TIDMMML
RNS Number : 6657R
Medusa Mining Limited
21 November 2012
MEDUSA MINING LIMITED
ABN: 60 099 377 849
Unit 7, 11 Preston Street
Como WA 6152
PO Box 860
Canning Bridge WA 6153
Telephone: +618-9367 0601
Facsimile: +618-9367 0602
Email: admin@medusamining.com.au
Internet: www.medusamining.com.au
ANNOUNCEMENT
21 November 2012
BANANGHILIG DEPOSIT - RESOURCE DRILLING UPDATE
(ASX & LSE: MML)
Medusa Mining Limited ("Medusa" or the "Company"), through its
Philippine's operating company, Philsaga Mining Corporation,
advises that infill drilling has recently been completed at the
Bananghilig Gold Deposit. A significant number of infill drilling
results were included in the previous announcement of 8 August
2012. Drilling since the 8 August 2012 announcement continues to
confirm continuity of mineralisation as well as indicating
extensions to the mineralisation.
Drilling highlights include:
Hole Number Width Grade (uncut)
(metres) (g/t gold)
------------- ---------- --------------
TDH 249 3.00 47.95
------------- ---------- --------------
TDH 252 14.00 1.37
------------- ---------- --------------
TDH 260 10.35 1.34
------------- ---------- --------------
TDH 261 6.20 2.70
------------- ---------- --------------
TDH 262 6.00 1.99
------------- ---------- --------------
TDH 267 5.60 2.23
------------- ---------- --------------
TDH 273 15.50 1.60
------------- ---------- --------------
Peter Hepburn-Brown, Managing Director of Medusa, commented:
"It is pleasing to see the infill drilling continue to confirm
continuity of the mineralisation. The infill drilling has been
topographically constrained in some areas in which case further
infill drilling to upgrade these areas will be undertaken once
permitting progresses and prior to commencement of mining. Based on
the continuity demonstrated to date, we are confident that further
infill drilling will also be positive."
BACKGROUND
The Tambis Project, which includes the Bananghilig Gold Deposit,
is operated under a Mining Agreement with Philex Gold Philippines
Inc. over Mineral Production Sharing Agreement ("MPSA")
344-2010-XIII, which covers an area totaling some 6,262
hectares.
For additional regional geological and mineralisation
information, and drilling results, reference can be made to
previous announcements released on 10 May 2011, 12 September 2011,
17 January 2012 and 08 August 2012.
REGIONAL GEOLOGICAL SETTING
The Tambis regional geology (Fig 1), termed the Tambis
intrusive-breccia complex, typifies a structurally complex
intermediate-sulphidation, epithermal gold, breccia-type system,
including disseminated gold overprinting the host Tertiary-age
igneous package which had been emplaced into an andesitic volcanic
basement. The fertile igneous suite comprises a multi-phase
calc-alkaline, high level, sub-volcanic intrusive package cut by
extensive bodies of phreatomagmatic diatremes and hydrothermal
breccias.
BANANGHILIG DEPOSIT
Geological summary
The Bananghilig Deposit currently consists of three zones, each
approximately 1 kilometre long and open in all directions, locally
termed the Sorex, Garden and Malinao zones. These zones are broadly
defined on the basis of the projection in plan of >=0.5 g/t gold
drill hole intersections.
The mineralisation is located partly within the Bananghilig
diatreme breccia which measures at least 1,000 metres west to east
and still open to the south beneath the younger sediments, and also
around the diatreme margins and in the country rocks along
structural corridors.
The diatreme breccias contain unsorted fragments of the
andesitic basement as well as fragments of the later intrusive
rocks predating the diatreme events in a matrix of comminuted rock
flour and magmatic crystals. Fragment sizes range from
granule-sized to building-sized mega-blocks which have been torn
off the walls of the diatreme during the multi-episodal explosive
activity. The explosive activity also fractured the mega-blocks and
wall rocks, preparing them for subsequent mineralisation
deposition.
Drill Results
During the period 1 August to 30 September 2012, 23 diamond
drill holes (numbered TDH 248 to TDH 273) have been completed for a
total advance of 4,351 metres. Holes TDH 250, TDH 258 and TDH 270
have been drilled outside of the Bananghilig deposit area.
Figure 1 shows the drill holes completed. Assays have now been
received for all drill holes completed for this Phase 1
programme.
First pass assaying for gold has been undertaken on all samples
submitted to the laboratory. Additional assaying is on-going from
selected intervals for base metals, silver and other elements.
The results are summarised in Table 1 where significant
intercepts are defined on the following basis:
(i) lower cut-off grade of 0.5 g/t gold, and
(ii) >= 5 metres down hole intercept width at >= 0.5 g/t gold, or
(iii) <= 5 metres down hole intercept width at >= 5 gram per metres, and
(iv) maximum of 3 metres of down hole internal dilution at <=0.5 g/t gold
Figure 1. Geological interpretation map showing recently
completed drill hole locations.
Please follow the link at the end of this announcement to access
Figure1.
Table 1. Bananghilig surface drill results >=1g/t gold.
Results previously not reported are marked .
