Medallion Metals Ltd (ASX:MM8) has revealed a significantly expanded resource at the Kundip Mining Centre (KMC), part of the 100% owned flagship Ravensthorpe Gold Project (RGP) in Western Australia.
The expanded resource at KMC now totals 16.5 million tonnes at 2.1 g/t gold and 0.3% copper for 1.1 million ounces of gold and 50,000 tonnes of copper metal contained.
67% of the gold estimated is in the indicated category, and the remainder is inferred.
The revised gold content represents a 64% increase from the previous resource of 674,000 ounces at 2.4 g/t.
1.3 million ounces of silver are also contained in the expanded resource.
The resource growth has come about through a maiden estimate at the Gem Restored deposit in addition to updates at Gem and Harbour View.
A copper dominant domain at Harbour View has been estimated for the first time.
This aspect of the Harbour View deposit has been observed in historical drilling; however, only after the most recent drill program has the level of data enabled a sufficiently high degree of confidence to support the copper domain estimate.
Kundip Mining Centre as part of the Ravensthorpe Gold Project.
Medallion managing director Paul Bennett said: “This result is outstanding on all metrics and comprehensively exceeds our expectations when Medallion listed in March 2021.
“It is the culmination of an enormous effort by the Medallion team and I pay credit to their vision and perseverance.
“The result also represents a significant milestone for the business and its shareholders as we have clearly demonstrated that KMC is an asset of scale and significance.
“The company is on a trajectory to achieve critical mass to support the development of a long-life, low-cost gold and copper business in Ravensthorpe.
“We expect further significant growth in resources to come from both KMC and our priority regional targets in the near term, with another circa 20,000 meters of drilling already completed and being processed to inform the next update.”
Next steps
Medallion has completed 46,211 metres of drilling at RGP since listing on the ASX in March 2021.
Of that, 40,696 metres were carried out at KMC with the remainder completed at the company’s highly prospective regional targets.
This interim resource update comprised 26,308 metres of new drilling.
A further 19,903 metres of drilling has been completed but missed the data collection cut-off date.
When assays are returned from the laboratory for this drilling, it will inform a further update of the global resource expected in the second half of calendar 2022.
Assays are pending for about 13,000 metres of drilling, which will be reported over the coming weeks.