High-Grade Extensions Uncovered at Medallion’s Gem Deposit

7 May 2025 | West Perth, WA – Medallion Metals (ASX:MM8) has reported outstanding extensional drill results from its Gem deposit, part of the Kundip Mining Centre (KMC), significantly expanding the high-grade lode beyond the current Mineral Resource boundary.

The two Reverse Circulation (RC) holes – drilled 40 to 100 metres down plunge from existing resources – intercepted multiple high-grade gold-copper-silver zones:

• 6m @ 6.3g/t AuEq from 343m, including

  • 2m @ 15.3g/t AuEq (11.2g/t Au, 2.4% Cu, 19.5g/t Ag)

• 3m @ 7.8g/t AuEq from 346m

• 2m @ 4.9g/t AuEq from 355m

These results confirm mineralisation extends up to 80 metres beyond the existing Mineral Resource Estimate (MRE) and sit approximately 60 metres below the current mine plan, offering substantial upside to Medallion’s 770koz Au and 36kt Cu sulphide MRE.

Managing Director Paul Bennett said,

“These results strengthen our belief that we’ve only just scratched the surface at Gem. The scale and continuity of mineralisation suggest further mine life extensions are likely, supporting long-term development plans.”

The results will underpin an updated MRE due in June 2025, which feeds into a Feasibility Study for treating KMC sulphides at the Cosmic Boy Process Plant—a facility Medallion is currently negotiating to acquire from IGO Ltd.

Medallion has now completed over 15,000 metres of a planned 17,000-metre drilling program, with further updates expected from Harbour View and additional holes at KMC.

The Gem deposit sits within the broader Ravensthorpe Gold Project, a 1.46Moz AuEq resource located 550km southeast of Perth.