Medusa turns down Mt Lyell
MEDUSA Mining has decided to turn down its opportunity to buy the mining leases covering pyrite rich deposits in the Queen River, downstream of the Mt Lyell Copper Mine and Queenstown in Tasmania.
The company’s evaluation program found that the deposits did not meet its criteria.
Its tests identified several forms of gold within the Queen River system.
However, the high content of sulphide grains and slag particles in the sediments were higher than expected and would be likely to cost the company too much to extract the gold.