Extensional drilling adds more facets to Medallion’s Gem gold deposit
Extensional drilling has added more shine to Medallion’s Gem shallow gold deposit within its flagship Ravensthorpe gold project in Western Australia with further downdip extensions.
Notable assays from the Phase 2 drill program are a sparkling high-grade hit of 3m grading 21.7 grams per tonne (g/t) gold, 0.4% copper and 1.23g/t silver from 233m including 1m at 56.4g/t gold, 0.7% copper and 3.2g/t silver from 233m in hole RC22KP1111, and a broad 16m intercept at 3.2g/t gold, 0.4% copper and 2.1g/t silver form 207m in RC22KP1110.
Drilling at Harbour View North was also successful with a high-grade intercept of 3.55m at 6.84g/t gold, 0.58% copper and 6.9g/t silver from 110.4m (DD22KP1107).
With most reported intercepts being located at the edge of, or outside, the current resource estimate, further resource growth is on the cards, a point which Medallion Metals (ASX:MM8) managing director Paul Bennett also flags.
“Ongoing results from the 2022 extensional drilling program continue to expand mineralisation at Gem,” he noted.
“The majority of results received are at the periphery of, or outside, the current mineral Resource giving us great confidence that further resource growth can be expected.
“Mineralisation appears open at depth with future drilling being planned to better understand the full scale of the Kundip system.”
The company added that mineralisation at the western end of Gem continues to exhibit multiple shallow dipping high-grade quartz-sulphide lodes with significant opportunity for additional resources to be added.
The company’s extensional drilling program at Gem targeted down-dip extensions and southwest strike and plunge extensions previously identified from earlier 2022 drilling.
Extensions were between 60m and 120m from previous drilling and represent a significant step out which confirms the Medallion geological model in this highly prospective area of the Gem deposit.
High-grade copper down-dip remains consistent with previously reported results, characterised by chalcopyrite within the quartz-sulphide veins.
Likewise, the diamond hole at Harbour View North represents a 190m step-out from previous drilling with no drilling in between.
Medallion has now completed about 54,000m of RC and diamond drilling at the Ravensthorpe project since it listed on the ASX in March 2021.
This includes about 8,000m of new drilling at the Kundip Mining Centre in the latter stages of 2022 which targeted extensions to established mineralisation at the Gem, Harbour View and Flag deposits in addition to priority near mine targets.
The KMC’s June 2022 resource of 1.4Moz gold equivalent resource is based on about 26,000m of drilling with the next update – based on the addition of another 12,000m to 15,000m of drilling – expected this month, which will form the basis for the Pre-Feasibility Study that will be completed in the first half of 2023. The resource currently stands at 1.47Moz gold equivalent following the addition of the Gift and Desmond deposits.
This article was developed in collaboration with Medallion Metals (ASX:MM8), 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.