Medusa Mining (ASX:MML) will not proceed to next phase with Ellenkay Gold

Company News

by Rachael Jones

Medusa Mining (ASX:MML) says that after evaluating all results from the first round of exploration and drilling at the Hill 212 and Mt Clark West projects in Central Queensland, the Company has elected not to proceed to the next phase of the EarnIn-Agreement (“EIA”) with Ellenkay Gold.

Medusa has completed drill testing of priority targets at both projects since the EIA was entered into in July 2018, with no significant results returned.

Accordingly, Medusa now believes neither project fits with the Company’s future growth criteria and has elected to withdraw from the EIA.

They will continue their evaluation of opportunities within the Asia Pacific Region.

Shares in Medusa Mining (ASX:MML) closed 1.12 per cent lower at $0.71 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.