Iron Ore Targets Identified
February 25 2008 - 2:00AM
UK Regulatory
Iron Ore Targets Identified
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@medusamining.com.au
Internet: www.medusamining.com.au
25 February 2008
MEDUSA MINING LIMITED
(AIM: MML)
IRON ORE TARGETS IDENTIFIED
Medusa Mining Limited ("Medusa" or the "Company") the Australian
based company operating and developing gold mines in the Philippines,
is pleased to announce that an area of potential magnetite iron ore
mineralisation has been identified at Kamarangan during the recent
Tambis-Barobo regional soil sampling programme, outlined over
approximately 1,200 metres and width of up to 450 metres.
The weathered magnetite-rich mineralisation returned initial assays
in excess of 50% iron in some samples and averaged 37.54% iron from
21 surface samples. It carries widespread gold values, including one
of 40.88 g/t gold, as well as some copper values to more than 0.1%.
Other adjacent skarn bodies also carry significant anomalous gold
and copper values.
Significant values include:
Sample type Iron (%) Gold (g/t) Copper (%)
Iron-rich >50.00 2.03 0.12
Iron-rich >50.00 1.16 0.05
Iron-rich 48.63 3.33 0.04
Iron-rich 46.57 5.22 0.10
Iron-rich 34.01 40.88 0.12
Iron-rich 32.58 19.44 0.09
Iron-rich 25.49 15.13 0.08
Iron-rich 27.29 15.66 0.33
Kamarangan is located approximately 15 kilometres from the coast,
accessible by a concrete road. Road access is being planned for
drilling later in the year.
Background
Figure 1 (please see the link at the end of this announcement) shows
the location of the Kamarangan area in the Tambis-Barobo region. It
is approximately 15 kilometres by road from the coast. Figure 2
(please see the link at the end of this announcement) shows the
various geological and geophysical features of the region and the
detailed location of the Kamarangan area.
During the recent ridge and spur soil sampling programme, for which
the results are expected towards mid-year, an extensive area of
weathered magnetite with secondary hematite skarn mineralisation was
located. The magnetite skarn area is also marked by extensive
alluvial gold workings from previous local sluicing operations.
Magnetite is a magnetic iron oxide mineral that contains 72.36% iron.
Its magnetic property permits recovery of a magnetite concentrate by
relatively simple magnetic separation techniques.
Skarn rocks are formed when hot fluids containing silica, iron and
other metals emanate from intrusive rocks (such as granites or
porphyry copper bodies) and come into contact with and react with
limestones and other calcareous rocks. At Kamarangan, the skarns are
hosted by a banded limestone sequence that is older than the
"younger" massive white limestone that outcrops prominently to east.
The younger limestone is the unit that caps the blanket style
disseminated gold mineralisation hosted by diatreme breccias at
Bananghilig, as reported on 11 February 2007.
Table II lists the iron, gold, silver and copper assay results from
various outcrops.
Table II: Assay results from 21 surface samples in the Kamarangan
iron skarn area.
Sample number Sample type Au (ppm) Cu (ppm) Ag (ppm) Fe (%)
425253 1m channel 1.23 602
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