• MM8 reports 20.2g/t gold at the Ravensthorpe project in WA
• Updated resource and metallurgical testwork planned this year
• Company targeting final investment decision for Ravensthorpe-Forrestania development

Special Report: Exceptional drilling results are building the case to bring Medallion Metals’ Ravensthorpe gold and copper project in WA into production ahead of a final investment decision this year.

The latest results from infill drilling at the Kundip Mining Centre show Medallion Metals (ASX:MM8) has the potential to enhance both the confidence and scale of its resources within the Ravensthorpe project, which hosts a resource estimate of 1.46Moz gold equivalent at 2.5 g/t AuEq.

Best results include:

• 6.5m at 20.2g/t gold, 5% copper, 15.4g/t silver (28.4g/t gold equivalent) from 139.2m
• 4m at 9.6g/t gold, 0.6% copper, 9.4g/t silver (10.7g/t gold equivalent) from 294m
• 5m at 3.4g/t gold, 0.1% copper, 0.6g/t silver (3.5g/t gold equivalent) from 314m
• 4.2m at 5.2g/t gold, 0.2% copper, 1.5g/t silver (5.6g/t gold equivalent) from 198m; and
• 1m at 13.6g/t gold, 0.2% copper, 2.2g/t silver (13.9g/t gold equivalent) from 117m.

“These results continue to increase confidence in the grade and continuity of the deposit which is the principal aim of the in-fill program,” Medallion managing director Paul Bennett said.

“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.”

Metallurgical testwork the next step

Last year, the company announced an exclusivity agreement with IGO (ASX:IGO) to acquire certain assets at the mothballed Forrestania Nickel Operations, including the Cosmic Boy process plant and associated infrastructure in WA’s Wheatbelt.

A nine-month exclusive due diligence period is slated to wrap up in May, a key catalyst for MM8 given a scoping study has shown it can dramatically reduce development costs by repurposing the established mill.

Already containing a flotation circuit suited for processing sulphide ores, it could be used to produce a gold-copper concentrate from Ravensthorpe, which is located around 180km to the south.

With gold prices climbing as high as US$3100/oz in recent days, close to $5000/oz Aussie, longer trucking distances are becoming more and more economic for miners.

The recent drill results will now inform a planned resource update in June and provide mass for metallurgical testwork, which will in turn support the final investment decision on the company’s near-term Ravensthorpe-Forrestania sulphide development strategy.

Metallurgical testwork is now underway for the Gem, Harbour View and Flag deposits – and is expected to inform and refine engineering to support the proposed modifications to the Forrestania processing plant to treat KMC production inventory.

Upon conclusion of the drill program, a MRE update of the Gem, Harbour View and Flag deposits will be undertaken and is expected to be completed in June 2025.

The updated resource estimate will form the basis of a bankable feasibility study into the technical and commercial merits of the proposed Ravensthorpe-Forrestania sulphide production strategy. The BFS is expected to be completed in October.

This article was developed in collaboration with Medallion Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.