Medallion’s Gift deposits increases Ravensthorpe to 1.5Moz

Medallion Metals has expanded the mineral resource at its Ravensthorpe Project, with the inclusion of its Gift deposit taking the total out to 1.47Mt at 2.5 g/t gold equivalent

It is the third maiden resource declared at the Ravensthorpe Project – part of the Kundip Mining Centre – since 2021, with the Gift deposit tipping the scales at around 60,000 oz of gold based on 11,000m of drilling carried out between 2008 – 2022.

The resource comprises a substantial free dig alluvial component within 10m of surface, which represents a potentially high margin ore source that will be prioritised during mine planning.

Inclusion of Gift to Kundip inventory significant on two fronts

Medallion’s (ASX:MM8) managing director Paul Bennett says the inclusion of Gift – which strikes north-northwest for 2km along the boundary of KMC granted mining leases, in parallel orientation to the Harbour view deposit – to the Kundip mineral resource inventory is important on two fronts.

“It further highlights the potential of Medallion’s ground holding. Gift looks a lot like Harbour View so the continuation of the structure at depth and along strike represents further significant discovery upside,” he says.

“Then there is the alluvial component, which represents approximately 57 per cent of the Gift resource as it stands.

“That mineralisation occurs as a broadly continuous package of free digging sediments within ten metres of surface.

“While moderate in terms of gold grade, the material is expected to generate high margins and is an obvious target early in the mine plan to de-risk a start-up”.

Focus for 2023

At the southern end of Gift, historical drilling in 2011 targeting bedrock mineralisation identified gold hosted within a quartz gravel and clay paleochannel horizon.

The alluvial sediments overlie andesitic to dacitic volcanics of the Annabelle Volcanics and the paleochannel is interpreted to be situated on top of a mineralised bedrock structure.

To date, no bedrock drilling has been completed at the southern end of Gift beneath the paleochannel.

MM8 says this will be the key focus of ongoing drilling in 2023.

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.