Medallion Metals Limited announced Flag returns grades of 118g/t Au and 9.3% Cu at depth. Medallion Metals Limited reported extensional drilling results from the Flag deposit within the Kundip Mining Centre (KMC), part of the Company's flagship 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.

The Flag deposit is currently the southern most Au-Cu deposit delineated at KMC and in the Ravensthorpe Greenstone Belt. Mineralisation outcrops in the greenstones proximal to the overlying unconformable contact with the Proterozoic Mt Barren Group metasediments. Flag dips moderately to steeply to the south beneath these Proterozoic rocks.

Prior to 1989, production from the Flag deposit was recorded as 30,049 tonnes at an average grade of 16.6g/t Au for 16,000 ounces (Penkethman & Czerw, 2005). All the mineralisation bearing structures identified at Flag are open at depth and along strike to the east and west. Flag is noteworthy for its consistent planar structure that strikes west-east over at least 550m, with the regular nature of the structure enabling it to be mined from underground on an intermittent basis from the early 1900s to 1989.

Flag is also notable for its high grades of gold and copper, as evidenced by drill results and the available historical face mapping and sampling results. Medallion's 2022 assay results provide further confidence that the high grades observed are a consistent feature at Flag. The diamond tail DD22KP1138 to the RC pre-collar (previously RC22KP1138) was completed in November 2022.

Drilling intersected the Flag Main Lode consisting of grey smokey quartz - pyrite (10%) and chalcopyrite (2%) at the contact between a dolerite and agglomerate unit. The Flag fault cross lode was intersected in the footwall to the Main Lode with higher sulphide content of pyrite (15%) and chalcopyrite (20%). Assay results from the veins include; 0.92m @ 34.2 g/t Au, 0.5 % Cu, 16.4 g/t Ag from 283.0m - Flag Main Lode.

0.45m @ 118 g/t Au, 9.3 % Cu, 61.1 g/t Ag from 319.9m - Flag Fault Cross Lode.