Medallion Metals Adds Gift Resource to Ravensthorpe Gold Project

THE DRILL SERGEANT: Medallion Metals reported a new initial JORC 2012-compliant Mineral Resource Estimate (MRE) at the Gift deposit within the Kundip Mining Centre (KMC) that is part of the company’s Ravensthorpe Gold Project (RGP) in Western Australia.

The Gift MRE has come in at 1.26 million tonnes at 1.4 grams per tonne gold for 60,000 ounces of gold and is based on approx. 11,000 metres of drilling completed between 2008-22 by a string of previous owners.

The inclusion of Gift to the resource inventory takes the Ravensthorpe Gold Project to a MRE of 1.47 million ounces gold equivalent (AuEq) at 2.5g/t AuEq.

Medallion anticipates a further MRE update based on between 12,000m and 15,000m of completed drilling will be released in the early part of 2023 that will form the basis of a Pre-Feasibility Study to be completed later this year.

“The inclusion of Gift to the Kundip Mineral Resource inventory for the first time is important on two fronts,” Medallion Metals managing director Paul Bennett explained.

“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 per cent of the Gift resource as it stands.

“That mineralisation occurs as a broadly continuous package of free digging sediments within ten metres 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.”

 

 

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