Medusa Mining (ASX, AIM: MML), through its Philippines operating company Philsaga Mining Corporation, has announced an update of the Co-O Mine surface drilling results for new holes MD 217 to MD 240 and some additional results from earlier holes received subsequent to the announcement of 17 December 2009.
The Co-O mine is located in a region of world class gold-copper deposits and south of the typhoon belt in the Philippines.
Highlights include hole MD214 1.7m @ 99.63 g/t Au and 6.4m @ 23.36; hole MD218 0.65m @ 58.66 g/t Au; hole MD 232 1.15m @ 35.18 g/t Au.
The Company is currently expanding its high grade Co-O Mine operations (Indicated Resources 580,000 ounces of gold inclusive of a Probable Reserve of 500,000 ounces of gold, and Inferred Resources 660,000 ounces of gold) to increase its forecast production to 100,000 ounces per year in 2010.
It is also conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per year. Current cash costs at the Co-O Mine are approximately US$190 per ounce.
Geoff Davis, Managing Director of Medusa, commented “on-going drilling results continue to confirm the quality of the Co-O Deposit. Drilling will continue at the current intensity until around July when some rigs will be diverted to the Bananghilig Deposit."
"An updated resource followed by an updated reserve estimate is expected to be announced in the July-August period," he added.
The new MD series diamond drill holes from MD 217 to MD 240, totalling 11,262 metres, have been completed around the Co-O Mine since 9 December 2009. Results are awaited for MDs 236 and 240.
The on-going drilling programme has concentrated on infill and extensional (up & down dip and lateral) drilling in & around the Co-O Mine.
The drill hole results will be incorporated into a new resource estimate which is expected to be completed in July-August 2010.
http://www.proactiveinvestors.com.au/companies/news/6029/medusa-mining-intercepts-high-grade-gold-in-philippines-6029.html
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