| Announcement Date: | 2022-03-15 |
|---|---|
| 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. 9m @ 5.75g/t Au, 0.16% Cu, 2.16g/t Ag from 95m |
| 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 (Gem). Gem is part of the Kundip Mining Centre (KMC) which hosts the Company’s current JORC 2012 MRE of 674,000 oz1 at 2.4 g/t Au. The Gem deposit 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 will continue to target the KMC deposits in the first half of 2022, 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 April 2022. An extensive line of historical small open pit and underground workings can be observed at Kaolin in the northeast then moving southwest through the Two Boys, Beryl, Western Gem and Hillsborough prospects (Figure 2) at the southwestern end of the broader Gem deposit (as it is currently defined by drilling). The 2020 Feasibility Study (FS)2 demonstrated a substantial pit would optimise at Gem (1,017m long, 526m wide and 150m deep). The Company views potential strike and depth extensions of the deposit as a compelling opportunity to add high margin ounces to the mine plan. |
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