Medallion Metals reports standout gold and copper assays from Harbour View infill drilling, reinforcing resource confidence ahead of a July update and advancing its strategic Forrestania acquisition.
- High-grade gold and copper assays from Harbour View infill drilling
- 17,000 metres drilled during 2024-2025 season at Kundip Mining Centre
- Updated Mineral Resource Estimate due July 2025
- Exclusive negotiations ongoing for Forrestania Nickel Operation acquisition
- Feasibility Study on track for completion in Q4 2025
Strong Drilling Results Bolster Resource Confidence
Medallion Metals Limited (ASX:MM8) has delivered a fresh wave of optimism for its Ravensthorpe Gold Project with high-grade infill drilling results from the Harbour View deposit within the Kundip Mining Centre (KMC). The assays reveal exceptional gold and copper grades, including intercepts such as 1.59 metres at 8.5 grams per tonne (g/t) gold and 8.2% copper, underscoring the deposit’s robust growth potential at depth.
These results stem from a comprehensive 17,000-metre drilling campaign completed between October 2024 and May 2025. The program aimed to enhance confidence in the existing Mineral Resource Estimate (MRE), particularly focusing on the first three years of the mine plan outlined in the December 2024 Scoping Study.
Upcoming Resource Update and Feasibility Study
Medallion is on track to release an updated MRE in July 2025, incorporating all recent drilling data. This update will form the foundation for a Feasibility Study (FS) scheduled for completion in the December quarter. The FS will evaluate the technical and commercial viability of mining the KMC sulphide resources and processing them at the Forrestania Nickel Operation’s Cosmic Boy Process Plant, a facility well-suited to treat sulphide ores.
Managing Director Paul Bennett highlighted the significance of the copper grades alongside gold, noting that co-product credits could substantially enhance project economics. The company is advancing multiple workstreams in parallel, including resource category upgrades, metallurgical and geotechnical testing, environmental permitting, and finalizing the acquisition transaction.
Strategic Forrestania Acquisition Progresses
Medallion has entered an exclusivity agreement with IGO Ltd to acquire the Forrestania Nickel Operation (FNO), which includes the Cosmic Boy Process Plant and associated infrastructure. The acquisition is pivotal to Medallion’s sulphide development strategy, enabling onsite processing of the Ravensthorpe sulphide mineralisation. Binding documents are well advanced, with exclusivity extended to August 2025 to accommodate final negotiations.
The acquisition would grant Medallion 100% legal and beneficial ownership of the FNO assets, subject to third-party obligations. This move aims to accelerate the pathway to a final investment decision (FID) by leveraging existing infrastructure and reducing capital expenditure.
Environmental and Regulatory Milestones
On the permitting front, Medallion is making rapid progress with primary approvals at both state and federal levels. The company is preparing to submit additional environmental documentation following a preliminary assessment under federal legislation. A key milestone has been the securing of freehold land to support the environmental offset strategy, which is critical for regulatory submissions expected in July.
Medallion is also actively engaging with potential offtake partners and financiers, positioning itself to secure development funding contingent on the FS outcomes and transaction completion.
Looking Ahead
With the updated resource estimate imminent and the Forrestania acquisition negotiations nearing conclusion, Medallion Metals is poised to advance decisively toward project development. The combination of high-grade drilling results, strategic asset acquisition, and regulatory progress paints a promising picture for the Ravensthorpe Gold Project’s next phase.
Bottom Line?
Medallion’s July resource update and Forrestania deal closure will be critical milestones shaping the project’s development trajectory.
Questions in the middle?
- Will the Forrestania acquisition finalize on terms favorable to Medallion’s development timeline?
- How will the updated Mineral Resource Estimate impact the Ore Reserve and project economics?
- What are the key risks in environmental permitting that could affect the project’s schedule?