Co-O Mine Resources Now 1.38 Million Ozs>
Co-O Mine Resources Now 1.38 Million Ozs
(Thomson Reuters ONE) - 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(at)medusamining.com.au Internet: www.medusamining.com.au1st July 2009 MEDUSA MINING LIMITED (AIM: MML) Co-O MINE RESOURCES NOW 1.38 MILLION OZSMedusa Mining Limited ("Medusa" or the "Company"), through itsPhilippines operating company, Philsaga Mining Corporation("Philsaga"), advises that a new resource estimation for the Co-OMine has:* Increased the JORC compliant total resources in the last 6 months by 15% to 1,380,000 ounces at 10.8 g/t gold (annual increase of 60%), excluding mine depletion since December 2008, and importantly, boosted the Indicated Resources category by 25.6% to 603,000 ounces; and* Set the stage for significant resource extensions to the east of the mine with further drilling.Table I. Resource estimate to 14 June 2009:+------------------------------------------------+| Category | > 0 g/t gold || |----------------------------------|| | tonnes | g/t gold | ounces ||-------------+-----------+----------+-----------|| Indicated | 1,250,000 | 15.0 | 603,000 ||-------------+-----------+----------+-----------|| Inferred | 2,730,000 | 8.9 | 777,000 ||-------------+-----------+----------+-----------|| Grand total | 3,980,000 | 10.8 | 1,380,000 |+------------------------------------------------+Geoff Davis, Managing Director of Medusa, commented:"The continuing growth of the Co-O Mine resource at a very robustgold grade testifies the quality of this asset. We expect resourcegrowth to continue, especially to the east as more drilling isundertaken. This work will focus primarily on extending Co-O'sshallower resources where mine infrastructure can be expanded at lowcapital costs. In addition drilling will focus on nearby vein systemswhere there is the real opportunity to make new discoveries."RESOURCE ESTIMATIONSDiscussionDiamond drilling has continued since the past resource estimateannounced on 19 January 2009 with the aim of infilling and extendingthe Co-O vein system to depth and along strike. A total of 51 drillholes have been completed (as announced on 22 June 2009) since theprevious resource estimation and included in the current resourceestimation in conjunction with available underground sampling dataand excluding mined material.The first modelled vein (East Agsao Vein) east of the Agsao River hasbeen included in this estimation. It is anticipated that significantresources will be defined as drilling along the veins in this areaprogresses and continuity increases.The infill drilling has increased the confidence levels for veininterpretations and consequently an increase in the IndicatedResources to 603,000 ounces (from 480,000) as shown in Table I. Thisincrease in Indicated Resources is expected to translate into asignificant upgrade of the mine's reserve base.Figure 1 ((please see the link at the end of this announcement) isthe composite map of the Co-O Mine area showing the location of drillholes MD 114 to 165 and the projection of veins onto Level 5.Table II is a summary of the veins containing more than 50,000 ouncesof resources.Resource drilling is continuing with the aim of defining severalpoorly defined veins within the mine area, to expand the resources tothe east and to undertake first pass drilling on other vein systemsadjacent to the Co-O Mine.Table II. Co-O Mine resource estimates for the veins containing>50,000 ounces+-------------------------------------------------------------------+| Vein name | Category | > 0 g/t gold || | |-----------------------------------------|| | | tonnes | g/t | contained || | | | gold | ounces ||-------------+-----------+--------------+---------+----------------|| Central | Indicated | 484,000 | 11.17 | 174,00 ||-------------+-----------+--------------+---------+----------------|| | Inferred | 481,000 | 5.83 | 90,000 ||-------------+-----------+--------------+---------+----------------|| | Sub-total | 964,000 | 8.51 | 264,00 ||-------------+-----------+--------------+---------+----------------|| Jereme | Indicated | 71,000 | 14.90 | 34,000 ||-------------+-----------+--------------+---------+----------------|| | Inferred | 155,000 | 10.33 | 51,000 ||-------------+-----------+--------------+---------+----------------|| | Sub-total | 225,000 | 11.77 | 85,000 ||-------------+-----------+--------------+---------+----------------|| Jereme | | | | 24,000 || West | Indicated | 51,000 | 14.31 | ||-------------+-----------+--------------+---------+----------------|| | Inferred | 152,000 | 7.90 | 39,000 ||-------------+-----------+--------------+---------+----------------|| | Sub-total | 203,000 | 9.52 | 62,000 ||-------------+-----------+--------------+---------+----------------|| Great | | | | 202,000 || Hamish | Indicated | 179,000 | 34.98 | ||-------------+-----------+--------------+---------+----------------|| | Inferred | 250,000 | 9.79 | 79,000 ||-------------+-----------+--------------+---------+----------------|| | Sub-total | 429,000 | 20.32 | 280,000 ||-------------+-----------+--------------+---------+----------------|| Great | | | | 101,000 || Hamish FW | Inferred | 385,000 | 8.19 | ||-------------+-----------+--------------+---------+----------------|| | Sub-total | 385,000 | 8.19 | 101,000 ||-------------+-----------+--------------+---------+----------------|| Edphil | | | | 31,000 || | Indicated | 144,000 | 6.76 | ||-------------+-----------+--------------+---------+----------------|| | | | | || | Inferred | 181,000 | 9.67 | 56,000 ||-------------+-----------+--------------+---------+----------------|| | | | | 87,000 || | Sub-total | 325,000 | 8.38 | ||-------------+-----------+--------------+---------+----------------|| New Catto 1 | | | | 35,000 || | Indicated | 22,000 | 49.67 | ||-------------+-----------+--------------+---------+----------------|| | | | | 92,000 || | Inferred | 84,000 | 33.99 | ||-------------+-----------+--------------+---------+----------------|| | | | | 127,000 || | Sub-total | 106,000 | 37.27 | ||-------------+-----------+--------------+---------+----------------|| New Catto 3 | | | | 52,000 || | Indicated | 49,000 | 33.12 | ||-------------+-----------+--------------+---------+----------------|| | | | | 77,000 || | Inferred | 47,000 | 51.17 | ||-------------+-----------+--------------+---------+----------------|| | | | | 129,000 || | Sub-total | 96,000 | 41.89 | ||-------------+-----------+--------------+---------+----------------|| Other veins | Sub-total | 1,280,000 | 5.93 | 245,000 ||-------------------------+--------------+---------+----------------|| Grand Total | 3,980,000 | 10.8 | 1,380,000 |+-------------------------------------------------------------------+ The resource estimations have been undertaken by Cube ConsultingPty Ltd.Vein modellingThe 3D model of the veins in Figure 2 (please see the link at the endof this announcement) shows a strike persistent vein system which isopen at depth and along strike. It should be noted that the newunderground development work between the Agsao and 8E Shafts isindicating that vein orientations are more east-west. It isanticipated that additional north-south oriented faulting will beidentified as the along-vein development proceeds. It expected thatthese orientations will be clarified in the next resource statement,and may not materially affect the resources in this area of the mine.Cube Consulting Pty Ltd of Perth, Western Australia was contracted toundertake the resource estimations. A wireframe model of the veinsystem and the mine depletions were based on all availableinformation as at 14 June 2009. A 2D longitudinal modelling approachwas used and is based on an accumulation variable incorporatingmineralised vein horizontal width and intercept grade. Variographywas used to analyse the spatial continuity of the horizontal widthand accumulation variables within the mineralised veins and todetermine appropriate estimation inputs to the interpolation process.The accumulation variables were interpolated into blocks usingOrdinary Kriging. High grade limits were applied to gold prior tothe calculation of the accumulation variable. Mineral resources havebeen reported in accordance with The 2004 Australasian Code forReporting of Mineral Resources and Ore Reserves (JORC Code).For further information, please contact:Medusa Mining Limited +61 8 9367 0601Geoffrey Davis, Managing DirectorRoy Daniel, Finance DirectorFairfax I.S. PLC +44 (0)20 7598 5368Nominated Adviser/Joint BrokerEwan LeggatMirabaud Securities Limited +44 (0)20 7321 2508Joint BrokerPeter KrensLothbury Financial +44 (0)20 7011 9411Michael Padley/Libby MossJORC COMPLIANCE - CONSENT OF COMPETENT PERSONSMedusa Mining LimitedInformation in this report relating to Exploration Results, is basedon information compiled by Mr Geoff Davis, who is a member of TheAustralian Institute of Geoscientists. Mr Davis is the ManagingDirector of Medusa Mining Limited and has sufficient experience whichis relevant to the style of mineralization and type of deposits underconsideration and to the activity which he is undertaking to qualifyas a Competent Person as defined in the 2004 Edition of the"Australian Code for Reporting of Exploration Results, MineralResources and Ore Reserves". Mr Davis consents to the inclusion inthe report of the matters based on his information in the form andcontext in which it appears.Cube Consulting Pty LtdInformation in this report relating to Mineral Resources hasbeen estimated and complied by Mark Zammit of Cube Consulting PtyLtd. Mr Zammit is a member of The Australasian Institute of Mining &Metallurgy and has sufficient experience that is relevant to thestyle of mineralisation and type of deposit under consideration andto the activity which he is undertaking to qualify as a CompetentPerson as defined in the 2004 Edition of the "Australian Code forReporting of Exploration Results, Mineral Resources and OreReserves". Mr Zammit consents to the inclusion in the report of thematters based on his information in the form and context in which itappears.Cube Consulting is an independent Perth based resource industryconsulting firm specialising in geological modelling, resourceestimation and information technology.---END OF MESSAGE---http://hugin.info/138050/R/1326377/312147.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 01.07.2009 - 04:15 Uhr
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