Medallion Metals Ltd (ASX:MM8) continues to add to potential material resources at the Kundip Mining Centre (KMC) within the Ravensthorpe Gold Project in Western Australia with wide, near-surface extensions to mineralisation intercepted at the western end of the Gem deposit.
Extensional drilling has targeted further mineralisation at the Gem deposit, interpreted to remain open down-drop to the south and down-plunge to the southwest. Highlight assays include:
- 11 metres at 10.2 g/t gold, 0.03% copper and 0.5 g/t silver from 36 metres, including 3 metres at 35.9 g/t gold, 0.15% copper and 3.6 g/t silver from 36 metres;
- 24 metres at 3.8 g/t gold, 0.01% copper and 0.3 g/t silver from 127 metres, including 5 metres at 10.7 g/t gold, 0.03% copper and 0.4 g/t silver from 139 metres;
- 19 metres at 1.6 g/t gold, 0.1% copper and 1.0 g/t silver from 157 metres;
- 8 metres at 4.0 g/t gold, 0.09% copper and 0.9 g/t silver from 134 metres;
- 11 metres at 1.2 g/t gold, 0.04% copper and 0.5 g/t silver from 168 metres;
- 21 metres at 1.9 g/t gold, 0.05% copper and 0.3 g/t silver from 128 metres, including 3 metres at 5.4 g/t gold, 0.12% copper and 0.4 g/t silver from 142 metres;
- 8 metres at 2.8 g/t gold, 0.3% copper and 1.0 g/t silver from 166 metres, including 1-metre at 15.6 g/t gold, 1.2% copper and 3.3 g/t silver from 170 metres.
“Gem a high priority target”
“This is a great start to 2022, which will be a defining year for Medallion,” Medallion Metals managing director Paul Bennet said.
“These results continue to demonstrate the continuity of broad zones of mineralisation at the western end of Gem at shallow depths.
“The combination of grade and width demonstrate the potential for this area to deliver material additions to the existing 674,000-ounce gold resource at Kundip.
“From what we are observing in the drilling and geophysics, the trend appears open and therefore Gem is a high priority target as we start the year.”
Medallion’s confidence is backed up by down-hole electromagnetic (DHEM) surveying, which detected an electromagnetic anomalism down-dip from reported drilling at the western end of the Gem deposit that indicates mineralisation is open at depth.
A 2022 drill program prioritising the Gem deposit extensions has begun, with a mineral resource estimate (MRE) update targeted for the March quarter which will incorporate about 30,000 metres of new drilling.
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, the Ravensthorpe Project represents a belt-scale advanced exploration opportunity which Medallion is confident will grow to one day support a long life, low-cost gold mine.