Medallion Metals Resource soars 79% to 1.37Moz of Gold Equivalent, and there is more to come
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With more regional targets yet to be included, Medallion Metals has lifted Kundip Mining Centre (KMC) resources by 79% – demonstrating the scale and enormous potential of the project.
The expanded MRE at KMC, part of the Ravensthorpe Gold Project (RGP) now totals 16.5Mt at 2.1 g/t gold and 0.3% copper for 1.1 million ounces of gold and 50,000 tonnes of copper metal contained.
Around 67% of the gold estimated is in the indicated category, with the remainder in the inferred, based on more than 26,000m of drilling from recent drill programs.
The revised gold content represents a 64% increase from the previous MRE of 674,000 ounces at 2.4 g/t.
Medallion Metals (ASX:MM8) managing director Paul Bennett says this result is “outstanding on all metrics” and exceeds expectations when Medallion listed back in March 2021.
“It is the culmination of an enormous effort by the Medallion team, and I pay credit to their vision and perseverance,” Bennett says.
“The result also represents a significant milestone for the business and its shareholders as we have clearly demonstrated that KMC is an asset of scale and significance.”
Bennett added the company is on a trajectory to achieve critical mass to support the development of a long-life, low-cost gold and copper business in Ravensthorpe.
“We expect further significant growth in resources to come from both KMC and our priority regional targets in the near term, with another circa 20,000 meters of drilling already completed and being processed to inform the next update,” he says.
Medallion has completed 46,211m of combined RC and DDH drilling at RGP since listing on the ASX in March 2021.
Of that, 40,696m was carried out at KMC (23,138m of RC and 17,558m of DDH) with the remainder completed at the company’s highly prospective regional targets.
This interim MRE update comprised 26,308m of new drilling.
A further 19,903m of drilling has been completed but missed the data collection cut-off date.
When assays are returned from the laboratory for this drilling, it will inform a further update of the global MRE expected in the second half of calendar 2022.
Assays are pending for approximately 13,000m of drilling, which will be reported over coming weeks.
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.