Medallion Metals (ASX:MM8) has received promising early in-fill drilling results from the Gem deposit within the Kundip Mining Centre (KMC) part of the company’s flagship Ravensthorpe Gold Project (RGP) in Western Australia.
RGP is host to a global Mineral Resource Estimate (MRE) of 1.46 Moz AuEq @ 2.5 g/t AuEq.
The intercepts reported to daye illustrate significant upside potential from both hangingwall and footwall lodes not presently modelled in addition to outperformance of geological model proximal to intercepts.
The drilling results will inform the Mineral Resource Estimate (MRE) update to support Final Investment Decision (FID) on near term Ravensthorpe-Forrestania sulphide development strategy
“It’s great to be drilling again and demonstrating the potential of Kundip. These are extremely positive results to encounter first up,” Managing Director, Paul Bennett, said.
“Not only are we confirming the grade and continuity of the deposit which is the principal aim of the in-fill program, but we are also likely increasing the resource and demonstrating the potential upside from high grade hits outside the modelled lodes.
“The lodes are visible in the chips and core and we expect a lot more good news to flow from this program which has just started reporting results.”
In August 2024, Medallion entered into an Exclusivity Agreement with IGO Ltd (ASX: IGO) that granted the company a period of exclusivity to negotiate the acquisition of certain assets of the Forrestania Nickel Operation (FNO), including the Cosmic Boy Process Plant associated infrastructure.
Medallion is well advanced through a 15,000 metre drill programme to grow the high-grade sulphide underground resource at KMC in terms of both size and confidence. A Reverse Circulation (RC) drill rig was mobilised to Ravensthorpe in early October and a Diamond (DD) drill rig is expected to arrive at site to commence drilling early in December.
Medallion anticipates having completed approximately 15,000m of drilling early in calendar year 2025. An updated underground MRE is anticipated to be released in the first half of 2025.