Medallion Metals (ASX:MM8) has announced the discovery of a new sulphide lode at its Gem deposit, part of the Kundip Mining Centre in Western Australia. The discovery was made during a 15,000m reverse circulation and diamond drilling program, with 6.7m of semi-massive to massive sulphides intersected in the footwall of the Gem deposit. Assay results from the drilling are expected next month. The new sulphide occurrence was found 320m below the surface and 60m into the footwall of Gem’s main mineralized zone, displaying semi-massive to massive pyrrhotite-chalcopyrite mineralization within a broader 70m zone of elevated alteration and sulphide abundance.
The company is evaluating next steps, including additional drilling to explore potential lode extensions, and is considering downhole electromagnetic geophysics as a targeting tool. Managing Director Paul Bennett emphasized the discovery as evidence of the mineral system’s potential. The ongoing 15,000m drilling program aims to expand the sulphide underground resource at the Kundip Mining Centre. Medallion Metals anticipates releasing an updated resource estimate in June 2025. The Kundip Mining Centre is the focus of Medallion’s Ravensthorpe Gold Project. Medallion Metals is focused on developing its Ravensthorpe Project located 550km southeast of Perth.