Medallion Metals (ASX: MM8) has reported a ‘significant’ 2km mineralised structure following RC drilling at the Gift and Gem Restored prospects within its Ravensthorpe Gold Project in Western Australia.
The company notes that the results indicate ‘significant’ strike extent at the Gift, providing scope for delineation of additional high-grade lodes at the deposit.
Key intercepts from 2021 and 2022 drilling include:
- Hole RC21KP1020: 2m @ 7.89g/t Au, 0.19% Cu, 0.35g/t Ag from 44m, incl.
- 1m @ 14..4g/t Au, 0.28% Cu, 0.25g/t Ag from 44m
- Hole RC21KP1007: 1m @ 4.66g/t Au, 0.19% Cu, 8.7g/t Ag from 59m
- Hole RC21KP1012: 1m @ 5.42g/t Au, 0.05% Cu, 0.25g/t Ag from 50m
Historical intercepts at the Gift (not previously reported) include:
- Hole RC09KP533: 6m @ 3.34g/t Au, 0.60% Cu, 0.75g/t Ag from 31m
- Hole RC09KP538: 4m @ 5.06g/t Au, 2.45% Cu, 11.75g/t Ag from 66m
- Hole RC09KP599: 3m @ 4.49g/t Au, 1.42% Cu, 13.0g/t Ag from 73m
Speaking on the results, Medallion Metals’ Managing Director Paul Bennett said: “Gift is an earlier stage prospect relative to the other deposits drilled to date within KMC with much of the strike obscured by stream sediments and remnant Proterozoic cover. These results confirm the structure is continuous over at least two kilometres and is analogous in many ways to Harbour View where the company has had great success.
“These results confirm the structure is continuous over at least two kilometres and is analogous in many ways to Harbour View”
Drilling remains shallow and there is plenty of scope for new high-grade lodes to be delineated in close proximity to the more mature deposits, underlining the enormous prospectivity of the KMC. Further drilling is being planned at Gift later in 2022. In the near term we are focussed on the impending release of the updated Kundip MRE which is an exciting milestone for the Company.”
Medallion has also stated that down-hole electro magnetic surveys completed at the Gift have returned results that will assist with target generation for follow up drilling.
Map of the KMC displaying drill hole collar positions at the Gift North and Gem Restored prospectsThe Ravensthorpe Gold Project is centred on Western Australia’s historic Kundip Mining Centre (KMC), with Medallion owning 100% of all tenements.
The project has historically yielded ‘significant’ amounts of ‘high-grade’ gold and copper mineralisation. When combined with its neighbouring Jerdacuttup Project, the total footprint covers an approximate land area of 641km², and includes a JORC 2012 Mineral Resource Estimate of 0.7Moz @ 2.4g/t Au and 0.2% Cu for 674koz Au and 19.5kt Cu.
Medallion reports that it is proceeding with plans for a follow-up diamond drilling in order to improve confidence in structural orientation, and to deliver a maiden MRE at the Gift.
This will form part of an updated global MRE for the KMC expected in June, which will include data from around 26,000m of new drilling.
Images: Medallion Metals Limited
