Medallion Metals Ltd (ASX:MM8)’s first pass reconnaissance reverse circulation (RC) drill program has confirmed a mineralised system at its Meridian prospect over a 700-metre strike length.
Parallel lodes have been intersected in the footwall to historical workings and structures remain open at depth and along strike.
Step-out drilling is planned in the first quarter of 2022.
Meridian, about 4 kilometres to the west of the Ravensthorpe townsite and about 21 kilometres along strike from Kundip Mining Centre, confirms the district-scale prospectivity of the Annabelle Volcanics of which Medallion is the dominant ground holder.
As part of Medallion’s 32,000 metres drill program underway at the Ravensthorpe Gold Project (RGP), the initial drill program completed at Meridian comprises 11 holes for 1,224 metres of RC drilling.
Two RC holes remain to be drilled as part of the current program.
Drill highlights
The drill/assay highlights include:
- 5 metres at 11.4 g/t gold, 1,572 ppm copper and 1.4 g/t silver from 32 metres including 2 metres at 26.7 g/t gold, 1,750 ppm copper and 2.1 g/t silver from 32 metres;
- 2 metres at 6.12 g/t gold, 1498 ppm copper and 1.91 g/t silver from 125 metres;
- 4 metres at 2.89 g/t gold, 411 ppm copper and 0.13 g/t silver from 58 metres.
All results reported are outside the KMC and current mineral resource estimate (MRE).
Add to resources
Meridian managing director Paul Bennett said: “This is an extremely positive outcome for Medallion.
“Meridian is the first regional target to be tested and has yielded a second distinct target area that has the potential to add to project resources.
“In addition, identifying a mineralised system with scale, 21 kilometres along strike from the Kundip Mining Centre confirms the district-scale opportunity Medallion’s tenement holding represents.”
Meridian shallow drilling
The current drilling results support the presence of steeply south-east dipping (80°) mineralised structures that strike 30° within the overall northeast trending Meridian mineralised zone.
In addition to confirming historical mineralisation, drilling has intersected two additional massive sulphide lodes. The new lodes are at 30-metre intervals within the footwall to the historically mined lodes.
Identification of multiple parallel lodes at Meridian significantly increases the prospectivity of the area.
The geometric and geological characteristics of mineralisation observed in the drilling at Meridian are broadly comparable to what is observed at KMC and throughout other prospects within the Annabelle Volcanics.
Notable differences at Meridian are the mafic intrusive and extrusive lava suite of host rocks in contrast to the felsic volcaniclastics dominant at KMC.
Preliminary observations suggest quartz percentage within mineralised veins is lower at Meridian than that observed at KMC.
Two RC holes remain to be drilled at the Annabelle line of workings where weather conditions have prevented drill access to date.
Downhole electromagnetic surveys will be undertaken on three holes at Meridian before the end of the year.
Drill program update
Medallion’s 32,000-metre drill program at RGP is progressing rapidly with around 21,000 metres of reverse circulation and DDH drilling completed to date with assays reported for the first ~15,000 metres.
The company has two drill rigs - one RC and one DDH - deployed at RGP to conclude the remaining 11,000 metres of the program by the end of the year.