Medallion Metals Limited (ASX:MM8) has confirmed an initial JORC (2012) MRE at the Gift deposit within the Kundip Mining Centre (KMC), part of the company’s flagship Ravensthorpe Gold Project (RGP), located 550km south-east of Perth in Western Australia.
RGP is host to a MRE of 1.47Moz AuEq @2.5 g/t AuEq2 with the inclusion of Gift to the resource inventory.
Key Points
• Initial JORC (2012) compliant Mineral Resource Estimate (MRE) declared at Gift, part of the Kundip Mining Centre (KMC)
• MRE: 1,260kt @1.4 g/t Au for 60koz Au, based on ~ 11,000m of drilling completed between 2008-22
• Comprises substantial free dig alluvial component within 10m of surface, a potentially high margin ore source which will be prioritised during mine planning
• Bedrock structure similar in orientation to Harbour View with significant strike extent providing scope for delineation of additional high-grade lodes at depth and further MRE growth
• Ravensthorpe Gold Project global MRE stands at 1.47Moz AuEq1 following the addition of Gift with further updates at KMC imminent.
“The inclusion of Gift to the Kundip Mineral Resource inventory for the first time is important on two fronts,” Managing Director, Paul Bennett, said.
“Firstly, it further highlights the potential of Medallion’s ground holding at Ravensthorpe being the third maiden resource declared since listing in 2021. Gift looks a lot like Harbour View so the continuation of the structure at depth and along strike represents further significant discovery upside.
“Then there is the alluvial component which represents approximately 57% of the Gift resource as it stands. That mineralization occurs as a broadly continuous package of free digging sediments within 10m of surface. While moderate in terms of gold grade, the material is expected to generate high margins and is an obvious target early in the mine plan to de-risk a start-up.”
The Gift structure is situated 600m northwest of the Gem deposit and strikes north-northeast for ~2km along the boundary of the KMC granted mining leases, in a parallel orientation to the Harbour View deposit.
At the southern end of Gift, historical drilling in 2011 targeting bedrock mineralization identified gold hosted within a quartz gravel and clay paleochannel horizon, situated four to 6m beneath Quaternary alluvial ironstone gravels. The alluvial sediments overly andesitic to dacitic volcanics of the Annabelle Volcanics and the paleochannel is interpreted to be situated on top of a mineralized bedrock structure. To date, no bedrock drilling has been completed at the southern end of Gift beneath the paleochannel. This will be a focus of ongoing drilling in 2023.
At the northern end of Gift, mineralization observed within historical shafts is characteristic of KMC deposits and is hosted in sub-vertical, parallel sulphide-quartz veins within a chloritic altered shear zone. The lodes strike north-northeast at ~33° and dip steeply (~60-80°) to the east.
For further information please visit: https://medallionmetals.com.au/
