Medallion Metals Uncovers New High-Grade Gold-Copper Lode at Kundip

Significant New Lode Emerges Beneath Gem Deposit

Medallion Metals Limited (ASX:MM8) has revealed a promising new high-grade gold-copper sulphide lode at its Kundip Mining Centre (KMC), part of the Ravensthorpe Gold Project. The discovery, dubbed Hillsborough Deeps, lies in the footwall of the existing Gem deposit and was confirmed by drillhole DD26KP1243, which intersected 4.7 metres grading 7.2g/t gold, 3.9% copper, and 14.4g/t silver from 446.9 metres downhole. This lode sits outside the current Mineral Resource Estimate and close to planned underground development, highlighting its potential to boost the early mine plan.

Drilling and Geophysics Illuminate Growth Potential

The 2026 drilling campaign at KMC has focused on extending known mineralisation, with DD26KP1243 intercepting multiple sulphide zones over a broad interval from 380m to 452m downhole. Notably, the drillhole returned 13.5m at 3.3g/t Au and 5.1% Cu starting at 379.9m, and 11.7m at 3.5g/t Au and 2.2% Cu from 440m, including the standout 4.7m high-grade intercept. The mineralised structure dips steeply northwest and trends northeast, paralleling the Harbour View lodes.

Complementing drilling, Downhole Electro-Magnetic (DHEM) surveys conducted by Southern Geoscience Consultants identified several strong conductive plates associated with sulphide mineralisation. These off-hole conductors, some extending over 75 by 75 metres, suggest the Hillsborough Deeps system remains open both along strike and at depth. Additional DHEM targets at Harbour View also point to untapped mineralisation potential, with the deepest target identified approximately 600m below surface.

Strategic Exploration and Development Plans Ahead

Medallion plans to drill test these high-priority DHEM conductors in the second half of 2026, aiming to delineate the full extent of Hillsborough Deeps and Harbour View mineralisation. A Fixed Loop Electromagnetic survey is underway to further map strike and depth extensions beyond current drilling limits. These geophysical tools have consistently proven effective in targeting pyrrhotite and chalcopyrite-rich sulphide zones at Kundip.

On the development front, Medallion is progressing underground mine approvals for Ravensthorpe, with site civil works and mining services tenders advancing well. Box cut clearing and excavation at KMC are targeted to commence in August 2026, aligning with the company’s broader strategy to bring the deposit into production.

Meanwhile, drilling and resource validation continue at the Forrestania Gold Project, with updates on resource estimates expected in the third quarter of 2026. Infrastructure upgrades at the Cosmic Boy Concentrator are also underway, supporting future processing capacity.

Technical Insights and Uncertainties

While the drilling results are encouraging, the true thickness of the Hillsborough Deeps mineralisation remains uncertain due to the angle of intersection. The company cautions that assay results from approximately 8,500 metres of ongoing drilling are still pending, which will provide a fuller picture of the deposit’s scale and grade distribution. Furthermore, the precise locations of some DHEM conductors require refinement through further modelling and drilling.

Medallion’s Managing Director Paul Bennett praised the geology team’s technical execution, noting the results bolster confidence that the mineralised system extends beyond the current resource boundaries. This discovery adds a new dimension to the Ravensthorpe Gold Project’s growth story, complementing recent developments such as the ongoing Cosmic Boy refurbishment and Forrestania drilling campaigns.