Gold News

Medusa Mining eyes 'blanket' gold prospects

Gold mining company Medusa has announced the discovery of "blanket" gold mineralization at Tambis Bananghilig in the Phillipines.

Mining along a sedimentary-volcanic contact in the Tambis Bananghilig area Medusa yielded measurements including a horizontal drill hole intersection of 98.9 metres at 4.23 grams per tonne (g/t) of gold.

Geoffrey Davis, managing director of Medusa, hailed the results, saying that for the company the Tambis district held high potential.

"We consider that the Tambis district's structural and volcanic setting, extensive alteration zones, aeromagnetic features and demonstrated gold mineralization in several settings is a combination that augers well for the discovery of major gold mineralised bodies," he said.

The Tambis Bananghilig mining site is located around 35 km north of the company's large Co-O Plant, where a recent resource report uncovered an increased gold capacity of 713,000 ounces of gold.

The Philippines-focused company has been listed on the Australian stock exchange since 2003, with the company's strategic purpose being to "achieve gold production with a low capital exposure".


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