Philippines-focused gold producer Medusa Mining has said that drilling at its Bananghilig mine since its last update in August has continued to show mineralisation.
The company drilled some 23 holes at the project between August and September, one of which showed a grade of 47.95 grammes per tonne of gold over 3.0 metres.
"It is pleasing to see the infill drilling continue to confirm continuity of the mineralisation," said Medusa's Managing Director Peter Hepburn-Brown.
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
"The infill drilling has been topographically constrained in some areas in which case further infill drilling to upgrade these areas will be undertaken once permitting progresses and prior to commencement of mining. Based on the continuity demonstrated to date, we are confident that further infill drilling will also be positive."
BC
