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Medallion Metals (ASX:MM8) has completed a major program of drilling at the Kundip Mining Centre (KMC) – part of its wider Ravensthorpe gold project (RGP) in Western Australia, with results from the Gem deposit including 2.3 metres at 65.7 grams per tonne (g/t) gold equivalent (AuEq).
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The drilling – which comprised 17,000 metres – was seeking to boost the size of KMC’s high-grade sulphide underground resource, while also building confidence in its numbers, to inform an update to the mineral resource estimate.
The latter will be the jumping off point for a feasibility study to assess the technical and commercial viability of mining the resources at RGP, which would be treated at a modified Cosmic Boy Process Plan.
Results from the drilling work included 7.8m at 17.4g/t gold (Au), 1.5% copper (Cu), 6.6g/t silver (Ag) (19.9g/t gold equivalent, or AuEq) from 218.2m in one hole, including 2.3m at 57.5g/t Au, 5.0% Cu, 20.4g/t Ag (65.7g/t AuEq) from 218.2m.
Managing director Paul Bennett said the drilling was an important element in future plans for the RGP. “These exceptional results from Gem are extremely positive and will now contribute to a resource update for the first lode scheduled for mining in the feasibility study mine plan,” he said.
“Deposit continuity, grades, and thicknesses observed consistently throughout this drill program build a great deal of confidence in the early stages of the plan.”
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Mr Bennett continued: “In addition, confirmation that both new footwall lode intercepts at Gem and Harbour View are strongly mineralised add to the growth story and will now be the target of follow-up drilling.”
“We look forward to results continuing to flow from Harbour View in advance of the resource update expected in July,” he concluded.
MM8 has been trading at 27 cents on Monday morning.
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