THE DRILL SERGEANT: Medallion Metals (ASX: MM8) reported an expanded JORC 2012 Mineral Resource Estimate (MRE) at the Kundip Mining Centre (KMC), part of the company’s 100 per cent-owned flagship Ravensthorpe gold project (RGP) in Western Australia.
The updated MRE at KMC has come in at 16.5 million tonnes at 2.1 grams per tonne gold and 0.3 per cent copper for 1.1 million ounces of gold and 50,000 tonnes of copper metal contained.
Of note, 67 per cent of the gold estimated is in the Indicated category, the remainder in Inferred.
The revised gold content represents a 64 per cent increase from the previous MRE of 674,000 ounces of gold at 2.4g/t.
Silver is also contained in the expanded MRE to the tune of 1.3 million ounces.
“This result is outstanding on all metrics and comprehensively exceeds our expectations when Medallion listed in March 2021,” Medallion Metals managing director Paul Bennett said in the company’s ASX announcement.
“It is the culmination of an enormous effort by the Medallion team and I pay credit to their vision and perseverance.
“The result also represents a significant milestone for the business and its shareholders as we have clearly demonstrated that KMC is an asset of scale and significance.
“The company is on a trajectory to achieve critical mass to support the development of a long-life, low-cost gold and copper business in Ravensthorpe.
“We expect further significant growth in resources to come from both KMC and our priority regional targets in the near term, with another circa 20,000 metres of drilling already completed and being processed to inform the next update.”
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