Medusa takes inroads into Australia
PERTH (miningweekly.com) – Philippines-focused gold miner Medusa Mining has inked an earn-in agreement over two exploration projects in Queensland.
Medusa could earn a 90% interest in either or both projects from owner Ellenkay Gold by managing and funding work programmes through to the completion of a prefeasibility study (PFS).
The ASX-listed Medusa must spend a combined minimum of A$1-million on exploration activities across both projects in the first year, before it is able to withdraw from the earn-in.
Following the completion of a PFS, Medusa can elect to sole fund a feasibility study on either or both projects. The miner will also manage the exploration programme during the earn-in period, and first drilling is expected to take place before the end of the current quarter.
Medusa chairperson Andrew Teo said that the earn-in gave Medusa greater balance in its project portfolio.
“While early stage, these new projects are located in the right geological setting and in a very supportive resource development jurisdiction. Ellenkay management have done an excellent job in securing these tenements and advancing them to their current drill ready status.”
The Hill 212 exploration project is an epithermal gold/silver project, where historical exploration work has identified gold mineralisation and classic epithermal textures. Medusa will be testing for potential grade improvement at depth below the base of oxidation.
The Mt Clark West project is a porphyry copper/gold opportunity where historical work has highlighted a number of coincident geophysical and geochemical anomalies and delineated drill ready targets.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation