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Medallion Metals Limited (ASX:MM8) has announced impressive drilling outcomes from the Kundip Mining Centre within its Ravensthorpe Gold Project in Western Australia, revealing high-grade gold and copper intersections that extend the Gem deposit eastward and at depth. To date, about 10,870 metres of the 15,762 metres drilled in the 2026 program have been assayed, with approximately 5,000 metres of results still awaited. The discovery of extended mineralisation and new fault-controlled geological domains indicates promising potential for extending mine life and improving project returns during early mining stages.
Key Highlights
- Medallion Metals Limited (ASX:MM8) operates the Ravensthorpe Gold Project in Western Australia, including the Kundip Mining Centre and additional deposits.
- Drilling has successfully extended the Gem deposit eastwards and at depth, with mineralisation remaining open down plunge.
- Notable assay results include 4.92 metres at 15.5 g/t Au and 0.9% Cu from 394.09 metres, and 3.29 metres at 16.5 g/t Au and 0.6% Cu from 371.63 metres, with narrower high-grade intervals within these zones.
- Approximately 5,000 metres of assay results from grade control drilling at Gem are pending and expected in the upcoming weeks.
- The drilling confirms mineralisation in distinct fault-controlled geological domains, supporting potential future mine life extensions near planned mining infrastructure.
High-Grade Gold-Copper Intersections Extend Gem Deposit at Depth
The recent drilling campaign at the Gem deposit has yielded multiple high-grade intersections that extend mineralisation beyond the current Mineral Resource boundary. Drilling conducted between April and May 2026 confirmed mineralisation continues at depth, with an increasing grade profile down plunge from the historic Hillsborough workings on the eastern margin of the current interpretation. Highlighting these results, hole DD26KP1313 intersected two veins within 5 metres, delivering 4.92 metres at 15.5 g/t Au and 0.9% Cu from 394.09 metres, including a rich 0.3-metre interval grading 204.0 g/t Au and 7.0% Cu.
Similarly, hole DD26KP1297 intersected three quartz-sulphide veins within 4 metres, with widths ranging from 12 to 75 centimetres. This hole returned 3.29 metres at 16.5 g/t Au and 0.6% Cu from 371.63 metres, including 1.44 metres at 36.5 g/t Au and 1.2% Cu. The company noted that although these veins are narrower and more discrete than the main Gem lode average, their gold and copper grades are significantly higher, indicating a distinct mineralised system with substantial tenor at depth.
Fault-Controlled Geological Domains Offer Deeper Extension Prospects
Mineralisation orientation from the latest drilling suggests steep south-dipping lodes situated within a separate fault-controlled geological domain, distinct from the main Gem lode and the recently identified Hillsborough Deep lode. This geometric and structural separation presents a unique exploration opportunity, as mineralisation may extend further at depth and parallel to the nearby Harbour View deposit. Geological interpretations propose this fault-controlled domain is a continuation of the broader mineralised system rather than an isolated occurrence, with exploration potential beyond current drilling coverage.
The steeper dip and discrete vein nature contrast with the main Gem lode geometry, offering additional extension drilling and mine planning flexibility. The mineralisation consists of quartz-sulphide veins with pyrite-chalcopyrite-pyrrhotite assemblages, consistent with previous Gem deposit drilling, indicating a coherent mineralisation process across the Kundip Mining Centre. Managing Director Paul Bennett emphasized that these results enhance confidence that this deposit area could support future mine life extensions, with additional ounces near the planned box cut and underground infrastructure potentially boosting project returns by extending early-stage production.
Harbour View Infill and Deep Drilling Validates Footwall and Deeper Targets
Drilling at Harbour View targeted infill of Inferred Mineral Resources planned for mining within the first two years of the 2025 Feasibility Study and two holes aimed at deeper mineralisation. The infill drilling successfully intersected mineralisation at expected depths in the footwall of the main Harbour View lodes, validating mine planning assumptions. Some holes intersected the main lode early due to collar positioning, confirming resource continuity.
Significant footwall intersections include 2.0 metres at 18.9 g/t Au, 0.7% Cu, and 7.4 g/t Ag from 117 metres in hole RC26KP1274, and 7.0 metres at 5.6 g/t Au, 0.6% Cu, and 3.9 g/t Ag from 131 metres in hole RC26KP1273. Extensional drilling at depth, including hole DD26KP1259 stepping out 100 to 150 metres from existing drilling, intersected three quartz-sulphide veins returning 3.74 metres at 11.6 g/t Au, 0.3% Cu, and 1.6 g/t Ag from 384 metres, with a 0.44-metre interval grading 49.4 g/t Au, 0.9% Cu, and 3.6 g/t Ag, confirming deeper mineralisation potential.
Pending 5,000 Metres of Assays to Enhance Resource Definition
Medallion Metals reported that the 10,870 metres of assays released represent part of the 15,762 metres drilled in 2026, with approximately 5,000 metres of assay results pending. These pending assays primarily stem from grade control drilling at the Gem deposit, part of an infill and upgrade program to strengthen resource definition ahead of mine development. The company expects these results to be released in the coming weeks, providing further data to refine the Mineral Resource estimate and support early mine planning.
