Medallion Metals (ASX:MM8) has reported a ‘significant’ new shallow gold discovery at the Ariel prospect, 2km north of the 674,000oz Kundip Mining Centre within its Ravensthorpe Gold Project.
The results come from six wide-spaced RC holes totalling 740m that were tasked with testing gold anomalism defined by surface geochemical and geophysical surveys along with aircore drilling completed in 2018.
Key intersections include:
- Hole RC21AR006: 26m @ 1.6 g/t Au from 0m
- Hole RC21AR004: 1m @ 5.15 g/t Au from 6m
- Hole RC21AR004: 1m @ 7.52 g/t Au from 11m
- Hole RC21AR005: 4m @ 1.24 g/t Au from 16m
- Hole RC21AR002: 3m @ 2.92 g/t Au, 1,230 ppm Cu from 47m
Commenting on the results, Medallion Metals Managing Director Paul Bennett said: “This is another extremely positive outcome for Medallion. Ariel is the second regional prospect to be tested after Meridian and has yielded another discovery and is a distinct target area that has the potential to add significant ounces to the Project Resource. Being located only 2 kilometres along strike from the Kundip Mining Centre significantly increases the potential for the area to support a stand-alone development.
“Ariel is the second regional prospect to be tested after Meridian and has yielded another discovery and is a distinct target area that has the potential to add significant ounces to the Project Resource”
Just like the Meridian results, Ariel underlines the potential of Medallion’s dominant landholding in the Annabelle volcanics which hosts numerous similar prospects that have yet to be adequately tested. We are ramping up exploration efforts to significantly grow the Resource, needless to say that we will have drilled circa 32,000m after the last Resource update so we envisage a substantial increase to the Resource inventory when we report in Q1 next year.”
2021 saw a total of 32,000m of drilling carried out by Medallion, which delivered additional ‘high grade’ results including 5m @ 11.4 g/t Au and 1,572 ppm Cu from 32m at the Meridian Prospect, some 21km along strike from Kundip.
Special focus has been placed on Ariel and the nearby Patrick prospect, which the company reports has not been drilled in over 30 years and has delivered historical hits including 5m @ 65.36g/t Au from 30m and 2m @ 3.98 g/t Au from 44m.
Moving forward, Medallion is undertaking a review of results from Ariel, with down hole electro-magnetic surveys and further Phase 1 drilling lined up for early 2022.
Plans for Phase 2 drilling have commenced, which will include aircore drilling to test the VTEM conductor located along strike of current drilling.
Images: Medallion Metals Limited