Perth-based mineral exploration company Medallion Metals (ASX:MM8) reports that it has upgraded the Mineral Resource Estimate (MRE) for its flagship Ravensthorpe Gold Project in Western Australia to 1.62 million ounces (Moz) gold equivalent (AuEq).
Medallion Metals says the expanded MRE demonstrates scale and ‘enormous’ potential of the Ravensthorpe belt, and that all MRE growth is from the Kundip Mining Centre (KMC) deposits. The new MRE now totals 1.62Moz AuEq @ 2.6g/t AuEq, and brings the total MRE for the project to 19.5 million tonnes (Mt) @ 2.1g/t gold (Au) and 0.3% copper (Cu) for 1.3Moz Au and 59,000 tonnes of contained copper metal.
Adding on, the company says about 60% of gold (0.79Moz) and copper metal (36,000 tonnes) is estimated within the indicated category (0.98Moz AuEq, with the remainder being classified in the inferred category.
The company notes the grade is unchanged at 2.6g/t AuEq and that the overall AuEq metal content has increased by 112% comprising a 93% in gold and a 238% in contained copper metal since the company listed on the ASX in March 2021.
The MRE was undertaken by Snowden Optiro and is expected to form the basis of a prefeasibility study (PFS) scheduled for completion in mid-2023.
“We expect further growth in the size and confidence of resources as we plan more drilling throughout 2023″
Speaking on the MRE increase, Medallion Metals Managing Director Paul Bennett said: “This result represents a significant milestone for the business and its shareholders as we continue to demonstrate that Ravensthorpe is an asset of scale and significance with enormous potential.
It is the culmination of a huge effort by the medallion team and I pay credit to their professionalism and perseverance. The company is now well advanced 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 growth in the size and confidence of resources as we plan more drilling throughout 2023 both at the Kundip Mining Centre and across the highly prospective tenement package.”
The company also notes the updated MRE comprises 16,508m of new drilling, including reverse circulation (RC) and diamond drilling (DD) completed at the KMC throughout 2021 and 2022 targeting ‘high-grade’ strike and depth extensions of the known mineralised structures.
Drilling was also completed at the Gem, Harbour View, and Flag deposits within the KMC to shallow depths and demonstrates that it is open in multiple directions, with potential for further ‘significant’ growth.
In addition, metallurgical testwork shows industry standard gravity-flotation-leach process route to yield consistently high gold and copper recoveries.
With the MRE at Ravensthorpe now increased, Medallion Metals announces numerous projects are underway reviewing the data gathered during the 2021 and 2022 drill programs, including structural mapping and analysis, processing and interpretation of downhole electromagnetic (DHEM) surveys, and ground-based sub-audio magnetic (SAM) surveys completed during drilling.
Medallion Metals is an ASX-listed mineral exploration company based in Perth, Western Australia. The company’s Ravensthorpe project is situated in the historic KMC located midway between the regional centres of Ravensthorpe and Hopetoun and boasts ‘excellent’ infrastructure, which is easily accessible by sealed roads with a sealed airstrip located 10km to the south of the project.
Other assets included in the company’s exploration portfolio include the Jerdacuttup Project which is also located in the KMC of Western Australia.