The Medallion Metals Ltd (ASX: MM8) share price is in focus today after the company released outstanding high-grade drilling results at its Kundip Mining Centre, part of the Ravensthorpe Gold Project. The company has reported significant extensions to the Gem deposit, signalling strong ongoing growth potential, with several impressive gold and copper intersections.
Image source: Getty Images
What did Medallion Metals report?
- High-grade extensions to the Gem deposit, which remains open to the east and at depth
- Key assays include:
- 4.92m @ 15.5g/t gold, 0.9% copper (16.3g/t AuEq) from 394.09m, including 0.3m @ 204.0g/t gold, 7.0% copper (210.2g/t AuEq)
- 3.29m @ 16.5g/t gold, 0.6% copper (17.1g/t AuEq) from 371.63m, with a sub-interval of 1.44m @ 36.5g/t gold, 1.2% copper (37.6g/t AuEq)
- Approximately 10,870 metres out of 15,762 metres drilled so far in 2026, with about 5,000 metres of assays pending
- Indicated and inferred mineral resource at Kundip Mining Centre totals 1,210,000 gold equivalent ounces (as of August 2025)
What else do investors need to know?
Recent drilling has continued to grow the known mineralised system at both the Gem and Harbour View deposits, adding confidence to early mine plans and offering potential for mine life extensions. A number of high-conductance downhole electromagnetic (DHEM) targets have been identified and are scheduled for follow-up drilling.
Development activities at Ravensthorpe are advancing, with engineering, mine planning, and procurement moving ahead in preparation for the start of underground mining. The company is well into tender processes for site civil works and mining services, while also advancing project readiness and implementation planning.
What did Medallion Metals management say?
The ASX gold stock's managing director, Paul Bennett, commented:
These results continue to reinforce our view that the Kundip Mining Centre has significant long-term growth potential. The latest drilling extends known mineralisation at Gem and provides further support for the interpreted Hillsborough Deeps position, continuing to build our understanding of the broader mineralised system.
Together with the emerging footwall lode position at Gem, these results increase our confidence that this part of the deposit has the potential to support future mine life extensions. Importantly, additional ounces defined closer to the planned box cut and primary underground infrastructure have the potential to enhance project returns by extending production from the early stages of the mine plan before mining progresses into more distal parts of the system.
What's next for Medallion Metals?
Medallion plans to continue drill testing newly identified targets at Harbour View and Hillsborough Deeps, as well as pursuing down-plunge extensions at Gem. Further results from approximately 5,000 metres of pending assays are expected in the coming weeks, which may add more substance to the resource base.
Meanwhile, development and readiness works at the Ravensthorpe and Forrestania gold projects are ongoing. The company is working towards recommencement of drilling at Lounge Lizard and refurbishment activities at the Cosmic Boy Concentrator under an Early Works Agreement.
Medallion Metals share price snapshot
The Medallion Metals share price has been among the strongest performers on the All Ordinaries index (ASX: XAO) over the last 12 months. During this time, the gold stock has risen approximately 60%.
