Medallion Metals (MM8.AX) has confirmed its planned drill program at Ravensthorpe Gold where the 15,000 meter program (which will consist of diamond holes and RC holes) is designed to expand the underground resource while it should also increase the confidence level in the resource.
Right now, the total resource contains approximately 770,000 ounces of gold as well as approximately 80 million pounds of copper at an average grade of 4.3 g/t for the gold and 0.6% for the copper. A portion of the 15,000 meters of drilling will be allocated to an infill drill program on this existing resource, to move a portion of the resource from the inferred to measured & indicated levels.
Additionally, the drill program is designed to test two additional anomalies including the projected intersection of the Harbour View and Flag deposits, as well as the large copper anomaly at Flanders. That anomaly is also located within the existing mining lease boundary and given the size of this target (800 by 150 meters), the surface copper anomaly presents itself as an interesting target.
Medallion Metals previously signed an exclusivity agreement with IGO to figure out if the Cosmic Boy processing plant owned by IGO could accept and process ore coming from the Medallion Metals project. The metallurgical test work to double-check if the Cosmic Boy facility could handle the Ravensthorpe ore is ongoing, and we hope to see an update on the negotiations with IGO soon as having access to an existing processing plant would sharply reduce the capital needs to get Ravensthorpe into production. As a reminder, the company already has a valid mining lease on the asset.
Disclosure: The author has no position in Medallion Metals. Please read the disclaimer.
