Medallion reaps rewards of impressive drill result for Ravensthorpe gold

Results from diamond drilling at the Harbour View deposit have extended the main lode beyond the planned end-of-hole and identified a new mineralised lode.

Medallion Metals has intersected a new mineralised lode outside the currentresource envelope at its Harbour View deposit. Pic: Getty Images

• Medallion drilling intersects a new lode 85m in the footwall of Harbour View

• The intercept is the first hole in the area

• Drilling is ongoing with a second RC to be mobilised to site shortly

Special report: Medallion Metals has made an exploration breakthrough at the Harbour View deposit, intersecting 3.5m of semi-massive to massive sulphides 85m into the footwall of the main lode position.

Although assays remain pending, the hole visually displays semi massive to massive pyrite-chalcopyrite mineralisation from ~151m below surface.

It’s the first hole in the area and represents the identification of a potential new lode position not previously observed and outside the currently modelled 1.6Moz gold equivalent resource at its greater Ravensthorpe project.

Medallion (ASX:MM8) managing director Paul Bennett congratulated his team for generating the outstanding result.

“To push the hole over 80 metres beyond the main lode based on the geology they were observing is a credit to the team’s technical capability and willingness to take informed risks,” he said.

“It’s a behaviour we encourage, and it has certainly paid off in this instance where a significant new mineralised lode appears to have been identified outside the current resource envelope.”

Just scratching the surface as drilling advances

The results are evidence that the company is only just beginning to scratch the surface of this significant mineral system, within the Kundip mining centre and part of the flagship Ravensthorpe gold project.

A 15,000m drill program is advancing to grow the high-grade sulphide underground resource at Kundip in terms of both size and confidence.

An RC drill rig has completed ~10,000m of drilling and has now de-mobilised from site while a diamond rig started drilling in December 2024.

MM8 anticipates having completed ~15,000m of drilling by April 2025 with an updated resource estimate expected in the first half of 2025.

Plan ahead

Assay results from the interpreted mineralised zone of the parent hole are expected to be received in April and will inform the upcoming resource estimate.

Given the significant potential upside the new sulphide lode represents, the company is carefully evaluating next steps which include drilling new holes and extending proximal holes to the new footwall lode position.

For now, drilling is ongoing with a second RC rig to be mobilised to site shortly to accelerate infill and extensional drilling.

This article was developed in collaboration with Medallion Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.