Medallion Metals (ASX:MM8) has encountered gold grades up to 118g/t Au following extensional diamond drilling (DD) at the Flag deposit, as part of its Ravensthorpe Gold Project in Western Australia.
The results, generated by single diamond tail DD22KP1138 to the reverse circulation (RC) pre-collar (previously) RC22KP1138, confirm ‘high-grade’ mineralisation is continuous and open, returning peak grades of up to 118g/t Au, and 9.3% copper (Cu). Medallion Metals adds that the results are ‘extremely positive’ for the potential extension of mineral resources at the deposit.
Key assays include hole DD22KP1138 with 0.45m @ 118g/t Au, 9.3% Cu, 61.1g/t silver (Ag) from 319.9m, and 0.92m @ 34.2g/t Au, 0.5% Cu, 16.4g/t Ag from 283m.
The company says these ‘high-grade’ results will be incorporated into a planned Mineral Resource Estimate (MRE) update for the Flag deposit, which will form the basis of a Prefeasibility Study (PFS) scheduled to be completed in H1 2023.
Drilling intersected the Flag Main Lode consisting of grey smokey quartz – pyrite (10%) and chalcopyrite (2%) at the contact between a dolerite and agglomerate unit, as well as the Flag fault cross lode in the footwall to the Main Lode, with a higher sulphide content of pyrite (15%) and chalcopyrite (20%).
In addition, the Flag Main lode intersection confirmed the ‘high-grade’ southeast plunge to the Main Lode, and is situated about 35m down-dip of previous drillhole RC22KP1137, and 65m up-dip of DD22KP1128, which returned gold grades up to 60.4g/t Au, and 2.3% Cu.
Addressing the results, Medallion Metals Managing Director Paul Bennet says: “Exciting high-grade results like these continue to build confidence at Flag. These results, combined with previous drilling and historical underground mapping gives us great confidence the deposit can be mined successfully from underground.
“These results, combined with previous drilling and historical underground mapping gives us great confidence the deposit can be mined successfully from underground”
Importantly, the structure remains open with the possibility of further extensions from follow up drilling currently being planned.”
The company also notes this latest round of drilling has brought the total amount of drilling completed by Medallion in the latter stages of 2022 within the Kundip Mining Centre (KMC) to 8,000m, and was conducted to target extensions to established mineral resources at the Gem, Harbour View, and Flag deposits in addition to priority near mine targets.
Medallion Metals is an ASX-listed minerals explorer based in Perth, Western Australia with a range of wholly owned projects situated at the intersection of the world-class Southern Cross greenstone belt, and the Albany Fraser Orogen. The company’s Ravensthorpe project is located about 555km southeast of Perth and currently boasts a MRE of 1.46 million ounces (Moz) gold equivalent (AuEq) @ 2.5g/t AuEq.
The project also includes the Flag deposit, which represents the southernmost Au-Cu deposit delineated at KMC, and within the Ravensthorpe Greenstone Belt.
Other assets included within the company’s arsenal include the Jerdacuttup Project in WA, and a 15.1% interest in WA nickel sulphide explorer NickelSearch (ASX:NIS).
Images: Medallion Metals Ltd