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Medallion Metals (ASX:MM8)- Managing Director, Paul Bennett
Managing Director, Paul Bennett
Source: Business News
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  • Medallion Metals (MM8) receives results from ongoing drilling at the Ravensthorpe Gold Project in Western Australia
  • The company is currently undertaking a 32,000-metre drilling program to target the depth and strike extensions of known high-grade deposits
  • Results have been received from the Gem Restored Prospect with grades peaking at 22.7g/t gold, 4.1 per cent copper and 40.9g/t silver
  • Now that drilling has wrapped up at the Gem Restored Prospect, focus will be on the Kaolin and Harbour View prospects
  • Medallion has ended the day 9.80 per cent in the green with shares trading at 28 cents

Medallion Metals (MM8) has received results from its ongoing drilling program at the Ravensthorpe Gold Project (RGP).

The Ravensthorpe Project lies 550 kilometres southeast of Perth in Western Australia and extends over roughly 290 square kilometres of Archean geology.

Medallion is currently undertaking a 32,000-metre drilling program to target the depth and strike extensions of known high-grade deposits.

The company has received new results from the Gem Restored Prospect which lies at the northern end of Ravensthorpe.

Drilling has so far identified a continuous zone of mineralisation roughly 500 metres in strike, up to 12 metres in width and up to 150 metres in depth.

Additionally, drilling has intersected what is believed to be a new parallel lode 30 metres in the footwall of the main lode that extends northwest for roughly 250 metres and remains open in all directions.

New results include 2.6 metres at 19.8 grams of gold per tonne (g/t), 3.6 per cent copper, 35.8g/t silver and 0.15 per cent cobalt from 226.9 metres including 2.2 metres at 22.7g/t gold, 4.1 per cent copper, 40.9g/t silver and 0.17 per cent cobalt.

Drilling at Ravensthorpe is progressing with 11,754 metres of 32,000 metres drilled to date.

Now that drilling has wrapped up at the Gem Restored Prospect, focus will be on the Kaolin and Harbour View prospects.

Managing Director Paul Bennett is pleased with the results and they are above expectations.

“The results to date are very pleasing, with 915 in particular exceeding our expectations. The discovery of the new Northern Lode underlines the high-grade discovery opportunities that exist at RGP,” Mr Bennett said.

“The exceptional grade of the intersection will lead to a reallocation of drill metres to further test the strike and depth extents of the structure.”

Medallion has ended the day 9.80 per cent in the green with shares trading at 28 cents in a $43.48 million market cap.

MM8 by the numbers
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