Medallion gets the gold in high grade drilling hitting 118g/t at Flag deposit

Mined at an impressive grade of 16g/t until the late 1980s, drilling by Medallion Metals is unlocking the modern day potential of the Flag deposit at its Kundip Mining Centre.

New drill results from single diamond hole assays show the previously mined Flag remains open at depth, with an impressive hit of 0.45m at 118g/t gold, 9.3% copper and 61.1g/t silver lighting up assays returned from a recent drill program.

Another intercept of 0.92m at 34.2g/t Au, 0.5% Cu and 16.4g/t Ag from 283m also showed the high grade mineralisation at Flag remains continuous and open.

They will be incorporated into a new mineral resource estimate for the 1.46Moz gold equivalent Kundip, part of the historic Ravensthorpe Gold Project on WA’s south coast.

“Exciting high-grade results like these continue to build confidence at Flag,” Medallion (ASX:MM8) managing director Paul Bennett said.

“These results, combined with previous drilling and historical underground mapping gives us great confidence the deposit can be mined successfully from underground.

“Importantly, the structure remains open with the possibility of further extensions from follow up drilling currently being planned.”

Medallion is the first company to get into Flag since the late 1980s. Up to 1989 it produced a recorded 30,049t at an average grade of 16.6g/t for 16,000oz, with all structures open at depth and along strike to the east and west.

It’s noteworthy for its consistent planar structure, striking west to east over at least 550m, which enabled it to be mined intermittently from the early 1900s, with high grades of gold and copper.

The recent drill results at Flag, the southernmost gold-copper deposit in the Ravensthorpe Greenstone Belt 550km southeast of Perth, provide confidence those high grades are a consistent feature.

Medallion Metals asx mm8 — Medallion has hit some impressive grades in drilling at Kundip. Pic: MM8

More to come

The drilling intersected rocks in the Main Lode, and the Flag fault cross lode in the footwall to the Main Lode rich in pyrite and chalcopyrite.

The footwall core reported higher sulphide content including 15% pyrite and 20% chalcopyrite, a copper rich sulphide.

It follows previous impressive intercepts at Flag, confirming the high grade southeast plunge to the Main Lode 35m down dip of the previous hole RC22KP1137 and 65m up dip of DD22KP1128.

Results reported in October included:

4.9m at 8.1g/t Au, 0.27% Cu, 5.09g/t Ag from 285m (DD22KP1128) including
- 35m at 52.2g/t Au, 2.3% Cu, 34.8g/t Ag from 286.95m
- 34m at 55.2g/t Au, 0.6% Cu, 8.4g/t Ag from 289m
3.6m at 13.3g/t Au, 0.44% Cu, 13.9g/t Ag from 351m (DD22KP1128) including
- 48m at 60.4g/t Au, 0.38% Cu, 7.4g/t Ag from 351.67m
- 61m at 25.5g/t Au, 1.96% Cu, 34.9g/t Ag from 353.69m
6m at 3.98g/t Au, 0.24% Cu, 3.68g/t Ag from 249m (RC22KP1137) including
- 1m at 12.5g/t Au, 0.98% Cu, 18.2g/t Ag from 251m.

8000m of new drilling was completed at Kundip in late 2022 to extend resources at Gem, Harbour View and Flag, taking the total drilled by MM8 at Ravensthorpe to 54,000m of RC and diamond since its ASX listing in March 2021.

A new update based on 12,000-15,000m of drilling not included in previous mineral resources will be released in February in preparation for a pre-feasibility study due in the first half of 2023.

The inclusion of the 60,000oz Gift deposit tipped the scales to 1.46Moz AuEq at around 2.5g/t.

This article was developed in collaboration with Medallion Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.