Medallion Metals Limited (ASX:MM8) drilling announcement

Medallion Metals Limited (ASX:MM8) has announced the commencement of a 15,000m Reverse Circulation (RC) and Diamond Drill Hole (DDH) program at the Ravensthorpe Gold Project. The program aims to improve confidence in the high-grade sulphide resource, support metallurgical testwork, and test extensional and regional targets. The drilling will partially be funded by a 'drill for equity' agreement with Topdrill Pty Ltd, a prominent Western Australian drilling contractor.

Executive commentary on drilling program

Managing Director, Paul Bennett, expressed enthusiasm for the upcoming drilling program, highlighting the team's efficiency in obtaining permits and finalizing logistical elements. He emphasized the significance of the program in de-risking the mine plan and testing exciting targets, with the first results expected to be reported early in the fourth calendar quarter.

Summary of drilling program and corporate strategy

Medallion Metals Limited (ASX:MM8) is set to advance its Ravensthorpe Gold Project through a comprehensive drilling program aimed at enhancing the high-grade sulphide resource and testing regional targets. The company's exclusive negotiations with IGO Limited for the acquisition of certain assets of the Forrestania Nickel Operation, including the Cosmic Boy Process Plant, further underpin its strategic growth opportunities. The drilling program, partially funded through a 'drill for equity' agreement, reflects Medallion's commitment to de-risking the mine plan and exploring the potential for standalone processing at Ravensthorpe or trucking the high-grade sulphide Mineral Resources to Cosmic Boy. The company anticipates the first results to be reported early in the fourth calendar quarter, with a focus on accelerating the pace of reporting as the program progresses.