Medallion Metals (ASX:MM8) is building confidence in the near-term gold production opportunity at the Ravensthorpe Gold Project in Western Australia, following the latest infill assay results.
The results have been returned from the Kundip Mining Centre, part of the Ravensthorpe Project, which the company says further validates the deposit’s potential. The results include grades up to 20.2 grams per tonne gold, 5% copper, and 15.4g/t silver.
Managing Director Paul Bennett says these results increase confidence in the grade and continuity of the deposit, which is the aim of the infill program.
“Also encouraging is the potential upside from high-grade hits which continue to occur outside the currently modelled lodes,” Bennett says.
“This concludes the results from the reverse circulation portion of the infill program which included a significant number of pre-collars in advance of diamond drilling which is now well underway.”
Medallion, which has a market capitalisation of $102.22 million, says the results are expected to inform an updated resource estimate in June 2025. The resource estimate updates will include the Gem, Harbour View, and Flag deposits.
The resource estimates will form the basis of a Bankable Feasibility Study (BFS) into the technical and commercial merits of the proposed Ravensthorpe-Forrestania sulphide production strategy. The BFS is anticipated to be completed in October 2025.
Further, negotiations are continuing to progress with IGO (ASX:IGO) in relation to the proposed transaction to acquire certain assets of the Forrestania Nickel Operations in Western Australia. These assets include mineral tenure and infrastructure associated with the Cosmic Boy processing facility, subject to IGO preserving priority rights for its own activities at Forrestania.
Medallion expects this process will be finalised within the current term of the exclusivity agreement which has been extended to May 2025 and may be extended for a further three months.
The Ravensthorpe Gold Project is centred on the historical Kundip Mining Centre, located midway between the regional centres of Ravensthorpe and Hopetoun.
The Kundip Mining Centre, which is the focus of Ravensthorpe, consists of numerous mineralised structures which have sustained varying levels of exploration and mining activity.
Write to Aaliyah Rogan at Mining.com.au
Images: Medallion Metals
