Medallion on target for multi-million ounce goal at Ravensthorpe

High-grade gold hits at the Meridian prospect have outlined the multi-million ounce regional potential present at Medallion’s Ravensthorpe gold project in WA.

Mineralisation has been intersected over a 700m strike length at the prospect about 21km northwest of the Kundip Mining Centre with the latest assays topping up at 3.5m grading 17.45 grams per tonne (g/t) gold, 0.26% copper and 3.12g/t silver from a down-hole depth of 133m.

Significantly for Medallion Metals (ASX:MM8), the high-grade gold mineralisation – associated with massive sulphides consisting of plus 80% pyrite-pyrrhotite-chalcopyrite – is strongly correlated to down hole electromagnetic conductors identified from surveys of holes drilled in 2021, allowing the company to be more predictive in generating drilling targets at Meridian.

With Meridian located outside the current resource of 1.1Moz gold and 50,000t of copper, the results indicate that other EM conductors at Ravensthorpe could host more mineralisation which could in turn increase resources.

“The positive results from second phase drilling at Meridian are very encouraging. As well as the high grades we’re seeing sulphides and anomalous gold in all the holes demonstrating the structures are open,” managing director Paul Bennett said.

“Drilling remains wide-spaced so we have confidence Meridian is a mineralised system with scale and there is plenty of scope to expand.

“Located over 21km along strike from the 1.4 million ounce gold equivalent resource at Kundip, Meridian reinforces the multi-million ounce potential of Medallion’s dominant landholding across the Annabelle volcanics.”

Phase 2 drilling

The company completed the 17-hole Phase 2 drill program totalling 2,691m at Meridian in February with results confirming the presence of a mineralised system at Meridian over at least 700m strike length which remains open in all directions

Mineralisation was intersected in all holes with the highest gold values recorded at the historical James Henry workings.

It follows on Phase 1 drilling which returned results such as 5m at 11.4g/t gold, 0.16% copper and 1.4g/t silver from 32m including 2m at 26.7g/t gold, 0.18% copper and 2.1g/t silver.

Down-hole electromagnetic surveying of the Phase 2 drilling holes identified three new high priority targets for follow-up while a fixed-loop EM survey was completed across the historical VTEM anomaly VC3 about 250m northwest of Meridian.

Upcoming plans

Medallion plans to carry out extensional and infill drilling along strike of all lodes at Meridian later this year.

This includes infill reverse circulation and diamond drilling at VC3 to determine high-grade plunge orientations.

The company also intends to carry out aircore drilling of regional targets west of Ravensthorpe to test extensive regional soil gold and copper anomalism.

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.