Join our daily newsletter At The Bell to receive exclusive market insights
- Medallion Metals (MM8) intersects visual significant massive sulphides at its Meridian prospect located in Ravensthorpe, Western Australia
- Following a down hole electromagnetic survey over an area previously drilled, an inital diamond hole has returned a visual result of 4.6 metres of mineralisation
- The company says the survey predicted disseminated and matrix to massive sulphide mineralisation at down hole depth and this result verifies the tool
- Assays are expected in April, meanwhile the next planned hole will test another DHEM conductor
- Company shares ended trade on Thursday up 2.1 per cent at 24 cents
Medallion Metals (MM8) has intersected significant massive sulphides at its Meridian prospect located in Ravensthorpe, Western Australia.
Last year, the company completed a first-pass drill program which comprised 11 reverse circulation drill holes.
Results confirmed the presence of a mineralised system at over at least a 700 metres strike length, which was open in all directions.
Medallion surveyed three of the drill holes with down hole electro-magnetics (DHEM) which indicated that conductor plates may represent massive sulphide lodes situated within the northeast-southwest trending Meridian mineralised structure.
Now, the first drill hole from subsequent diamond drilling has returned a visual result of 4.6 metres of mineralisation.
As the DHEM survey predicted disseminated and matrix to massive sulphide mineralisation at down hole depth, the company said the results so far support DHEM as a key predictive tool at Meridian.
With multiple conductors yet to be tested, Managing Director Paul Bennett said the initial result is “outstanding”.
“Full credit to the project team who have stuck to a process they believed in and have undertaken some outstanding exploration work.”
“For the first hole to generate an intersection containing significant massive sulphides validates DHEM as an effective targeting tool at Meridian which greatly enhances our confidence and ability to be predictive”.
Assay results are expected in April and in the meantime, the next planned hole will test another DHEM conductor.
Company shares ended trade on Thursday up 2.1 per cent at 24 cents.
