PHILIPPINES - Drilling confirms Co-O gold vein continuity

Medusa Mining says underground drilling at its Co-O gold mine has confirmed the continuity of mineable gold veins to the east of the Oriental Fault.

The company’s Philippines subsidiary Philsaga Mining Corporation has been drilling holes at the north-eastern Mindanao site since October last year and says best results from the drill holes at the multiple East Asgao and Roysan veins include 1.35 metres @ 185.21 grams/tonne gold and 2.9 metres @ 78.94 grams/tonne gold.

Medusa’s managing director Peter Hepburn-Brown says, “The Co-O mine drilling continues to deliver high grade intersections. These drill results are the last set of results for this financial year that will be incorporated into the annual resource estimate. I am pleased to report that for the first time we are achieving significant vein intersections to the west of the Tinago Fault which truncates the known veins at the western end of the mine. Continued success in extending the vein system westwards may have a significant positive impact on the future mine plans.”

Medusa says the results from these recent holes are indicative of the presence of gold mineralization but it is difficult to gain good quantitative data regarding accurate grade and volume estimations due to the fact veins commonly pinch and swell, and the gold distribution may be erratic.

For this reason, Peter Hepburn-Brown says drilling at the current rate will continue for the foreseeable future. “The Co-O mine drilling continues to confirm our belief that this deposit is a multi-million ounce deposit of high grade veins.”

www.medusamining.com.au