Medallion Metals (ASX:MM8) has received infill drilling assays which are expected to support a final investment decision in the near term for production opportunities at Ravensthorpe-Forrestania in Western Australia.
Medallion is advancing several work streams to support a FID regarding the establishment of an underground mining operation at RGP and ore haulage to a modified Cosmic Boy Processing Plant.
As this news service previously reported, the $33.45 million market capitalisation company anticipates releasing an updated underground mineral resource estimate in H1 2025.
The MRE update will support a FID on the near-term Ravensthorpe-Forrestania sulphide development strategy, as Medallion Metals progresses through to a Bankable Feasibility Study.
The company expects to release the results of the Scoping Study in December 2024 while it evaluates recently identified mine plan enhancements, which may materially improve project returns and reduce risks.
Assays from infill drilling have exceeded historical results at the Harbour View lode, as part of the Kundip Mining Centre, returning 10m @ 19.9 grams per tonne gold, 3.2% copper, 14.1g/t silver, including 2m @ 79.2g/t gold, 7% copper, and 36.6g/t silver.
Managing Director Paul Bennett says the latest result is the “highest value” intercept recorded in the Ravensthorpe database and has outperformed historical drilling and the block model.
“Being the first twin hole drilled to date, it serves to validate our confidence in the resource and the historical data that informs the estimate,” Bennett says.
In October, a reverse circulation drill rig was mobilised to site and a diamond drill rig is expected to arrive at site early next month.
The company anticipates to complete 15,000m of drilling early in 2025.
Further, exclusive negotiations to acquire Forrestania from IGO (ASX:IGO) continue advancing. In order to minimise the timeframe to reach a FID, Medallion is advancing several work streams.
These include converting the inferred resource to indicated category, ongoing testwork, progressing environmental permitting, and completing the proposed transaction.
Medallion Metals is focused on becoming a gold and copper miner via its Ravensthorpe Gold Project located 550km southeast of Perth in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Medallion Metals
