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Medallion Metals Says Drilling Outside Current Mineral Resource at Project Increases Confidence in Early Mine Plan, Shares Jump 13%

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Medallion Metals (ASX:MM8) said drilling testing extensional targets outside the current mineral resource at the Kundip Mining Center, part of the Ravensthorpe gold project, highlighted the broader growth potential of the deposit at depth and increased confidence in the early mine plan, according to a Monday Australian bourse filing.

It encountered intercepts of 13.5 meters at 3.3 grams per tonne grade of gold, 5.1% grade of copper, 26 g/t grade of silver, including 7.7 g/t grade of silver-equivalent, from 379.9 meters, as well as 11.7 meters at 3.5 g/t grade of gold, 2.2% grade of copper, 8.2 g/t grade of silver, including 5.3 g/t grade of silver-equivalent, from 440 meters.

Downhole electromagnetic surveying has identified several highly conductive targets adjacent to drilling, per the filing.

Its shares rose 13% in recent trading on Monday.

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