Hole Number East North Dip Azimuth From Width Grade (uncut)
(deg) (deg) (metres) (metres) (g/t Au)
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH248 612603 945621 -60 130 56.75 3.95 5.90
---------- ---------- --------------
103.95 6.45 1.08
---------- ---------- --------------
204.10 4.85 2.85
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH249 612949 945693 -60 130 50.30 3.00 3.04
---------- ---------- --------------
66.10 3.00 47.95
---------- ---------- --------------
125.90 8.00 1.59
---------- ---------- --------------
142.10 3.00 1.78
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH252 612967 945359 -70 130 18.50 14.00 1.37
---------- ---------- --------------
92.90 3.00 3.57
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH253 612483 945322 -60 130 127.35 1.00 6.73
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH256 612601 944996 -60 130 47.35 1.00 13.13
---------- ---------- --------------
97.00 3.40 2.31
---------- ---------- --------------
139.85 2.15 5.07
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH259 613109 945368 -50 130 38.10 4.20 2.13
---------- ---------- --------------
52.10 5.65 1.05
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH260 612553 945006 -60 130 46.40 10.35 1.34
---------- ---------- --------------
136.10 13.50 1.20
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH261 612431 945305 -60 130 14.60 6.20 2.70
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH262 612810 945447 -60 130 8.20 4.10 1.36
---------- ---------- --------------
68.60 6.00 1.99
---------- ---------- --------------
114.80 1.00 45.47
---------- ---------- --------------
119.30 6.90 1.11
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH263 613087 945350 -60 130 70.50 2.70 2.71
---------- ---------- --------------
90.05 1.10 6.64
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH264 612538 945088 -60 130 75.70 3.30 1.55
---------- ---------- --------------
126.70 5.85 1.38
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH265 612460 945278 -60 130 52.85 3.65 1.67
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH266 612758 945059 -60 130 59.10 5.10 1.17
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH267 612598 944970 -60 130 73.15 2.80 3.83
---------- ---------- --------------
86.70 5.60 2.23
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH269 612393 945331 -60 130 44.30 0.90 39.99
---------- ---------- --------------
50.20 3.80 2.56
---------- ---------- --------------
148.65 1.50 4.06
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH271 612642 945464 -60 130 198.35 6.90 1.77
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH272 612714 945452 -65 130 37.45 3.20 1.78
---------- ---------- --------------
140.80 4.80 1.78
------------- ------- ------- ------- -------- ---------- ---------- --------------
TDH273 612590 945434 -70 130 10.60 15.50 1.60
------------- ------- ------- ------- -------- ---------- ---------- --------------
Notes:
(i) Intersection widths are downhole drill widths not true widths;
(ii) Assays are by Intertek McPhar Mineral Services Inc. in Manila;
(iii) Grid coordinates based on the Philippine Reference System 92.
DRILL HOLE SAMPLING AND ASSAYING PROCEDURES
Drilling Procedures
Drilling, sampling and analytical methodologies are of
internationally acceptable standards. Drilling and analyses are
carried out by independent contractors, SBF Philippines Drilling
Resources Corp. ("SBF") and Intertek McPhar Mineral Services Inc.
("Intertek") respectively.
Drilling is carried out by SBF using wireline diamond coring
techniques, with the core being predominantly HQ triple-tube (HQ3)
diameter (OD 61 mm). The holes are initially collared using PQ
drillbits (OD 123 mm) to recover PQ3 core (OD 83 mm) until the
drill bit encounters competent ground, then the coring bit is
reduced to HQ3 for the remainder of the drill hole. If difficult
conditions are encountered, then the drill bit is changed to NQ3
(core OD 45 mm) and the hole continued until the planned depth or
bad ground conditions prevent further drilling, whichever occurs
first. Core recovery is generally better than 95% and is considered
to be good.
Drill Core Sampling
Drill core is recovered from the inner tube and handled
carefully to preserve the integrity of the drill core. Structural
measurements are taken including Rock Quality Determinations
("RQD") and Fracture Densities. The core is then placed in plastic
core trays, aligned, photographed and marked up for sampling.
The drill core is then cut in half by diamond core saw and
sampled at one metre intervals or at lithological boundaries. The
samples are placed in individually labelled plastic sample bags, a
sample number ticket included, and then sealed for despatch to
Intertek's Sample Preparation laboratory in Surigao City. The
integrity of the core samples is supervised at all times by the
geologists until despatch to the laboratory where they are
accompanied by company personnel until receipt by Intertek.
One Certified Reference Material ("CRM"), one Blank and if
possible, one Duplicate is included within each successive group of
twenty samples that are submitted to the laboratory. QA/QC
monitoring of the drilling program and the laboratory's results is
conducted as an ongoing process.
Analytical Procedure
Sample preparation is undertaken by Intertek at their Surigao
City laboratory, where each sample is registered, dried at 105degC
for 6 to 8 hours and crushed to 95% passing 2 mm by jaw crusher,
before a 1kg split is taken for fine pulverising, using a riffle
splitter or rotary sample divider. Pulverised sample is nominally
pulverised to 95% passing 75<MU>m (200 mesh).
Quality control procedures include a 1 in 15 re-split after
crushing for partial preparation and after pulverising for total
preparation. These re-splits are also analysed and included in the
analysis report. Sizing tests are carried out on 1 in 20 assay
pulps at 75<MU>m (200 mesh) to monitor the pulverising stage.
Four 250 gram splits are obtained, one for sample analyses and the
remaining three for storage for future reference.
Standard laboratory procedure is to clean the crusher and
pulveriser after every fifth and each sample treatment respectively
with barren material and/or bowl wash, to minimise carry-over
contamination.
Pulverised samples are analysed by classical fire assay
technique on a 50 gram charge with Atomic Absorption Spectrometer
("AAS") finish by Intertek at their Manila Laboratory. All assays
over 5 g/t gold and other selected samples are re-assayed using the
same technique.
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.
Please click on or paste in your browser the following link to
access figure 1:
http://www.rns-pdf.londonstockexchange.com/rns/6657R_-2012-11-21.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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