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Medallion Metals (ASX:MM8) climbed as much as +1.5% in morning trade after revealing the Sulphide Mineral Resource at the Ravensthorpe Gold Project has climbed to a hefty 950,000 ounces gold equivalent (AuEq) @ 5.2g/t AuEq. That’s 840,000oz gold and 37kt copper now on the books.
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Gold grades have edged up too, now 4.6g/t Au, up from 4.3g/t in the January 2023 estimate, thanks to around 15.5km of in-fill drilling tightening things up. Copper holds steady at 0.6% Cu.
Over half of the gold (58%) and nearly two-thirds of the copper (63%) are now in the Indicated category. That boosts confidence in the first few years of production and helps fast-track the move toward mining.
“This outstanding result represents a significant milestone for the business as we continue to advance the Sulphide Development Strategy,” Managing Director Paul Bennett said.
The new resource will form the backbone of the upcoming Feasibility Study, with the plan to process the ore through the existing Forrestania infrastructure. FS completion is locked in for October, with a Final Investment Decision due by December.
Drills will be back on site in Q4, chasing extensions to known lodes and sniffing out new ones. The deposit remains open in multiple directions.
“The estimate now serves as the basis for mine planning. We’re progressing steadily toward a development decision and look forward to more milestones in the coming months,” Bennett underscored.
Around 240,000oz gold @ 1.8g/t Au sits in oxide and transitional zones inside pit shells, representing mine life extension; once the sulphides are done and dusted.
MM8 has been up +1.5% at 33cps.
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