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Medallion build Ravensthorpe gold nest

16 December 2021 07:54
ASX: MM8
Yellow dump truck loading minerals copper, silver, gold, and other at mining quarry.

MM8 has made a significant gold discovery at its Ariel prospect, located just north of the 674-thousand-ounce gold reserve at the Kundip mining centre near Ravensthorpe in Western Australia. 

Lying outside of its existing mineral resource estimate, the 6 drill holes all returned shallow high-grade gold intersections, demonstrating the presence of an 800-metre mineralised zone remaining open in all directions and extending over 1.4 kilometres in strike. 

Resting a mere 2km along strike from Kundip significantly increases the potential to support a standalone development and 200 metres away from Ariel stands the Ard Patrick prospect, holding historical high-grade results and remaining undrilled since the late 80’s. 

The company said the prospects continue to demonstrate the outstanding district scale potential of its Ravensthorpe gold project. 

“This is another extremely positive outcome for Medallion,” managing director Paul Bennett said. 

“Ariel underlines the potential of Medallion’s dominant landholding in the Annabelle volcanics which hosts numerous similar prospects that have yet to be adequately tested. 

“We are ramping up exploration efforts to significantly grow the resource…we envisage a substantial increase to the resource inventory when we report in Q1 next year.”

MM8’s Australian Stock Exchange-listed price has risen 7.9pc today, currently trading at 20.5c (8:53 am UTC+8 hours) 

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