Join our daily newsletter At The Bell to receive exclusive market insights
- Medallion Metals (MM8) finds “outstanding” drill results from the Gem deposit (formerly Kaolin), part of the Kundip Mining Centre (KMC) in Western Australia
- The company is undertaking a drilling program targeting the KMC deposits, with a mineral resource updated target estimate expected in the March quarter of 2022
- Drilling at Gem has extended a broad zone of mineralisation with some of the widest intersections recorded so far
- Managing Director Paul Bennett said this is a great start to 2022 and will be a “defining year for Medallion”
- Medallion last traded at 23 cents per share
Medallion Metals (MM8) has found “outstanding” drill results from the Gem deposit (formerly Kaolin), which is part of the Kundip Mining Centre (KMC).
The Gem prospect is located at the northern end of KMC within the Ravensthorpe Gold Project (RGP)in Western Australia.
In the New Year, Medallion resumed drilling, targeting the KMC deposits, in hopes to announce an updated mineral resource estimate (MRE) in the March quarter of 2022. The KMC hosts the company’s current JORC 2012 MRE of 674,000 oz.
Drilling at Gem has extended a broad zone of mineralisation with some of the widest intersections recorded so far.
Results include 11 metres at 10.2 grams per tonne (g/t) gold, 0.03 per cent copper, 0.5 g/t silver from 36 metres including three metres at 35.9 g/t gold, 0.15 per cent copper, 3.6 g/t silver from 36 metres.
Managing Director Paul Bennett said this is a great start to 2022 and will be a “defining year for Medallion”.
“These results continue to demonstrate the continuity of broad zones of mineralisation at the western end of Gem at shallow depths. The combination of grade and width demonstrate the potential for this area to deliver material additions to the existing 674,000 ounces gold resource at Kundip,” he said.
“From what we are observing in the drilling and geophysics, the trend appears open and therefore Gem is a high priority target as we start the year.”
The company currently has three drill rigs at RGP, with one of the rigs undertaking extensional drilling at Harbour View prospect.
Just before the market opens for the week, Medallion last traded at 23 cents per share.
