Medallion Metals Limited (ASX:MM8) Reports Significant Gold Intercepts at Kundip
Medallion Metals Limited (ASX:MM8) announced remarkable results from its in-fill drilling program at the Gem deposit within the Kundip Mining Centre. Significant assays include an exceptional intercept of 3 metres at 20.8g/t gold, further solidifying the deposit’s potential.
Drilling Achievements
Recent drilling has outperformed expectations, with highlights such as 8 metres at 8.1g/t Au, 0.2% Cu, and a total of 1.2g/t Ag (8.5g/t AuEq) from a depth of 144 metres. Additional notable results include 5 metres at 9.1g/t Au, including 3 metres at 20.8g/t Au, further demonstrating the high-grade potential in the area.
Project Development Progress
The results support an update to the Mineral Resource Estimate (MRE), facilitating preparations for a Final Investment Decision (FID) concerning the Ravensthorpe-Forrestania sulphide development strategy. The mineralisation continues to show a consistent structure and alignment with the geological modelling, which increases confidence in the deposit’s continuity.
Future Outlook
Managing Director Paul Bennett emphasised the ongoing efforts, stating, “We continue to confirm the grade and continuity of the deposit… We expect a lot more good news to flow from this program which has just started reporting results.” Medallion has a 15,000-metre drill program to enhance the confidence and size of the high-grade sulphide resource. An updated underground MRE is anticipated in the first half of 2025.
The ongoing development also includes exclusive negotiations for the acquisition of the Forrestania Nickel Operation, which would potentially include the Cosmic Boy Process Plant. The Company has lodged necessary referrals under the EPBC Act in advance of project approvals, mapping a timeline toward the FID.
The Company remains committed to exploring the full potential of the Ravensthorpe Gold Project, which previously reported a global MRE of 1.46 million ounces AuEq at 2.5g/t AuEq.
Motley Fool contributor Abbie Stokes 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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