Medallion Metals (ASX:MM8) digs deeper at Gem with high-grade hit

In the latest round of drilling at its Kundip Mining Centre (KMC), Medallion Metals (ASX:MM8) has proven once again that there’s plenty of gold—and copper—left in the tank.

A pair of deep extensional holes at the Gem deposit has delivered grades that would put a glint in the eye of even the most seasoned geologist, while also reinforcing Medallion’s broader sulphide development strategy for the Ravensthorpe Gold Project (RGP).

Highlights

• 6m @ 4.6g/t Au, 1.0% Cu, 9.1g/t Ag (6.3g/t AuEq) from 343m

  • including 2m @ 11.2g/t Au, 2.4% Cu, 19.5g/t Ag (15.3g/t AuEq)

• Intercepts sit 60m below the current mine plan and 80m outside the existing Mineral Resource Estimate boundary

• Further supports Medallion’s plan to treat sulphide ores at the repurposed Cosmic Boy Process Plant under an exclusivity agreement with IGO Ltd

The results confirm that the Gem lode extends much further down plunge than previously thought, stretching up to 100 metres beyond the current drilling that informs the MRE.

That’s no small feat when you consider that the existing sulphide resource at KMC already stands at 5.6Mt @ 4.3g/t Au and 0.6% Cu.

“These results are extremely positive and have important implications for the project as the business looks toward near-term development,” said Medallion Managing Director Paul Bennett. “Project economics are significantly levered to mine life extensions… This builds further confidence that mine life can be increased by extensions to the known lodes as well as through delineation of new lodes at depth with ongoing drilling.”

This isn’t just about ounces in the ground—it’s about future-proofing Medallion Metals development strategy.

The extensional hits at Gem are poised to feed into an updated MRE in June 2025, ahead of a broader Feasibility Study expected by the December quarter.

That study will underpin a Final Investment Decision on the proposed sulphide strategy that hinges on ore processing at Forrestania’s Cosmic Boy facility.

If the deal with IGO gets over the line, Medallion will acquire a 100% interest in the Forrestania Nickel Operation, a major step toward unlocking value from its Ravensthorpe sulphide assets.

The exclusivity period for that deal has been extended through to August 2025, giving both parties time to iron out the final terms.

Meanwhile, drilling continues apace with 15,000m completed of the planned 17,000m program.

The focus now turns to converting Inferred resources to Indicated, advancing metallurgical and environmental studies, and delivering the data needed to move decisively on development.

For now, Gem’s growing depths are shining brighter than ever—and Medallion’s ambitions are looking just as deep.

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