Medallion Metals Ltd (ASX:MM8) is in possession of assay results from recent drilling at Gift and Gem Restored prospects, at the northern end of the Kundip Mining Centre (KMC), within the greater Ravensthorpe Gold Project (RGP).
KMC hosts the company’s current mineral resource of 674,000 ounces @ 2.4g/t gold.
Managing director Paul Bennett said: “Gift is an earlier stage prospect relative to the other deposits drilled to date within KMC with much of the strike obscured by stream sediments and remnant Proterozoic cover.
“These results confirm the structure is continuous over at least two kilometres and is analogous in many ways to Harbour View where the company has had great success.
Two kilometres of strike
The Gift structure is situated 600 metres northwest of the Gem deposit and strikes north-northeast for roughly two kilometres along the boundary of the KMC granted mining leases, in a parallel orientation to the Harbour View deposit.
The new results from drilling confirm the two-kilometre extent of mineralised structure at the Gift prospect.
The Gift is an early-stage target within KMC, in close proximity to existing mineral resources.
2021-22 drill program
A total of 11 reverse circulation (RC) holes for 1,490 metres were drilled throughout 2021-22 at the northern end of Gift.
The objective of the drilling was to investigate down-dip extensions to historical workings and drilling, down-plunge of interpreted high-grade trend and extensions to the south where the interpreted paleochannel emerges from beneath the Proterozoic cover.
All drill holes intersected gold and copper mineralisation, with multiple zones encountered in each hole including:
- 2 metres @ 7.89 g/t gold, 0.19% copper, 0.35 g/t silver from 44 metres, including 1 metre @ 14.4 g/t gold, 0.28 % copper, 0.25 g/t silver from 44 metres;
- 1 metre @ 4.66 g/t gold, 0.19% copper, 8.7 g/t silver from 59 metres; and
- 1 metre @ 5.42 g/t gold, 0.05 % copper, 0.25 g/t silver from 50 metres.
Previously unreported historical drilling results at Gift include:
- 6 metres @ 3.34 g/t gold, 0.60% copper, 0.75 g/t silver from 31 metres;
- 4 metres @ 5.06 g/t gold, 2.45% copper, 11.75 g/t silver from 66 metres; and
- 3 metres @ 4.49 g/t gold, 1.42% copper, 13.0 g/t silver from 73 metres.
The company views the Gift structure as being analogous in orientation and geological setting to Harbour View, with significant strike extent, and thinks there is scope for the delineation of additional high-grade lodes.
What’s next?
Down-hole electromagnetic (DHEM) surveys have been conducted at Gift to assist follow up drill targeting, and follow-up diamond drilling is planned later in the year to improve confidence in the structural orientation and enable an initial mineral resource estimate (MRE) for Gift.
A global KMC MRE update, incorporating around 26,000 metres of new drilling is set to be released in mid-June.
“Drilling remains shallow and there is plenty of scope for new high-grade lodes to be delineated in close proximity to the more mature deposits, underlining the enormous prospectivity of the KMC,” Bennett said.
“Further drilling is being planned at Gift later in 2022. In the near term we are focused on the impending release of the updated Kundip MRE, which is an exciting milestone for the company.”