184 613451 913197 716.10 -50 180 92.80 1.20 3.68*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP191 614600 913386 983.10 -55 180 158.40 0.40 3.13*
------------ -------- -----------
929.20 2.60 6.83*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP192 614552 913376 989.10 -62 180 106.40 4.00 16.26*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP194 613450 913197 935.10 -60 180 582.60 0.60 4.55*
------------ -------- -----------
639.60 6.00 3.55*
------------ -------- -----------
824.45 1.00 13.98*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP195 614695 913409 1,100.10 -57 180 100.40 0.20 10.17*
------------ -------- -----------
153.60 2.00 3.98*
------------ -------- -----------
346.55 1.25 6.37*
------------ -------- -----------
349.80 2.00 3.75*
------------ -------- -----------
429.60 1.00 5.70*
------------ -------- -----------
586.10 1.00 5.93*
------------ -------- -----------
608.10 1.20 4.90*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP197 613560 913094 101.70 -50 180 19.00 1.70 13.21*
------------ -------- -----------
99.40 1.20 3.11*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP199 613561 913098 101.90 -50 180 97.95 2.75 5.69*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP201 614948 913350 863.10 -51 180 530.35 0.85 7.49*
------------ -------- -----------
609.95 2.15 4.01*
------------ -------- -----------
671.80 0.20 18.73*
------------ -------- -----------
677.80 1.30 10.75*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP204 614901 913407 803.10 -57 180 630.25 1.00 6.80*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP205 613500 913286 704.10 -45 180 173.45 0.35 4.46*
------------ -------- -----------
275.95 0.35 6.93*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP206 613701 913346 878.10 -51 180 847.60 2.05 3.13*
------------ -------- -----------
851.00 0.30 4.53*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP207 615001 913398 704.10 -50 180 675.20 0.30 3.87*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP211 615098 913402 668.10 -50 180 604.05 1.40 3.98*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP219 614840 913421 1,066.10 -45 180 593.15 1.20 10.96*
------------ -------- -----------
596.45 0.20 5.17*
------------ -------- -----------
605.50 0.20 9.10*
------------ -------- -----------
633.00 0.20 3.68*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP222 613551 913306 908.10 -50 180 131.30 3.40 19.81*
------------ -------- -----------
803.65 0.60 19.60*
------------ -------- -----------
805.70 4.40 4.15*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
EXP225 614100 913254 800.10 -50 180 496.95 0.35 9.60*
----------- ------- ----------- --------------- -------- ---------- ------------ -------- -----------
Notes:
(i) Intersection widths are downhole drill widths not true
widths
(ii) Assays denoted by (*) are by Philsaga Mining Corporation's
laboratory.
(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 End of Dip Azimuth From Width Grade
Hole (deg) (deg) (metres) (metres) (uncut)
(metres) (g/t gold)
------------- ----------- ---------- ------------- -------- ---------- ------------ ------------ -----------
LEVEL
1
L1-69W-015 613284 912929 111.20 3 214 61.40 0.20 10.08*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
LEVEL
2
L2-2E-002 614001 912884 102.90 3 169 18.90 1.20 4.46*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L2-2E-005 614002 912890 93.10 3 11 66.90 0.70 17.83*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L2-2E-006 614003 912889 110.40 3 42 16.00 0.50 178.15*
------------ -------- --------------
57.60 0.50 5.47*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L2-10W-002 613919 913145 92.40 3 294 64.00 0.90 4.55*
------------ -------- --------------
LEVEL
5
L5-20W-008 613919 913145 92.40 3 328 2.00 1.00 8.87*
------------ -------- --------------
150.85 2.75 14.94*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L5-20W-009 613762 912854 356.80 -32 152 2.40 1.30 12.59*
------------ -------- --------------
213.20 0.30 9.27*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L5-20W-010 613763 912854 353.30 -30 148 2.20 2.30 12.36*
------------ -------- --------------
131.80 0.30 3.67*
------------ -------- --------------
227.35 0.45 3.53*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L5-20W-011 613763 912854 326.50 -50 140 3.30 1.60 5.92*
------------ -------- --------------
107.50 0.50 19.3*
------------ -------- --------------
112.45 2.80 3.39*
------------ -------- --------------
170.20 0.30 3.36*
------------ -------- --------------
212.45 3.80 7.13*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L5-35W-107 613608 912813 294.50 0 134 1.23 0.37 6.10*
------------ -------- --------------
30.52 0.33 15.20*
------------ -------- --------------
54.85 0.20 88.40*
------------ -------- --------------
62.50 0.25 20.99*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L5-42E-016 614380 912691 435.10 -23 324 125.30 0.30 3.08*
------------ -------- --------------
179.25 0.50 7.17*
------------ -------- --------------
185.25 1.00 3.13*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L5-42E-017 614381 912691 404.80 -32 332 18.60 0.30 16.07*
