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Golden start: Medallion strikes a new year high with ‘outstanding’ Ravensthorpe drill results
Mining
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Medallion’s Gem deposit is part of the Kundip Mining Centres (KMC), where it aims to target drilling in the coming months alongside a regional program where follow-up drilling will be undertaken at Meridian and Ariel.
Medallion Metals kick starts the new year on a high after receiving what has been described as ‘outstanding’ extensional drill results from the Gem deposit (formerly Kaolin) within the wider Ravensthorpe Gold Project (RGP) in Western Australia.
Drilling has extended a broad zone of mineralisation and some of the widest intersections recorded to date after drilling resumed in early January.
Highlights include:
11m at 10.2 g/t gold, 0.03% copper, 0.5 g/t silver from 36m, including 3m at 35.9 g/t gold, 0.15% copper, 3.6 g/t silver from 36m and 24m at 3.8 g/t gold, 0.01% copper, 0.3 g/t silver from 127m, including 5m at 10.7 g/t gold, 0.03% copper, 0.4 g/t silver from 139m.
Medallion (ASX:MM8) says mineralisation remains open down-dip to the south and down-plunge to the southwest where down hole electromagnetic (DHEM) anomalism from reported drilling supports mineralisation being open at the Western end of Gem.
Drilling and geophysics confirm Gem as ‘high priority target’
Managing director Paul Bennett said 2022 will be a defining year for Medallion.
“These results continue to demonstrate the continuity of broad zones of mineralisation at the western end of Gem at shallow depths.
“The combination of grade and width demonstrate the potential for this area to deliver material additions to the existing 674koz gold resource at Kundip.
“From what we are observing in the drilling and geophysics, the trend appears open and therefore Gem is a high priority target as we start the year.”
Looking ahead
A mineral resource update is being planned to take place in the March quarter with around 30,000m of new drilling to be incorporated in the update.
Currently three drill rigs are operating at the Ravensthorpe project – the RC rig is undertaking extensional drilling at Harbour View within KMC and the two DDH rigs are each drilling at the Meridian and Old Gregg regional prospects.
MM8 says once drilling at Old Gregg has been finished, the second DDH rig will demobilise.
The company expects to maintain an RC and DDH rig at RGP through the first half of 2022 with the primary focus being infill and extensional drilling at KMC.
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.
