- Medallion Metals (MM8) completes phase one drilling at its Gem Restored prospect within the Ravensthorpe Gold Project in WA
- The drilling program has been designed to extend the depth and strike of the known resources with result going towards a maiden mineral resource estimate
- MM8 is encouraged by the results so far and is confident of achieving its aim of defining a one-million-ounce gold resource at RGP
- Extensional drilling is set to re-commence sometime this month and the maiden resource estimate is expected to be reported in October
- Shares are trading 2.1 per cent higher at 23.5 cents at 2:55pm AEST
Medallion Metals (MM8) has completed phase one drilling at its Gem Restored prospect within the Ravensthorpe Gold Project in WA.
The deposit is located at the northern end of the Kundip Mining Centre and drilling is underway to extend the depth and strike of the known resources.
MM8 is also testing near mine targets including areas where mineralised trends are interpreted to intersect.
The latest drilling has reportedly extended the strike and plunge of the Northern Lode which remains open at depth and along strike.
Best results have been noted as 1.5 metres at 19.4 grams per tonne gold, 1.3 per cent copper and 6.5 g/t silver from 225.9 metres downhole including 0.7 metres at 41.4g/t gold
from 226.2 metres.
The same drillhole also returned 3.4 metres at 8.9 g/t gold, 1.2 per cent copper and 6.5 g/t silver from 249.7 metres.
Managing Director Paul Bennett said it’s encouraging to see the Northern Lode expanded beyond the initial discovery hole.
“With the updated resource estimation work well advanced, we are confident that at the conclusion of this round of drilling, Gem Restored will play a major role in helping us achieve our initial aim of defining a one-million-ounce gold resource at RGP, beyond which, we plan to test the full exploration potential of the Project”.
Extensional drilling is set to re-commence sometime this month and the maiden resource estimate is expected to be reported in October.
Shares were trading 2.1 per cent higher at 23.5 cents at 2:55pm AEST.