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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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."
RD
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
