Medallion Metals has reported promising extensional drilling results at its Gem deposit, part of its flagship Kundip Mining Centre (KMC) in Western Australia.
Highlight intercepts include 6m at 4.6 grams per tonne (g/t) gold, 1 per cent copper, 9.1g/t silver from 343m, including 2m at 11.2g/t gold, 2.4 per cent copper, 19.5g/t silver from 345m, and 3m at 6.8g/t gold, 0.6 per cent copper, 5.5g/t silver from 346m.
These results highlight the potential to significantly boost the existing sulphide resource base at the Gem deposit.
“Project economics are significantly levered to mine life extensions and these results demonstrate that above cut-off grade mineralisation at mineable widths extends up to 60 metres down-plunge from the current limits of the mine plan,” Medallion managing director Paul Bennett said.
“This builds further confidence that mine life can be increased by extensions to the known lodes as well as through delineation of new lodes at depth with ongoing drilling. We maintain we are just scratching the surface of this significant mineralised system.”
The results revealed two reverse circulation holes drilled down plunge from the current resource outline intersected high-grade mineralisation up to 80 metres beyond the existing mineral resource estimate (MRE) boundary.
The new results sit 40–100 metres down plunge of drilling that informed the MRE, which currently stands at 5.6 million tonnes (Mt) at 4.3g/t gold and 0.6 per cent copper for 770,000 ounces of gold and 36,000 tonnes of copper.
An updated scoping study for the KMC project is set to be completed by December 2024.
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