Announcement Date: 2022-01-10
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Medallion Metals Ltd.
Project name: Kundip
Location: Australia
Commodities: Gold,Silver,Copper
Highlight: Drilling results incl. 11m @ 10.2g/t Au, 0.03% Cu, 0.5g/t Ag from 36m
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 additional results from drilling at the Gem deposit (formerly Kaolin). Gem is part of the Kundip Mining Centre (KMC) which hosts the Company’s current JORC 2012 MRE of 674,000 oz1 . The Gem prospect is located at the northern end of KMC within the greater Ravensthorpe Gold Project (RGP) (Figure 1). Drilling resumed at KMC in early January 2022. Medallion intends to target the KMC deposits in the coming months, in conjunction with the regional programme which includes follow up drilling at Meridian and Ariel. A global MRE update is expected to be announced in the March quarter of 2022. The Hillsborough workings are situated at the western end of the Gem deposit (Figure 2) where an extensive line of historical shafts can be observed. Mineralisation at this end of Gem is characterised by en-echelon pyritechalcopyrite-quartz lodes dipping to the south at ~60° and plunging to the southwest. Ongoing drilling along strike and beneath the Hillsborough workings is being undertaken with the objective of improving confidence in, as well as extending the known resources at Gem. The 2020 Feasibility Study (FS)2 demonstrated a substantial pit would optimise at the western end of Gem (Figure 4).
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