Medallion Metals Ltd (ASX:MM8) has received further high-grade copper and gold results from extensional and infill drilling at Harbour View deposit, part of the Kundip Mining Centre (KMC) of the flagship Ravensthorpe Gold Project in Western Australia.
The company says the consistently strong results from this area demonstrate the emerging value of the deposit as part of the KMC’s mineral holding, currently a JORC-compliant estimate of 674,000 ounces at 2.4 g/t gold.
Highlights from recent drilling include:
- 19 metres at 2.26 g/t gold, 2.33% copper and 13.03 g/t silver from 69 metres;
- 5 metres at 2.49 g/t gold, 5.61% copper and 48.5 g/t silver from 104 metres, including 1-metre at 3.03 g/t gold, 16.4 % copper and 139 g/t silver from 105 metres;
- 2 metres at 18.5 g/t gold, 5.91% copper and 43.95 g/t silver from 253 metres;
- 12 metres at 2.27 g/t gold, 1.18% copper and 10.8 g/t silver from 164 metres;
- 4 metres at 3.78 g/t gold, 2.83% copper and 36.35g/t silver from 260 metres; and
- 3 metres at 4.73 g/t gold, 2.28 % copper and 20.53 g/t silver from 244 metres.
Copper's increasing role
“These results are having a fundamental impact on our view of the KMC,” Medallion Metals managing director Paul Bennett said.
“Historical production from the Phillips River Mineral Field has a gross value split of approximately 50:50 between copper and gold at today’s prices so it’s no surprise that copper may begin to play increasingly important role.
“The grades and widths of copper we are seeing have the potential to significantly enhance project economics.
“The system is open at depth with signs the copper grades just keep getting better. Medallion shareholders should be excited about the potential of this system.”
Medallion intends to include these new results in an upgraded mineral resource estimate (MRE) targeted for release this month, with copper and silver grades included for the first time.
The updated MRE will include a fresh estimate of the Gem Restored deposit and updated estimates for the Gem, Harbour View and Flag deposits.
Flag and other deposits will be updated again during 2022 when the results from the current round of drilling are in hand.
Watch: Medallion Metals reports elevated copper at the Ravensthorpe Gold Project's Harbour View deposit