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Medallion Metals' Western Australia Drill Results Boost Confidence in Early Stages of Mine Plan; Shares Up 7%

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Medallion Metals' (ASX:MM8) drilling results from the Kundip Mining Center, part of its Ravensthorpe project in Western Australia, boost confidence in the early stages of the mine plan ahead of planned development from August, according to a Thursday filing with the Australian bourse.

Results include 5.3 meters at 33 grams per tonne grade of gold, 1.7% copper, 11.7 g/t grade of silver from 356 meters, five meters at 11 g/t grade of gold, 0.2% copper, 3.8 g/t grade of silver from 103 meters, and 5 meters at nearly 11 g/t grade of gold, 0.2% copper, 2.2 g/t grade of silver from 66 meters, the filing said.

Additionally, extensional targets beyond the existing mineral resource are being tested in the current program, with assays pending expected to be reported over the coming weeks, per the filing.

Shares rose 7% in morning trade on Thursday.

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