Extensional drilling results down-dip of the Gem deposit within the Kundip Mining Centre (KMC) have been received – with most at the periphery of, or outside the recently updated 1.4Moz gold equivalent resource.

“This gives us great confidence that further resource growth can be expected,” Medallion Metals (ASX:MM8) managing director Paul Bennett says.

“Mineralisation appears open at depth with future drilling being planned to further our understanding of the full scale of the Kundip system.”

KMC is part of the Ravensthorpe Gold Project (RGP), which hosts an expanded resource estimate totalling 16.5Mt at 2.1g/t gold and 0.3% copper for 1.1 million ounces of gold and 50,000 tonnes of copper metal contained.

Highlights from 2022 drilling

These latest assays continue to extend the Gem deposit, with reported intersections all situated at the extremities or outside the 2022 inferred category:

  • 7m at 5.3g/t gold, 0.44% copper, 5.2g/t silver from 161m including 1m at 26.4g/t gold, 2.65% copper and 23.4g/t silver from 164m;
  • 5m at 7.1g/t gold, 0.37% copper, 2.8g/t silver from 209m including 1m at 22.7g/t gold, 1% copper and 7.8g/t silver from 210m;
  • 5m at 6.3g/t gold, 0.09% copper, 1.05g/t silver from 123m; and
  • 1m at 34.7g/t gold, 2.36% copper, 27g/t silver from 103.1m including 0.55m at 62.6g/t gold, 4.27% copper, 48.4g/t silver from 103.1m.

More copper to be encountered

Drilling has confirmed the position of high-grade quartz-sulphide (pyrite-chalcopyrite) veins, which are notably more elevated when compared to the shallow 2021 drilling.

MM8 says this provides encouragement that increased copper grade may be encountered at depth as observed at the Harbour View deposit.

One of the most significant outcomes of Medallion’s drilling campaigns is that the KMC deposits are open in multiple directions and are still shallowly drilled.

Planning for growth

MM8 sees multiple opportunities to grow project resources to a scale that can support the development of a long-life, low-cost gold and copper mine.

“The interim MRE update, and ongoing drill results clearly show that well-funded exploration programs, led by our capable and experienced team, will deliver results at RGP,” the minerals explorer says.

Assays remain pending for around 11,000m of drilling, which will be reported in coming weeks.

The company is in the advanced stages of planning its next phase of growth and will inform the market of the details of those plans when finalised.




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.