Medallion Metals Limited (ASX:MM8) Intercepts High-Grade Gold at Kundip
Drilling Success at Kundip
Medallion Metals Limited (ASX:MM8) has reported exceptional results from infill drilling at the Harbour View lode within its Kundip Mining Centre. The company announced a remarkable intercept of 10 metres at a grade of 19.9 grams per tonne (g/t) gold (Au) and 3.2% copper (Cu), translating to a high gold equivalent grade of 25.2 g/t AuEq.
Comparative Analysis of Results
The new results significantly outperform historical drilling data, including a previous result of 6m at 9.2g/t Au from 2003. Paul Bennett, Managing Director of Medallion Metals, expressed excitement over these findings, stating, “This outstanding result is the highest value intercept recorded in the Ravensthorpe database and has outperformed both the historical drilling and the block model.”
Future Development Plans
The drilling results will support an updated Mineral Resource Estimate, which is aligned with the company’s plans for a Final Investment Decision (FID) concerning the Ravensthorpe-Forrestania production opportunity. The proposed near-term development scenario aims to utilise the Cosmic Boy Process Plant.
Current Drilling Program
Medallion is advancing a targeted drilling program, with approximately 9,000 metres completed from a planned 15,000-metre program. An updated underground Mineral Resource Estimate is anticipated to be released in the first half of 2025. The ongoing drilling efforts at Kundip are crucial for converting Inferred resources to Indicated categories to maximise the mining potential.
Strategic Acquisitions and Environmental Plans
The company is also in exclusive negotiations to acquire assets from IGO Ltd, including the Cosmic Boy Processing Plant. Medallion is actively seeking environmental approvals to facilitate mining operations and ore transportation, which is expected to expedite the timeline towards project FID.
This announcement reinforces Medallion Metals’ continued commitment to expanding its resource base and progressing towards production at the Ravensthorpe Gold Project.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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