Medallion Metals Limited (ASX:MM8) has reported a series of ‘high-grade’ intercepts from RC and diamond drilling at the Gem Restored deposit within its Ravensthorpe Gold Project in Western Australia.
The company reports that the results extend strike and plunge of the project’s ‘high-grade’ Northern Lode, which remains open at depth and along strike.
Key assays include:
- Hole DD21KP1026: 1.5m @ 19.4 g/t Au, 1.3 % Cu, 6.5 g/t Ag from 225.9m
- incl 0.7m @ 41.4 g/t Au from 226.2m
- Hole DD21KP1026: 3.4m @ 8.9 g/t Au, 1.2 % Cu, 6.5 g/t Ag from 249.7m
- Hole 15GRRC001: 3.1m @ 4.5 g/t Au, 0.4 % Cu, 4.2 g/t Ag from 173.4m
- Hole DD21KP920: 0.9m @ 8.5 g/t Au, 0.1 % Cu, 7.4 g/t Ag from 126.0m
The deposit forms part of the Kundip Mining Centre, which hosts a 674,000oz gold JORC 2012 Mineral Resource Estimate. Importantly, each of the above results sits outside of the KMC’s current resource boundary.
Cross section displaying the newly discovered Northern Lode at Gem RestoredPhase 1 drilling was tasked with extending depth and strike of mineralisation, along with testing a series brownfields targets, with results forming part of Gem Restored’s maiden MRE, expected in October.
Medallion reports that Phase 2 exploration is scheduled to commence in September.
Ravensthorpe drilling progresses at a rapid pace
Medallion reports that its 32,000m drill program at Ravensthorpe is moving forward at speed, with ~15,000m of RC & diamond drilling already completed, and assays received for the initial ~10,000m program.
The project is currently hosting two diamond drill and one RC rig, with the aim of completing a further 17,000m of drilling by the end of 2021.
Drill work is ongoing at the Harbour View South, Meridian and Old Gregg prospects, with the RC rig set to relocate from Meridian to the Ariel prospect for the remainder of the 2021 drill program.
“Gem Restored will play a major role in helping us achieve our initial aim of defining a 1 million ounce gold resource at RGP”
Management comments
Medallion Metals Managing Director Paul Bennett said: “I am very encouraged to see the extent of the Northern Lode expanded beyond the initial discovery hole. There is a significant opportunity to further expand Gem Restored and to identify repetitions of the high-grade plunge zones as the drilling progresses to the north. With the updated resource estimation work well advanced, we are confident that at the conclusion of this round of drilling, Gem Restored will play a major role in helping us achieve our initial aim of defining a 1 million ounce gold resource at RGP, beyond which, we plan to test the full exploration potential of the Project.”
Images: Medallion Metals Limited
