Medallion Metals Limited reported extensional drilling results from the Gem deposit within the Kundip Mining Centre (KMC), part of the Company's
Ravensthorpe Gold Project (RGP), located 550km south-east of Perth in Western Australia. RGP is host to a MRE of 1.46Moz AuEq @ 2.5 g/t AuEq 1. Seven reverse circulation (RC) holes were completed at the south-western end of the Gem deposit (Hillsborough
lodes) in September and October 2022. Five drill holes (RC22KP1109-RC22KP1113) confirmed the down-dip continuation of high-grade quartz-sulphide (pyrite-chalcopyrite) veins with mineralisation remaining open. Extensions were between 60m (RC22KP1110) and 120m (RC22KP1109) from previous drilling and represent a significant step out which confirms the Medallion geological model in this highly prospective area of the Gem deposit. RC22KP1109 (5m @ 6.04 g/t Au, 0.6 % Cu, 2.1 g/t Ag from 338m) is the deepest hole targeting the Hillsborough lodes which remain open at depth. High-grade copper down-dip remains consistent with previously reported results, characterised by chalcopyrite within the quartz-sulphide veins. One diamond hole (DD22KP1107) targeted the down-dip extension of the Beryl lode observed in DD22KP1033 (refer to ASX announcement 20 December 2021) in the central portion of the Gem deposit. Drilling traversed through the Harbour View North lodes infilling this area to a 20m x 20m drill spacing. The Beryl lode was intersected at 311.67m represented by a 15cm vein that returned 0.38cm @ 4.01 g/t Au, 0.24 % Cu and 6.8 g/t Ag. Structural measurements confirm that the intercept aligns with DD21KP1033 (3.29 m @ 65.62 g/t Au, 0.68 % Cu and 11.69 g/t Ag from 99.43m and represents a ~190m step-out with no drilling in between. The Two Boys lodes are located in the northeast of Gem and are characterised by shallow southwest dipping quartz-sulphide lodes. The lodes are approximately parallel to, and on top of, a tonalite intrusion which has caused a deep (~60m) kaolinitic weathering profile in the overlying Annabelle Volcanics. Three drill holes were completed targeting the southern and southeast extensions to these Two Boy Lodes in an area with limited previous drilling. Significant intercepts include. RC22KP1102A: 3m @ 7.27 g/t Au, 0.3 % Cu, 4.0 g/t Ag from 269m including 1m @ 19.7g/t Au, 0.83% Cu, 10.0 g/t Ag from 270m. RC22KP1097: 1m @ 9.54 g/t Au, 0.11 % Cu, 2.08 g/t Ag from 226m. The intersection in RC22KP1097 is on the modelled down-dip extension of the Two Boys lodes and represents a ~190m step out from RC21KP979 (2m @ 6.52 g/t Au, 0.41 % Cu, 5.74 g/t Ag from 130m) with no drilling in between. RC22KP1102A infilled the Two Boys lodes at the modelled depth and also intersected a mineralised vein deeper than previously modelled at 269m. DD22KP1032, which intersected 0.15cm @ 4.67g/t Au, 0.1% Cu, 0.7g/t Ag, is situated ~250m to the west along strike from RC22KP1102A and represents an excellent exploration target offering the opportunity for additional lodes in the Gem system at depth.