Medallion Metals (ASX: MM8) has announced ‘significant’ copper and gold results following an RC drilling campaign at the Harbour View prospect within its Kundip Mining Centre in Western Australia.
The results, generated from various RC holes, continue to solidify and extend mineralisation in the project, with key grades including:
- Hole RC22KP1082: 19m @ 2.26g/t Au, 2.33% Cu, 13.03g/t Ag from 69m
- Hole RC22KP1083: 5m @ 2.49g/t Au, 5.61% Cu, 48.5g/t Ag from 104m
- Incl. 1m @ 3.03g/t Au, 16.4% Cu, 139g/t Ag from 105m
- Hole RC22KP1075: 3m @ 4.73g/t Au, 2.28% Cu, 20.53g/t Ag from 244m, 2m @ 18.5g/t Au, 5.91% Cu, 43.95g/t Ag from 253m, and 4m @ 3.78g/t Au, 2.83% Cu, 36.335g/t Ag from 260m
- Hole RC22KP1079A: 12m @ 2.27g/t Au, 1.18% Cu, 10.8g/t Ag from 164m
Addressing the results, Medallion Metals Managing Director Paul Bennett said: “These results are having a fundamental impact on our view of the KMC. Historical production from the Phillips River Mineral Field has a gross value split of approximately 50:50 between copper and gold at today’s prices so it’s no surprise that copper may begin to play increasingly important role.
“The grades and widths of copper we are seeing have the potential to significantly enhance Project economics”
The grades and widths of copper we are seeing have the potential to significantly enhance Project economics. The system is open at depth with signs the copper grades just keep getting better. Medallion shareholders should be excited about the potential of this system.”
The company notes that these new results are set to be included in an upcoming Mineral Resource Estimate upgrade which is targeted to be completed in April 2022.
Importantly, this will be the first time that copper and silver are included in the MRE.
In addition, the company confirms that the system remains open at depth, with results reporting a material improvement in copper grades and consistency, providing further potential to ‘significantly’ enhance the projects economics.
Map of the Kundip Mining Centre with recent results highlighted in yellowThe Kundip Mining Centre is located within the Ravensthorpe Gold Project along the border of Jerdacuttup Base Metal Project, and includes an existing Mineral Resource Estimate of 674,000oz @ 2.4g/t Au.
With the recent RC drilling campaign complete, the Medallion reports that it has one RC and one diamond drill rig currently testing the flag deposit within the KMC, targeting down-dip and down-plunge extensions to the ‘high-grade’ mineralisation.
15,000m of a planned 16,000m of drilling for H1 2022 has already been completed, while a DHEM survey is currently underway across the Kundip, Ariel, Old Gregg and Meridian prospects, with results expected in May.
Images: Medallion Metals Ltd
