Medallion Metals Limited reported additional results from drilling at the Gem deposit (formerly Kaolin). Gem is part of the Kundip Mining Centre (KMC) which hosts the Company's current JORC 2012 MRE of 674,000 oz. The Gem prospect is located at the northern end of KMC within the greater Ravensthorpe Gold Project.

Drilling resumed at KMC in early January 2022. Medallion intends to target the KMC deposits in the coming months, in conjunction with the regional programme which includes follow up drilling at Meridian and Ariel. A global MRE update is expected to be announced in the March quarter of 2022.

The Hillsborough workings are situated at the western end of the Gem deposit where an extensive line of historical shafts can be observed. Mineralisation at this end of Gem is characterised by en-echelon pyrite-chalcopyrite-quartz lodes dipping to the south at 60° and plunging to the southwest. Ongoing drilling along strike and beneath the Hillsborough workings is being undertaken with the objective of improving confidence in, as well as extending the known resources at Gem.

The 2020 Feasibility Study (FS)2 demonstrated a substantial pit would optimise at the western end of Gem. The Company views potential strike and depth extensions of the deposit in this area as a compelling opportunity to add high margin ounces to the mine plan.