Australian-based gold mining company Medusa has forecast the commencement of drilling at its new Phillipines site in early 2008.
Drilling at the Lingig Porphyry Copper Discovery will retrace the 1974 hole on the site but will aim to drill deeper with the company hoping to access the increasing grades of metals further down the hole.
Detailed reviewing of the site's capacity has revealed high hopes for various metals, with an 150 metre intersection coming upon high grade mineralisation in the last two metres at a 10 g/t rate for silver but only 0.4 g/t for gold.
Geoff Davis, Medusa managing director, said: "Recent reconnaissance has extended the surface indications to the north and we are optimistic that further drilling will confirm the existence of a significant resource."
The Lingig area was identified for drilling purposes as part of an aid programme between Filipino and Japanese geologists and technicians in 1972 to 1974.
For Medusa, the Lingig Porphyry Copper Discovery is part of the south-eastern parcel of the Mining Production Sharing Agreement that is covered within the firm's Das-Agan project.