------------ -------- --------------
139.55 1.30 27.62*
------------ -------- --------------
156.00 0.20 7.33*
------------ -------- --------------
159.90 0.50 8.28*
------------ -------- --------------
187.50 3.50 3.89*
------------ -------- --------------
197.60 1.20 16.55*
------------ -------- --------------
341.80 2.00 12.15*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L5-42E-018 614382 912691 378.00 -23 359 84.90 0.55 8.30*
------------ -------- --------------
109.60 1.90 7.94*
------------ -------- --------------
243.40 1.15 4.72*
------------ -------- --------------
271.60 3.00 19.08*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L5-42E-019 614383 912691 401.60 -23 14 93.10 1.55 6.41*
------------ -------- --------------
356.00 3.80 11.75*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
L5-42E-020 614384 912691 376.50 -23 26 88.20 0.50 32.93*
------------ -------- --------------
126.90 0.20 7.12*
------------ -------- --------------
136.65 0.95 8.17*
------------ -------- --------------
253.30 0.30 10.90*
------------ -------- --------------
293.50 0.50 13.03*
--------------- --------- ---------- ------------- -------- ---------- ------------ -------- --------------
Hole number East North End of Dip Azimuth From Width Grade
Hole (deg) (deg) (metres) (metres) (uncut)
(metres) (g/t gold)
----------------- ------- ------- ------------ --------- ---------- ------------ ------------ -----------
LEVEL
5
L5-42E-021 614385 912690 399.40 -23 29 38.80 0.40 3.22*
------------ -------- -----------
60.10 0.40 20.40*
------------ -------- -----------
87.00 0.40 8.60*
------------ -------- -----------
131.10 1.20 749.88*
------------ -------- -----------
161.65 2.25 12.74*
------------ -------- -----------
278.55 3.65 11.33*
------------ -------- -----------
295.20 0.80 4.72*
------------- ------- ---------- ------------ --------- ---------- ------------ -------- -----------
L5-42E-022 614377 912690 404.40 -43 305 147.60 1.40 13.19*
------------ -------- -----------
156.00 1.00 4.55*
------------ -------- -----------
179.05 1.00 4.04*
------------ -------- -----------
228.00 2.30 19.25*
------------- ------- ---------- ------------ --------- ---------- ------------ -------- -----------
L5-42E-023 614378 912690 428.00 -43 309 412.55 0.35 5.63*
------------- ------- ---------- ------------ --------- ---------- ------------ -------- -----------
L5-42E-024 614379 912691 425.40 -43 316 38.30 0.40 28.10*
------------ -------- -----------
143.95 0.70 3.36*
------------ -------- -----------
186.60 0.30 5.00*
------------- ------- ---------- ------------ --------- ---------- ------------ -------- -----------
L5-42E-025 614380 912691 379.00 -43 328 32.60 0.40 20.07*
------------ -------- -----------
75.35 0.75 12.56*
------------- ------- ---------- ------------ --------- ---------- ------------ -------- -----------
LEVEL
6
L6-13E-001 614187 912929 121.20 3 28 33.80 1.00 10.70*
------------ -------- -----------
69.15 0.35 3.73*
------------ -------- -----------
88.00 0.60 4.64*
------------- ------- ---------- ------------ --------- ---------- ------------ -------- -----------
L6-23E-033 614207 912726 110.80 0 225 8.40 4.80 26.28*
------------- ------- ---------- ------------ --------- ---------- ------------ -------- -----------
L6-23E-034 614213 912726 111.00 0 113 20.50 0.20 97.23*
------------- ------- ---------- ------------ --------- ---------- ------------ -------- -----------
Notes:
(i) Intersection widths are downhole drill widths not true
widths;
(ii) Assays denoted by (*) are by Philsaga Mining Corporation's
laboratory.
(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 63.5 mm) 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 is 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 10 to
16 hours, crushed to less than 1.25 cm by jaw crusher, re-crushed
to less than 50 mm using a secondary crusher followed by ring
grinding of 1 kilogram of sample to nominal particle size of less
than 200 mesh. Barren rock wash is used after every five 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. Duplicate samples are
inserted every 10 samples and standard samples are included in
every sample batch.
Please see link at the end of this announcement to view Firgures
1 & 2:
Figure 1. Map of the Co-O Mine Level 6 plan showing the
locations of new drill holes EXP176 to EXP225
Figure 2. Map of the Co-O Mine Level 6 plan showing the
locations of the new underground drill holes
For further information please contact:
Australia
Medusa Mining Limited +61 8 9367 0601
Peter Hepburn-Brown, Managing Director
United Kingdom
SP Angel Corporate Finance LLP (Financial Adviser
& Broker) +44 (0)20 3463 2260
Ewan Leggat/Laura Littley
JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS
Medusa Mining Limited
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 Non-Executive 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 report contains 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 the figures, please click on or paste the following link
in your browser:
http://www.rns-pdf.londonstockexchange.com/rns/3687Y_-2013-2-21.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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