Surface and underground drilling at Medusa Mining’s Co-O Mine on Mindanao Island have encouraged the company about its potential as a multi-million ounce deposit.

The company’s Philippines-operating subsidiary Philsaga Mining has been drilling holes at the northeast site since October last year. The deepest intersection to date has been recorded at 1076 metres below the surface with other holes continuing to confirm vein continuity. This particular hole returned 1 metre @ 10.39 grams/tonne gold.

Medusa’s managing director Peter Hepburn-Brown says, “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 more than 1000 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.”

Highlights of the current drill holes include 1.9 metres @ 79.18 grams/tonne gold, 2 metres @ 93.40 grams/tonne gold and 0.8 metres @ 377.24 grams/tonne gold.

Drilling is ongoing mainly to the east of the Oriental Fault, including the multiple East Agsao and Roysan veins. However, Medusa says it should be emphasized that drilling of vein systems rarely provides ore-grade intersections in every intersection in a vein. Instead, drilling of narrow epithermal veins is expected to provide an indication of the presence of the gold mineralized vein.

www.medusamining.com.au

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