Medallion Metals Ltd’s (ASX:MM8) new discovery hole has returned high-grade gold and copper along with silver and cobalt at Gem Restored Northern Lode in the northern end of the Kundip Mining Centre within Ravensthorpe Gold Project (RGP) in Western Australia.
A massive sulphide intersection of 2.6 metres at 19.8 g/t gold, 3.6% copper, 35.8 g/t silver and 0.15% cobalt from 226.9 metres, including 2.2 metres at 22.7 g/t gold, 4.1% copper, 40.9 g/t silver and 0.17% cobalt from 226.9 metres in hole DD21KP915 has confirmed the high-grade potential.
Geological interpretation indicates the Northern Lode, which is open at depth and along strike, is a separate mineralised structure parallel to and located in the footwall of the Gem Restored Main Lode.
Additional high-grade gold-copper intersections have also been recorded in ongoing phase 1 drilling at Gem Restored Main Lode with notable intersections of:
- 6 metres at 3.3 g/t gold, 0.3% copper and 7.7 g/t silver from 192 metres;
- 11.5 metres at 2.2 g/t gold, 0.1% copper and 1.8 g/t silver from 71 metres; and
- 0.8 metres at 11.7 g/t gold and 6.1 g/t silver from 174 metres.
Results continue to confirm a continuous zone of mineralisation in Main Lode up to 12 metres wide, around 500 metres along strike to a current depth of 150 metres below surface.
“Exceeding expectations”
Medallion Metals managing director Paul Bennett said: “The results to date are very pleasing, with 915, in particular, exceeding our expectations.
“The discovery of the new Northern Lode underlines the high-grade discovery opportunities that exist at RGP and the exceptional grade of the intersection will lead to a reallocation of drill meters to further test the strike and depth extents of the structure.
“At the same time, the ongoing results being reported from Main Lode continue to build confidence in the geometry and grade continuity of that structure which is outcropping at surface.
“All of the drilling reported to date is outside the current mineral resource estimate and represents a strong start to our strategy of building project resources in excess of one million ounces in the near term.”
Looking ahead
A new mineral resource estimate for the Gem Restored Northern Lode will be completed in September.
Around 11,754 metres of the total 32,00- metre drill program has been completed to date with sample assays returning from the laboratory on a regular basis.
Upon completion of the Gem Restored phase-1 drill program, focus has now shifted to the following areas within the Kundip Mining Centre:
- Kaolin Deposit - resource extensions and exploration to the southeast and southwest;
- Harbour View Deposit - resource extensions down dip and along strike to the northeast; and
- New positions - exploration of the previously undrilled area between the Kaolin and Harbour View structural trends.