The phased release of drilling results reflects the extensive 2026 drilling campaign at Kundip Mining Centre, encompassing extension, infill, and grade control drilling to bolster resource confidence. The current reported results constitute the second tranche between Gem and Harbour View deposits, with pending assays mainly from Gem grade control. This approach enables progressive disclosure of material results while completing the full analytical program, maintaining investor engagement throughout resource definition and feasibility study stages.
Ravensthorpe Gold Project Advances Toward Development Backed by 2025 Feasibility Study
Medallion Metals is progressing the Ravensthorpe Gold Project toward development, supported by a completed 2025 Feasibility Study that underpins mine planning and scheduling. The project includes the Kundip Mining Centre and satellite deposits, with the initial mine plan prioritising Inferred Mineral Resources slated for mining within the first two years. The feasibility study provides the technical and economic basis for capital and operational planning, while the current drilling campaign aims to infill and extend the resource model for subsequent mine design phases.
The Kundip Mining Centre is the primary development focus, with the Gem and Harbour View deposits as initial mining targets. The company’s strategy involves identifying additional ounces near the planned box cut and underground infrastructure to enhance returns, potentially extending early production before mining more distal mineralised areas. Multiple high-conductance Down-Hole Electromagnetic Method (DHEM) targets identified at depth suggest further exploration upside within current property boundaries, supporting the company’s long-term development vision.
Distinct High-Grade Narrow Veins in New Fault Domain at Gem Indicate Unique Mineralisation Style
Drilling results from the eastern Gem deposit extension reveal a distinct mineralisation style featuring narrower, higher-grade veins compared to the main Gem lode. These veins are more discrete and thinner but carry notably higher gold and copper grades. This inverse relationship between vein width and grade suggests a different mineralisation process or fluid chemistry, likely influenced by the steep south-dipping fault controlling the geometry.
The mineralisation consists of quartz-sulphide veins with pyrite-chalcopyrite-pyrrhotite assemblages consistent with previous Gem drilling but exhibiting different spatial distribution. The narrower vein geometry presents both opportunities and challenges for mining: while veins require selective mining due to their thickness, their high grades and down-plunge continuity suggest economic extraction potential and production flexibility. This emerging fault-controlled mineralisation understanding lays groundwork for further exploration targeting similar structural settings within and adjacent to the Mineral Resource estimate.
Extensional and Infill Drilling Supports Medallion Metals’ Growth Strategy Across Deposits
The 2026 drilling program exemplifies Medallion Metals’ strategic focus on extending and upgrading the Kundip Mining Centre Mineral Resource through coordinated extension, infill, and grade control drilling. Extension drilling tests mineralisation beyond current resource boundaries; infill drilling converts Inferred Resources to higher confidence categories; grade control validates mining block model assumptions. This disciplined approach advances resource optimisation and mine planning, with geological interpretations indicating significant long-term growth potential across multiple fault-controlled domains with varying mineralisation styles.
Reported drilling has extended mineralisation at Gem and Harbour View and supported the interpreted Hillsborough Deeps position, demonstrating continuity across multiple mining centre zones. Combined with multiple high-conductance DHEM targets at depth, these results highlight potential for further discoveries within the current exploration footprint. Managing Director Paul Bennett stated these outcomes "continue to reinforce our view that the Kundip Mining Centre has significant long-term growth potential," reflecting confidence in sustained production and mine life extension scenarios that may improve project economics and investor returns.
Ravensthorpe Project Enhances Western Australia’s High-Grade Gold Sector Activity
Medallion Metals’ Ravensthorpe Gold Project is situated in Western Australia, a globally recognised gold jurisdiction hosting numerous operating and development-stage mines. The Ravensthorpe region’s historical gold mining, including Hillsborough workings referenced in the company’s geological framework, confirms a productive mineralised system with proven extraction potential. The company’s exploration and development align with broader sector activity in Western Australian gold districts, where resource extensions and exploration success attract investor interest and capital toward development projects.
The high-grade Gem and Harbour View deposits, with intersections frequently exceeding 10 g/t Au equivalent, position Ravensthorpe as a competitive development project within Western Australia. The company’s underground mining focus, supported by the feasibility study and mine planning, suits higher-grade, structurally controlled mineralisation typical of fault-hosted systems in the region. The identification of multiple mineralisation domains and fault-controlled geometries adds geological complexity supporting the company’s development narrative for investors and potential financiers.
Pending Assays and DHEM Targets Represent Critical Value Catalysts for Investors
The 5,000 metres of pending assays from Gem grade control drilling constitute a significant dataset that could materially influence the Mineral Resource estimate and early mine planning. Grade control drilling provides detailed block-scale variability insights and validates mining assumptions, directly impacting production scheduling and pit design. The phased release of these results over coming weeks offers potential for positive news flow as the company advances resource and reserve updates informing feasibility study revisions or mine design enhancements.
Beyond pending assays, multiple high-conductance DHEM targets identified at depth indicate exploration upside beyond current drilling. DHEM targets, associated with massive sulphide mineralisation or fault-hosted gold systems, represent mechanistic exploration targets warranting follow-up drilling. These targets at Kundip suggest additional structural features and mineralised zones remain untested, offering catalysts for future discoveries and resource growth, supporting a long-term growth outlook beyond current mine development timelines.
