Medallion Metals Reports High-Grade Kundip Drilling Ahead of August Mine Start

High-Grade Drilling Bolsters Kundip Mine Plan Confidence

Medallion Metals Limited (ASX:MM8) has delivered a striking set of assay results from its ongoing drilling at the Kundip Mining Centre (KMC), part of the Ravensthorpe Gold Project in Western Australia. Among the highlights, a 2.1-metre intercept grading 82.7 grams per tonne (g/t) gold, 4.0% copper, and 27.3 g/t silver from 357 metres downhole stands out, translating to an impressive 179.2 g/t gold equivalent (AuEq). These results confirm the continuity of high-grade lodes critical to the early stages of the mine plan, underpinning the company’s target to commence underground development in August 2026.

So far, assays have been reported for approximately 6,400 metres of the 15,762 metres drilled in 2026, with a further 9,000 metres of drilling awaiting results. This drilling campaign focuses on resource definition and extensional targets outside the current Mineral Resource Estimate (MRE), notably at the Gem and Harbour View deposits. The reported intercepts not only reinforce the grade and width of mineralisation within the planned production horizons but also reveal potential lode repetitions and extensions beyond historical workings, particularly at the Gem deposit’s western and eastern extents.

Structural Insights and Mineralisation Characteristics at Gem

The drilling has confirmed two principal mineralised structures within the Gem deposit: hanging wall and footwall lodes characterised by quartz-sulphide veins containing pyrite, chalcopyrite, and pyrrhotite. The style of mineralisation remains consistent with previous drilling, with variable lode widths and significant sulphide content contributing to the high grades. Notably, a diamond drill hole (DD26KP1296A) intersected a 2.1m interval of massive to semi-massive sulphides with visible gold, reinforcing the deposit’s high-grade nature.

Medallion’s Managing Director, Paul Bennett, emphasised that these drill positions are key to establishing production horizons in the best parts of the deposits and provide opportunities to test footwall mineralisation. This aligns with prior discoveries such as the previously unknown footwall lode intersected in drillhole DD24KP1232, which returned 7.7m at 5.9 g/t Au, 3.4% Cu, and 22.2 g/t Ag (11.7 g/t AuEq), extending resource potential beyond current estimates.

Advancing Mine Development and Regional Projects

Beyond drilling, Medallion is progressing early works at KMC, with tender processes for civil works and underground mining services advancing towards boxcut clearing and excavation targeted for August 2026. This operational momentum is crucial as the company moves from resource definition to production readiness.

Meanwhile, drilling at the Forrestania Gold Project continues, with reverse circulation (RC) drilling completed at historical stockpiles at the Teddy Bear deposit and ongoing work at the Lounge Lizard deposit. These efforts aim to validate historical data and support maiden resource estimates expected in the third quarter of 2026. This drilling complements the refurbishment of the Cosmic Boy Concentrator, where plant cleaning and front-end engineering design are complete, with a definitive update on processing options anticipated soon. The integration of these projects is poised to underpin Medallion’s sulphide development strategy and regional growth ambitions.

These developments build on the company’s recent progress, including its acquisition of Forrestania and the ramp-up of drilling campaigns, as detailed in recent updates on Forrestania drilling with strong Lounge Lizard gold hits and Cosmic Boy plant refurbishment progress.