MML Near mine exploration success

MML Near mine exploration success. 

The company has had drill success but has not updated the markets in any news release. However news has been reported both in the November presentation slides and at the Hong Kong 121 presentation. This is the first drilling success from on-going near mine exploration.

Royal Crowne Vein.

In the last quarterly (end October), Medusa reported:

"Royal Crowne Vein lies 1.5km north of the Co-O mine and intial results of current scout drilling campaign confirm gold mineralisation. Complete assay results are still pending receipt from the laboratory."

AGM presentation, slide 15/19, 22/11/2018. 

• Completed 19 holes and drilled 4,835 m

• One hole left in initial program, expect completion December 2018

• At least three main zones of mineralisation identified with preliminary strike length of about 200m.

• Mineralisation characterised by pinch-and-swell vein structures and stockworks segmented by post mineralisation faults.

This slide also shows a schematic diagram with some of the drill holes and results incl:

SNG026: 7.8 g/t Au

SNG027: 87.32 g/t Au

SNG030: 20.1 g/t, 10.9 g/t, 9.3 g/t Au

SNG031: 12.9 g/t Au

SNG045: This is the last drill in the series that was in progress in November. So drill holes SNG026 to SNG045 completes the series. 

The intervals for these gold assays and depth from surface are not given and results from the other 16 holes are not known/given.

Patrick Chang in his 121 presentation said he expects a resource estimation for Royal Crowne Vein to be made in 2019 so it seems Medusa has had decent drilling success that it will be announcing in due course.

If this discovery is commercial and as the Medusa mill is running at only 55% capacity (100k oz pa) it should be possible for it to be developed and add to the throughput with additional cost for the development only.   

Durian Gold Project.

AGM presentation, slide 16/19, 22/11/2018. 

• Located about 1km north of the Co-O Mine

• Defined by an oblong-shaped moderate to high IP chargeability anomalous zone with coincident low resistivity anomalous zones.

• The geometry of the IP anomaly suggests the potential presence of a structurally-controlled vein-style mineralisation associated with a diatreme structure and/or shallow intrusion.

• A six-hole scout drilling program for 2,500 metres is planned to test the east and west margin of the IP anomaly.