Medallion Metals Ltd (ASX:MM8) continues to improve the outlook of Harbour View deposit within the Kundip Mining Centre (KMC) of its greater Ravensthorpe Gold Project (RGP) through results of up to 9.2 g/t gold and 7.2% copper.
Latest assay results from drilling at the deposit have returned high-grade gold and copper assays that have potential to add to the bounty at KMC, which hosts the current JORC 2012 mineral resource estimate (MRE) of 674,000 ounces.
Drilling has also extended the copper-rich high-grade sulphide zone 80 metres beyond previous copper hits, beyond the margins of the current mineral resource.
Best results are 2.38 metres at 4.26 g/t gold, 7.19% copper and 37.35 g/t silver from 231.22 metres in hole DD21KP997 and 3 metres at 9.19 g/t gold, 0.15% copper and 3.42 g/t silver from 69 metres in RC21KP1001.
“Extremely positive”
Managing director Paul Bennett said: “The first results from the Harbour View deposit are extremely positive.
"Intercepts at the southern end of the deposit represent substantial depth and plunge extensions beyond previous drilling. Additionally, the copper grade in DD21KP997 highlights the potential for copper to enhance project economics.
"At the northern end we’ve recorded significant shallow high-grade strike extensions on the Harbour View splays.
“These major step-outs from the existing drilling further increase our confidence the project resources will undergo a significant upgrade in early 2022.”
Investors have responded positively with shares up as much as 14.3% in early trading to 24 cents.
Resource update underway
Harbour View prospect is in the central area of KMC and drilling is ongoing at all KMC deposits to support a global MRE update which is expected to be completed in the March quarter of 2022.
The 2021 drilling program has delineated down-dip and down-plunge extensions to the existing resource at Harbour View South (HVS) and Harbour View North (HVN).
Apart from the DD21KP997 results, other strong intersections from HVS are:
- 1.97 metres at 5.13 g/t gold, 2.62% copper and 47.58 g/t silver from 276.63 metres; and
- 0.35 metres at 16.1 g/t gold, 1.40% copper and 5.4 g/t silver from 334.28 metres.
The high copper grade reported from 231.2 metres down hole in DD21KP997 is notable for its potential relationship to two historical holes about 80 metres up-plunge and up-dip respectively.
May series of cross lodes is a group of four ENE-WSE striking, moderate to shallowly southeast dipping lodes that radiate out to the west from the centre of Harbour View.
Strong May lodes results
Drilling has delineated mineralisation at numerous positions within the May lodes increasing confidence the area could develop into a major prospective corridor in its own right.
Best results from the May lodes are:
- 1-metre at 1.93 g/t gold, 1.86% copper and 10.8 g/t silver from 54 metres;
- 2 metres at 4.52 g/t gold, 1.32% copper and 14.95 g/t silver from 29 metres;
- 1-metre at 2.22 g/t gold, 4.63% copper and 14.7 g/t silver from 113 metres; and
- 1.78 metres at 0.97 g/t gold, 1.2% copper and 7.57 g/t silver from 91.1 metres.
Omaha cross lode delivers
The Omaha cross lode is to the east of Harbour View and is considered analogous to the May series lodes. As with the May lodes, it dips shallowly southeast.
Drilling has delineated quartz veining within strongly oxidised clays and sulphides at depth.
Apart from the result in RC21KP1001, other strong intersections are:
- 3 metres at 1.78 g/t gold, 0.14% copper and 0.73 g/t silver from 54 metres;
- 3 metres at 1.91 g/t gold, 0.26% copper and 2.08 g/t silver from 80 metres; and
- 4 metres at 1.53 g/t gold from 72 metres.
Drilling ongoing
Medallion’s 32,000-metre drill program is progressing rapidly with around 25,000 metres of RC and DDH drilling completed to date.
The company has two 1 RC rig and 1 DDH rig deployed to conclude the remaining 7,000 metres of the program by the end of the year.
A downhole Electromagnetic survey was recently undertaken on 18 drill holes at KMC and three holes at the regional Meridian prospect.