Announcement Date: 2022-05-03
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. 3.29m @ 65.62g/t Au, 6808.66ppm Cu, 11.69g/t Ag from 99.43m
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 exceptionally high grade assay results from extensional diamond drilling targeting down dip extensions to the Beryl lodes. The results relate directly to an interval of diamond core where visible gold was observed in December 2021 (refer ASX announcement dated 21 December 2021 for further information). The Beryl lodes are situated within the central section of the Gem deposit in the northern portion 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 Au During 1934, Beryl Gold Mines Ltd conducted a 12-hole diamond program across the length of the Gem deposit targeting the east-west shallow south dipping Gem, Two Boys and Hillsborough lodes. Several high-grade intersections led to a shaft being sunk in 1938. Mining occurred intermittently until 1989 when Norseman Gold Mines N.L. ceased operations. 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). The Beryl lodes have yielded some of the highest gold and copper recorded in both drilling and underground mining at KMC. The high-grade gold and copper reported in DD21KP1033 affirms the mineralisation style, grade tenor and orientation of the Beryl lodes as depicted by Figures 3 and 4. These images were taken from the Beryl underground workings on the 5 sub-level with face sampling within the 5260 E stope.
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