Medallion ready to chase more gold at Ravensthorpe with drill rigs set to fire
Drill rigs are ready to fire in the first week of September in a bid to add to the significant 1.37Moz gold equivalent resource at Medallion Metals’ Ravensthorpe Gold Project.
Medallion (ASX:MM8) is well advanced in its plans to build a substantial gold and copper camp at its Kundip Mining Centre on WA’s south coast.
Just two months since its latest resource, which added 64% to its gold bounty and 79% on a gold equivalent basis, MM8 has contracted an RC and diamond rig to keep the discovery process going.
About 10,000m of RC and diamond drilling is due to take place at Kundip until the end of the year, with another assays for another 8000m of completed drilling expected to be released to market in the coming weeks.
A further upgrade to the fast-moving mineral resource estimate at Kundip is due in November based on 15,000m of drilling data collected subsequent to the data cut off for the June resource.
MM8 managing director Paul Bennett said the new rigs will enable the company to further expand the resource at Kundip, which is already re-emerging as a significant gold camp.
“The team is excited to have secured the rigs which will enable us to commence a new and aggressive drilling programme to further expand the resource at Ravensthorpe,” he said.
“It’s good to be partnering with Westcore and Precision Exploration Drilling again who have done a great job for us previously.
“With a short break to process what we learned from the first programme, we feel like we have an excellent handle on the system now as evidenced by recent outstanding step out holes at the southern end of Harbour View, and we’re confident we can continue to grow the resource to an even more substantial scale.”
MM8 is well funded to drill harder at Kundip after announcing a $5.2m raising in the form of a fully underwritten non-renounceable entitlement offer earlier this month.
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.