Medallion Metals Limited (ASX:MM8) has obtained additional exciting results from drilling at the Gem deposit (formerly Kaolin) in Western Australia.
Gem is part of the Kundip Mining Centre (KMC) which hosts the company’s current JORC 2012 MRE of 674,000 oz
The Gem prospect is located at the northern end of KMC within the greater Ravensthorpe Gold Project (RGP).. Drilling resumed at KMC in early January 2022.
Highlights include;
o 11m @ 10.2 g/t Au, 0.03 % Cu, 0.5 g/t Ag from 36m (RC21KP1056); including 3m @ 35.9 g/t Au, 0.15 % Cu, 3.6 g/t Ag from 36m
o 24m @ 3.8 g/t Au, 0.01 % Cu, 0.3 g/t Ag from 127m (RC21KP1056), including 5m @ 10.7 g/t Au, 0.03 % Cu, 0.4 g/t Ag from 139m
o 19m @ 1.6 g/t Au, 0.1 % Cu, 1.0 g/t Ag from 157m (RC21KP1056)
o 8m @ 4.0 g/t Au, 0.09 % Cu, 0.9 g/t Ag from 134m (RC21KP1047)
o 11m @ 1.2 g/t Au, 0.04 % Cu, 0.5 g/t Ag from 168m (RC21KP1047)
o 21m @ 1.9 g/t Au, 0.05 % Cu, 0.3 g/t Ag from 128m (RC21KP1055) including, 3m @ 5.4 g/t Au, 0.12 % Cu, 0.4 g/t Ag from 142m
o 8m @ 2.8 g/t Au, 0.3 % Cu, 1.0 g/t Ag from 166m (RC21KP1055), including 1m @ 15.6 g/t Au, 1.2 % Cu, 3.3 g/t Ag from 170m
Managing Director, Paul Bennett, said Medallion intends to target the KMC deposits in the coming months, in conjunction with the regional programme which includes follow up drilling at Meridian and Ariel. A global MRE update is expected to be announced in the March quarter of 2022.
“This is a great start to 2022, which 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 674koz gold resource at Kundip.
“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.”
Hillsborough drilling
The Hillsborough workings are situated at the western end of the Gem deposit where an extensive line of historical shafts can be observed
Ongoing drilling along strike and beneath the Hillsborough workings is being undertaken with the objective of improving confidence in, as well as extending the known resources at Gem. The 2020 Feasibility Study (FS)2 demonstrated a substantial pit would optimise at the western end of Gem.
The company views potential strike and depth extensions of the deposit in this area as a compelling opportunity to add high margin ounces to the mine plan.
Gem DHEM surveys
Drill hole DD21KP963 was drilled to the south of the Hillsborough workings targeting the steeply west dipping Harbour View deposit. A down-hole electromagnetic (DHEM) survey was completed on the hole in October 2021.
Whilst no on-hole anomalies were directly identified, a strong off-hole anomaly with modest lateral extent and very high conductivity was identified around 330m. The conductor exhibits a sharp anomaly that implies the edge of the conductor is located close to the hole and situated towards the south of the hole.
The DHEM modelling indicates that the conductor is situated ~250m down-dip of mineralisation identified in RC21KP1055 and RC21KP1056. Mineralisation within DD21KP963 identified a ~10cm sulphide-rich (pyrite 40% / chalcopyrite 40%) vein that dips shallowly to the south, similar to the orientation of mineralisation at Hillsborough and the EM conductor.
The vein is situated in the footwall to a large (1.2m), steeply west dipping quartz sulphide (pyrite 5% / chalcopyrite 2%) vein from 319m that is considered a Harbour View style vein. Assays are pending. The modelling will be incorporated into the 2022 drill programme at Gem to further refine drill targeting.
For further information please visit: https://medallionmetals.com.au/
