Medallion Metals Ltd (ASX:MM8) has identified a new footwall ore lode, intersecting high-grade gold mineralisation during infill drilling at Harbour View North, part of the Kundip Mining Centre (KMC) of the Ravensthorpe Gold Project.
The KMC hosts the company’s JORC resource estimate of 674,000 ounces of gold and is shaping up to be a highly prospective tenure with multiple economic deposits adding value to the greater Ravensthorpe project.
Highlight assays from this latest round of drilling include:
- 16 metres at 8.95 g/t gold, 0.1% copper and 0.5 g/t silver from 36 metres in hole RC21KP1057, including 5 metres at 26.4 g/t gold, 0.1% copper and 1.1 g/t silver from 44 metres,
- 2.1 metres at 11.71 g/t gold, 0.94% copper and 11.87 g/t silver from 160 metres in DD21KP1005; and
- 4 metres at 3.22 g/t gold, 0.27% copper and 3.28 g/t silver from 61 metres in RC21KP999, including 1-metre at 10.7 g/t gold, 0.87% copper and 10.5 g/t silver from 63 metres.
Drill hole DD21KP1005 confirmed the new footwall lode, intersecting promisingly rich mineralisation. The structure remains open to the northeast and down-dip, offering potential targets for further exploration.
Results validate belief in Ravensthorpe
“More impressive results from Harbour View further validate our belief in the Ravensthorpe Gold Project,” Medallion Metals managing director Paul Bennett said.
“We expect the shallow high-grade hits at the northern end of Harbour View to have a positive impact on the pit design in that area, which is scheduled early in the mine plan.
“In addition, the potential discovery of a new lode in the footwall increases the prospectivity of this area and demonstrates once again Kundip’s potential to throw up new opportunities.
“Drilling is ongoing at a rapid rate with assays pending on a significant number of holes. We look forward to the resource update at the end of the quarter which we’re confident will confirm Ravensthorpe as a strategic gold and copper asset in WA.”
Medallion says the results of this last pass of drilling should positively impact the pit design and Ravensthorpe’s overall economics, with an updated mineral resource estimate targeted for the March quarter once a further 30,000 metres of drilling can be incorporated into the estimate.
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, some 550 kilometres southeast of Perth.
Located in an historically proven mineral field, the Ravensthorpe Gold Project represents a belt-scale, advanced exploration opportunity which the company is confident will grow to one day support a long life, low cost gold mine.