Medallion Metals Ltd (ASX:MM8) has identified several new, strong downhole electromagnetic (DHEM) conductor drill targets from surveys of three reverse circulation (RC) holes at Meridian Prospect within the Ravensthorpe Gold Project in Western Australia, further evidence of the prospect’s potential.
Meridian is about 4 kilometres west of Ravensthorpe townsite, 21 kilometres along strike from the Kundip Mining Centre which hosts Medallion’s JORC mineral resource estimate (MRE) of 674,000 ounces at 2.4 g/t gold.
MM8 is undertaking a 32,000-metre exploration drilling program at the prospect, with 11 holes and 1,224 metres constituting the first pass of exploration drilling.
These initial drill holes confirmed a mineralised system beneath Meridian of at least 700 metres of strike, remaining open in all directions. Assays returned high-grade, near-surface gold, including:
- 5 metres at 11.4 g/t gold, 1,572 parts per million (ppm) copper and 1.4 g/t silver from 32 metres in hole RC21MR009;
- 2 metres at 6.1 g/t gold, 1,498 ppm copper and 1.9 g/t silver from 125 metres in RC21MR003; and
- 4 metres at 2.9 g/t gold, 411 ppm copper and 0.1 g/t silver from 58 metres in RC21MR008.
Three drill holes have been surveyed with DHEM and data indicates that the conductor targets may represent massive sulphide lodes situated within the northeast-southwest trending Meridian mineralised structure.
“Confidence Meridian can mature”
Medallion Metals managing director Paul Bennett said: “The size, strength and location of the off-hole conductors from holes RC21MR003 and RC21MR008 makes them compelling drill targets and they will be tested with the next round of drilling at Meridian in January 2022.
“The strong responses provide us with additional confidence Meridian can mature into deposit that can deliver material ounces into the Ravensthorpe Gold Project resource inventory.”
The Electromagnetic (EM) conductors have been interpreted to sit along strike of the main massive sulphide mineralisation system identified during first-pass drilling, and closely correlate with drill holes RC21MR003 and RC21MR008.
These EM conductors will be prioritised for follow-up drill testing with RC and diamond drill rigs, due to commence in January 2022.
Drill holes RC21MR009, RC21MR010 and RC21MR011 will also be re-entered and cased with 50mm PVC poly pipe for additional DHEM surveys. Drill design targeting the EM conductors is underway.
About Medallion Metals
Medallion Metals is a minerals exploration company based in Perth, Western Australia.
The company is focused on increasing the established resources at its 100%-owned Ravensthorpe Gold Project, 550 kilometres southeast of Perth.
Located in an historically proven mineral field, Medallion believes the project represents an exciting belt-scale advanced exploration opportunity which the company is confident will grow to one day support a long-life, low-cost gold mine.