Medallion Metals (ASX:MM8) is increasingly confident that the Ravensthorpe Gold Project’s mine life can be extended, following encouraging drilling results from the Gem deposit. The ongoing 17,000m drilling program has returned results from two reverse circulation drillholes, extending the lode position up to 80m from the current mineral resource boundary. Key results include 6m @ 4.6 grams per tonne gold, 1% copper, 9.1g/t silver, including a higher-grade intercept of 2m @ 11.2g/t gold, 2.4% copper and 19.5g/t silver. These results suggest the mine life could be increased both by extending known lodes and delineating new lodes at depth through continued drilling.
According to Medallion Metals, which currently has a market capitalization of $112.5 million, these results show upside potential to current resources at the Kundip Mining Centre. This could potentially increase the production inventory which forms the basis of the 2024 Scoping Study. The company anticipates completing a Feasibility Study in Q4 2025 to assess the technical and commercial viability of mining Ravensthorpe’s mineral resources and treating them at a modified Cosmic Boy process plant. Updated resource estimates for the Gem and Harbour View deposits are expected in June and July, respectively. Furthermore, Medallion Metals is focused on gold and copper exploration in Western Australia. The company is also attending the RIU Sydney Resources Round-up.
