| Announcement Date: | 2022-10-18 |
|---|---|
| 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. 3.6m at 13.3g/t Au, 0.44% Cu, 13.9g/t Ag from 351m |
| 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 from the Flag deposit within the Kundip Mining Centre (KMC) (Figure 1, Annexure 1). KMC is host to a JORC 2012 Mineral Resource Estimate (“MRE”) of 1.37Moz AuEq @ 2.60g/t AuEq 1. The MRE at KMC 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 (Figure 1) High-grade drill results are situated within the SE plunge at Flag Central which was previously mined by Norseman Gold in the 1980s. Multiple, thin, parallel, high-grade veins observed in drilling (Figures 2 and 3) correlate with geological characteristics, and high gold values, observed from the underground development mined by Norseman Gold (Figure 5). Mineralisation remains open down-dip and the SE (Figure 4). Drilling at Flag West continued to confirm the modelled position of the main lode. Structural analysis of diamond drill core will be a priority in November 2022. In combination with down-hole electromagnetic surveys currently underway, the results of the analysis will assist future drill targeting of these very high grade shoots at Flag. |
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