Announcement Date: 2023-01-16
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Medallion Metals Ltd.
Project name: Ravensthorpe
Location: Australia
Commodities: Gold,Copper
Highlight: Initial Resource Estimate for Project
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 an initial JORC (2012) MRE at the Gift deposit within the Kundip Mining Centre (KMC), part of the Company’s flagship Ravensthorpe Gold Project (RGP), located 550km south-east of Perth in Western Australia (Figure 1). RGP is host to a MRE of 1.47Moz AuEq @ 2.5 g/t AuEq2 with the inclusion of Gift to the resource inventory. Figure 1: Plan view of RGP tenements showing the location of KMC and the Gift deposit. The Gift structure is situated 600m northwest of the Gem deposit and strikes north-northeast for ~2km along the boundary of the KMC granted mining leases, in a parallel orientation to the Harbour View deposit (Figure 2). At the southern end of Gift, historical drilling in 2011 targeting bedrock mineralisation identified gold hosted within a quartz gravel and clay paleochannel horizon, situated 4-6m beneath Quaternary alluvial ironstone gravels. The alluvial sediments overly andesitic to dacitic volcanics of the Annabelle Volcanics and the paleochannel is interpreted to be situated on top of a mineralised bedrock structure. To date, no bedrock drilling has been completed at the southern end of Gift beneath the paleochannel. This will be a focus of ongoing drilling in 2023. At the northern end of Gift, mineralisation observed within historical shafts is characteristic of KMC deposits and is hosted in sub-vertical, parallel sulphide-quartz veins within a chloritic altered shear zone. The lodes strike north-northeast at ~33° and dip steeply (~60-80°) to the east.
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