Medallion Delivers More High-Grade Gold and Copper Results at Ravensthorpe

Medallion Metals (ASX: MM8) has reinforced enthusiasm in its Ravensthorpe Gold Project (RGP) with a fresh set of high-grade drilling results, strengthening the company’s near-term production prospects and resource growth potential.

Exceptional Assay Results Fuel More Optimism

The latest assays from in-fill drilling at the Kundip Mining Centre (KMC), part of the broader RGP in Western Australia, have returned intercepts, including:

• 6.5m @ 20.2g/t Au, 5.0% Cu, 15.4g/t Ag (28.4g/t AuEq) from 139.2m (DD24KPMET004),

• 4m @ 9.6g/t Au, 0.6% Cu, 9.4g/t Ag (10.7g/t AuEq) from 294m (RC24KP1234), and

• 4.2m @ 5.2g/t gold, 0.2% copper, 1.5g/t silver (5.6g/t AuEq) from 198m.

  
  

The results help to validate the deposit’s continuity and grade, with mineralization extending beyond currently modelled zones, pointing to potential resource upside.

“These results continue to increase confidence in the grade and continuity of the deposit, which is the principal aim of the in-fill program,” said Managing Director Paul Bennett. “Also encouraging is the potential upside from high grade hits which continue to occur outside the currently modelled lodes. This concludes the results from the reverse circulation portion of the in-fill program which included a significant number of pre-collars in advance of diamond drilling which is now well underway. We look forward to reporting further strong visual and assay results as the diamond drilling program advances.” 

Resource Expansion and Production

Medallion has now completed the majority of a 15,000-metre drill program designed to expand and improve the confidence of its high-grade sulphide underground resource at KMC. To date:

• A Reverse Circulation (RC) rig has completed 11,000 meters of drilling and has demobilized from the site.

• A Diamond Drill (DD) rig, mobilized in early 2025, has already completed 3,000 meters, with more drilling underway.

• The results will inform an updated Mineral Resource Estimate (MRE) due in June 2025.

The drilling campaign aims to support a Final Investment Decision (FID) in late 2025 on the company’s Ravensthorpe-Forrestania sulphide development strategy.

Strategic Asset Acquisition and Processing Pathway

Medallion's near-term production strategy is anchored by its Exclusivity Agreement with IGO (ASX: IGO), signed on August 8, 2024, to negotiate the acquisition of key assets at the Forrestania Nickel Operation (FNO). This includes the Cosmic Boy Process Plant and associated infrastructure, providing a streamlined processing route for KMC ore.

The agreement, valued at up to $50 million—including a $15 million upfront payment—grants Medallion a 9-month exclusivity period (extendable by 3 months) to process RGP’s 5.6Mt at 4.3 g/t Au and 0.6% Cu, significantly reducing costs and accelerating production.

RGP’s high-grade sulphide ore, supported by Trilogy’s drill intercept of 26.8m at 7.4% CuEq (announced March 24), could be fast-tracked into production under this arrangement.

With a BFS expected by October 2025, Medallion is also pursuing gold and silver rights in the region, aiming to unlock the Forrestania belt’s gold potential. On March 17, the company announced multiple offtake and funding proposals totaling up to $50 million for the development of Ravensthorpe-Forrestania.