| Announcement Date: | 2022-07-05 |
|---|---|
| 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. 7m @ 5.3g/t Au, 0.44% Cu, 5.2g/t Ag from 161m |
| 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 extensional drilling results down-dip of the Gem deposit within the Kundip Mining Centre (KMC)(Figures 1&2). KMC is host to a JORC 2012 Mineral Resource Estimate (“MRE”) of 1.37Moz AuEq @ 2.60g/t AuEq The expanded MRE at KMC now totals 16.5Mt @ 2.1 g/t gold and 0.3% copper for 1.1 million ounces of gold and 50,000 tonnes of copper metal contained. 67% of the gold estimated is in the Indicated category, with 80% of the MRE within 150 meters of surface. Two diamond (DD) holes and six reverse circulation (RC) holes were completed at the Hillsborough lodes in February 2022 situated at the western end of the 900m long Gem deposit. Drilling targeted down-dip and southwest plunge extensions previously identified from the 2021 drill program and were situated approximately 200m up-dip of DHEM conductor observed in DD21KP963 (refer to ASX announcement dated 7 June 2020 for further details). These assay results are not included in the recent MRE update. Medallion Metals Limited ASX Announcement Page 4 of 16 Drilling has confirmed the position of high-grade quartz-sulphide (pyrite-chalcopyrite) veins surrounded by lowergrade blebby disseminated pyrite and stringer veinlets with associated chlorite alteration. Chalcopyrite content is notably elevated when compared to the shallow 2021 drilling and provides encouragement that increased copper grades may be encountered at depth as observed at the Harbour View deposit. |
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