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.