Medusa Mining shares rose Tuesday after the company said it encountered more gold mineralisation at its Bananghilig project in the Philippines.
A sterilisation drilling programme intersected zones of gold mineralisation at all six holes.
Medusa said the mineralisation was similar, if not better than, the main Bananghilig deposit which has over one million ounces of gold.
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"It is quite exceptional to see every drill hole of the sterilisation progamme encounter significant gold mineralisation proximal to the Bananghilig gold deposit, which is itself open in all directions," said Managing Director Peter Hepburn-Brown.
"The potential for significantly increasing the resource base for the Bananghilig project is highly probable based on the number of gold mineralised zones encountered in each hole."
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