Medallion Metals (ASX:MM8) discovered 6.7 meters of semi-massive to massive sulfides in the Gem deposit footwall, part of the Kundip Mining Center in Western Australia, according to a Thursday filing with the Australian bourse.
Drilling found the sulfide occurrence 320 meters below the surface and 60 meters into the footwall of the main mineralized zone of the deposit, the filing said. The discovery identified a new mineralized lode position outside the current mineral resource model.
Lode extension potential will be tested through follow-up drilling, according to the filing.
Shares fell nearly 8% in afternoon trade Friday.
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