| Announcement Date: | 2021-12-21 |
|---|---|
| Announcement Type: | Exploration Update |
| Announcement Code: | JORC |
| Company name: | Medallion Metals Ltd. |
| Project name: | Kundip |
| Location: | Australia |
| Commodities: | Gold |
| Highlight: | Visible gold intersected |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Medallion Metals Limited (ASX:MM8, the “Company” or “Medallion”) is pleased to report significant visible gold in extensional diamond drilling targeting down dip extensions to the Beryl lodes. The Beryl lodes are situated within the central section of the Gem deposit (formerly known as the Kaolin Deposit) in the northern half of the Kundip Mining Centre (“KMC”) (Figure 2). KMC is host to a JORC 2012 Mineral Resource Estimate (“MRE”) of 674,000 oz at 2.4g/t Au1 During 1934, Beryl Gold Mines Ltd conducted a 12-hole diamond program across the length of the Gem deposit area targeting the east-west shallow south dipping Gem, Two Boys and Hillsborough lodes. A number of highgrade intersections led to a shaft being sunk on bore hole 11 in 1938. Mining occurred intermittently until 1989 when Norseman Gold Mines N.L. ceased operations. The original three compartment timber lined shaft extends to a depth of 130m below surface and remains in good condition with mining completed on three levels. Total production recorded from the Beryl shaft was 10,476 tonnes at 11.85 g/t Au for 3,991 ounces of contained gold (Lea, 1989). |
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