Medallion Metals

Extensional Drilling Further Expands Mineralisation at Gem

Substantial down dip extensions to large shallow gold deposit

Medallion Metals Limited (ASX:MM8, the Company or Medallion) is pleased to report extensional drilling results down-dip of the Gem deposit within the Kundip Mining Centre (KMC)(Figures 1&2). KMC is host to a JORC 2012 Mineral Resource Estimate (“MRE”) of 1.37Moz AuEq @ 2.60g/t AuEq


HIGHLIGHTS

  • Assays from 2022 drilling continue to extend Gem down-dip;
    • 7m @ 5.3 g/t Au, 0.44 % Cu, 5.2 g/t Ag from 161m (RC22KP1095) including
      • 1m @ 26.4 g/t Au, 2.65 % Cu, 23.4 g/t Ag from 164m
    • 5m @ 7.1 g/t Au, 0.37 % Cu, 2.8 g/t Ag from 209m (RC22KP1099) including
      • 1m @ 22.7 g/t Au, 1.0 % Cu, 7.8 g/t Ag from 210m
    • 5m @ 6.3 g/t Au, 0.09 % Cu, 1.05 g/t Ag from 123m (DD22KP961)
    • 1m @ 34.7 g/t Au, 2.36 % Cu, 27.0 g/t Au from 103.1m (DD22KP1035) including
      • 0.55m @ 62.6 g/t Au, 4.27 % Cu, 48.4 g/t Ag from 103.1m
    • 10m @ 2.5 g/t Au, 0.16 % Cu, 1.95 g/t Ag from 131m (RC22KP1106)
    • 8m @ 2.8 g/t Au, 0.12 % Cu, 1.3 g/t Ag from 77m (RC22KP1106) including
    • 5m @ 3.4 g/t Au, 0.47 % Cu, 5.2 g/t Ag from 181m (DD22KP1077)
    • 7m @ 2.7 g/t Au, 0.27 % Cu, 2.0 g/t Ag from 242m (RC22KP1101)
      • 1m @ 7.5 /t Au, 1.23 % Cu, 9.3 g/t Ag from 243m
    • 12m @ 0.95 g/t Au, 0.04 % Cu, 1.2 g/t Ag from 147m (RC22KP1095)
  • Drilling results post-date the cut-off for recent Mineral Resource Estimate (MRE) with reported intercepts all situated at the extremities, or outside the 2022 Inferred category
  • Mineralisation at the western end of Gem continues to exhibit multiple shallow dipping high-grade quartz-sulphide lodes with significant opportunity for additional resources to be added to the current MRE

Managing Director, Paul Bennett, commented:

"Ongoing results from the 2022 extensional drilling program continue to expand mineralisation at Gem. The majority of results received are at the periphery of, or outside the recently updated 1.4 million ounce gold equivalent Mineral Resource giving us great confidence that further resource growth can be expected. Mineralisation appears open at depth with future drilling being planned to further our understanding of the full scale of the Kundip system.”

Click here for the full ASX Release

This article includes content from Medallion Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

MM8:AU
The Conversation (0)

Barrick Hunts New Gold and Copper Prospects in DRC From Kibali Base

All amounts expressed in US dollars

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Based on the success of Kibali, which Barrick has built into Africa's largest gold mine, the company is ready to invest in new gold and copper opportunities in partnership with the government of the DRC, says president and chief executive Mark Bristow.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Spartan Resources

More Strong Drill Hits Across Key Prospects Paves the Way for Mid-Year Resource Update

High-grade intercepts both inside and outside existing Resource’s points to expanding high-grade underground potential at Dalgaranga

Spartan Resources Limited (ASX: SPR) (Spartan or the Company) is pleased to report updated drilling and assay information from recent drilling at its 100%-owned Dalgaranga Gold Project (“DGP”) in the Murchison region of Western Australia.

Keep reading...Show less
Thom Calandra, truck at mine site.

Thom Calandra: Gold's "Stealth Rally" Already Starting to Move Stocks

Speaking at the Prospectors & Developers Association of Canada (PDAC) convention, Thom Calandra of the Calandra Report shared his thoughts on the resource sector, focusing first on gold and gold stocks.

He pointed to the ongoing strength in the gold price, and said gold stocks are finally beginning to respond.

"When we see more momentum as we're seeing in the physical price, that will translate (to the gold stocks)," he said. "It's already started translating into the gold equities. It's a stealth gold rally, as my friend Simon Catt in London says."

Keep reading...Show less
Impact Minerals

Agreement Signed for the Sale of up to a 75% Interest in the Commonwealth Project, NSW

Impact Minerals Limited (ASX:IPT) is pleased to announce that it has now signed a formal share sale and purchase (SPA) agreement for the sale of up to 75% of the company’s 100% Commonwealth project in New South Wales in respect of the previously announced Revised Term Sheet (ASX Release August 16th 2023).

Keep reading...Show less
Warren Buffett's face superimposed onto an image of a pile of gold bars.

3 Things Warren Buffett Has Said About Gold (Updated 2024)

Warren Buffett has a formidable reputation as an investor — with a current net worth of nearly US$134 billion, he’s among the world’s richest people and a business role model for many.

Buffett, who runs Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B), is also well known for being uninterested in gold. He’s made his stance on the yellow metal abundantly clear over the years, and it’s not positive — put simply, he doesn’t think gold fits in with his strategy of value investing, which involves picking stocks trading for less than they are worth.

Given Buffett’s aversion to gold, market watchers were understandably surprised when Berkshire Hathaway invested in Barrick Gold (TSX:ABX,NYSE:GOLD) in Q2 2020, paying around US$560 million for about 21 million shares of the major gold miner.

Keep reading...Show less
Steppe Gold

Steppe Gold


Keep reading...Show less

Latest Press Releases

Related News

×