Medallion Metals (ASX:MM8) reports ‘bonanza’ gold grades and ‘high-grade’ copper intercepts following drilling works at the Gem deposit, as part of its Ravensthorpe Gold Project in Western Australia.
The results, generated by six reverse cycling (RC) drill holes and three diamond drill holes, have returned ‘bonanza’ gold grades of up to 62.6g/t Au and have successfully extended mineralisation at the Gem deposit down-dip.
The key results include:
- Hole RC22KP1095: 7m @ 5.3g/t Au, 0.44% Cu, 5.2g/t Ag from 161m, incl. 1m @ 26.4g/t Au, 2.65% Cu, 23.4g/t Ag from 164m
- Hole RC22KP1099: 5m @ 7.1g/t Au, 0.37% Cu, 2.8g/t Ag from 209m, incl. 1m @ 22.7g/t Au, 1.0% Cu, 7.8g/t Ag from 210m
- Hole RC22KP1106: 10m @ 2.5g/t Au, 0.16% Cu, 1.95g/t Ag from 131m, incl. 8m @ 2.8g/t Au, 0.12% Cu, 1.3g/t Ag from 77m
- Hole RC22KP1101: 7m @ 2.7g/t Au, 0.27% Cu, 2.0g/t Ag from 242m, incl. 1m @ 7.5g/t Au, 1.23% Cu, 9.3g/t Ag from 243m
- Hole RC22KP1095: 12m @ 0.95g/t Au, 0.04% Cu, 1.2g/t Ag from 147m
- Hole DD22KP961: 5m @ 6.3g/t Au, 0.09% Cu, 1.05g/t Ag from 123m
- Hole DD22KP1035: 1m @ 34.7g/t Au, 2.36% Cu, 27.0g/t Ag from 103.1m, incl. 0.55m @ 62.6g/t Au, 4.27% Cu, 48.4g/t Ag from 103.1m
- Hole DD22KP1077: 5m @ 3.4g/t Au, 0.47% Cu, 5.2g/t Ag from 181m
Commenting on the results, Medallion Metals Managing Director Paul Bennett, said: “Ongoing results from the 2022 extensional drilling program continue to expand mineralisation at Gem.
The majority of results received are at the periphery of, or outside the recently updated 1.4-million-ounce gold equivalent Mineral Resource giving us great confidence that further resource growth can be expected.
Ongoing results from the 2022 extensional drilling program continue to expand mineralisation at Gem
Ongoing results from the 2022 extensional drilling program continue to expand mineralisation at Gem.
Mineralisation appears open at depth with future drilling being planned to further our understanding of the full scale of the Kundip system.”
The company also notes that all associated results are post-date of the cut-off for the recent Mineral Resource Estimate (MRE) and are all situated at extremities, or outside of the current 2022 Inferred category package.
In addition, the identified mineralisation hosted within the western end of the Gem Deposit displays multiple shallow dipping, ‘high-grade’ sulphide lodes that boast ‘significant’ opportunity for further resources to be included to the current defined MRE.
The Ravensthorpe Gold Project is situated on the historic Kundip mining centre, which is located midway between the regional centres of Ravensthorpe and Hopetoun and comprises the Gem, Harbour View, Flag, Gem Restored, and Gift South deposits.
The project currently boasts an expanded 2012 JORC-compliant MRE of 16.5Mt @ 2.1g/t Au, 0.3% Cu for 1.1Moz and 50kt Cu (1.4Moz Au-Eq), with 67% of the Mineral Resources residing in the Indicated category and 80% located within 150m of surface.
With the recent 2021-22 drill program now finalised, Medallion reports that it is in advanced stages of planning the next phase of growth and will inform the market of the details once finalised.
Images: Medallion Metals Ltd
