Harbour View Delivers Gold-Copper Bonanza as Medallion Metals Approaches Development Decision
Medallion Metals (ASX: MM8) has reported exceptional high-grade gold and copper results from its infill drilling program at the Harbour View deposit within its flagship Ravensthorpe Gold Project (RGP). These latest results highlight the significant growth potential of the deposit at depth and reinforce the company's pathway toward a development decision.
Standout Drill Results Showcase Exceptional Copper Grades
The latest drilling results from Harbour View have delivered impressive gold-copper intercepts, with copper grades emerging as a particular highlight. Best assays include:
- 1.59m @ 8.5g/t Au, 8.2% Cu, 24.8g/t Ag (22.0g/t AuEq) from 191.6m
- 1.04m @ 4.5g/t Au, 8.8% Cu, 73.9g/t Ag (19.5g/t AuEq) from 197.4m
- 0.97m @ 10.4g/t Au, 1.9% Cu, 9.6g/t Ag (13.6g/t AuEq) from 268.8m
- 3.08m @ 3.1g/t Au, 4.1% Cu, 30.3g/t Ag (9.9g/t AuEq) from 241.3m
- 1.02m @ 1.3g/t Au, 9.4% Cu, 36.3g/t Ag (16.7g/t AuEq) from 196.2m
Drilling at the nearby May lode, which runs sub-parallel to Harbour View, also delivered significant results, including:
- 9.35m @ 6.7g/t Au, 1.2% Cu, 14.7g/t Ag (8.9g/t AuEq) from 108m
- 5.34m @ 3.4g/t Au, 2.3% Cu, 15.6g/t Ag (7.3g/t AuEq) from 158m
These results complete all drilling from the 2024-2025 drilling season and will contribute to an updated Mineral Resource Estimate (MRE) expected in July 2025.
"Further solid results from Harbour View continue to build confidence in the geological interpretation and grade continuity of the deposit. As well as the impressive gold grades, copper assays have delivered some outstanding results. Project economics have the potential to be significantly enhanced by co-product grades like those observed in this round of drilling."
- Paul Bennett, Managing Director
Understanding Gold Equivalent Values
Gold Equivalent (AuEq) grades provide investors with a simplified way to understand the combined value of multiple metals in a single deposit. At Ravensthorpe, the AuEq calculation includes gold, copper, and silver values, with appropriate recovery factors applied to each metal.
The high AuEq values reported at Harbour View (up to 22.0g/t) demonstrate the significant economic potential of the deposit when considering all recoverable metals. The exceptional copper grades (up to 9.4%) are particularly noteworthy, as they substantially boost the overall value of the mineralisation beyond what gold alone would provide.
When calculating AuEq values, Medallion Metals uses current metal prices and expected recovery rates based on metallurgical testing. For Ravensthorpe, the formula accounts for gold (94.6% recovery), copper (86.1% recovery), and silver (73.3% recovery). This multi-metal characteristic differentiates Medallion's Ravensthorpe project from pure gold plays and could significantly enhance project economics through copper and silver credits.
Strategic Partnership with IGO Advances Toward Completion
Medallion continues to progress its exclusive negotiations with IGO Ltd (ASX: IGO) regarding the acquisition of the Forrestania Nickel Operation (FNO), including the Cosmic Boy Process Plant. The period of exclusivity has been extended to August 2025 to allow for the finalisation of binding documents.
Key developments in the transaction structure include:
- Medallion will acquire a 100% legal and beneficial interest in the FNO assets, subject to third-party obligations
- Binding documents are well advanced, with final terms agreed
- The acquisition represents a potential game-changer for Medallion's development timeline
The Cosmic Boy Process Plant, with certain modifications, is well-suited to treating Ravensthorpe's sulphide resources, potentially offering Medallion a significantly reduced capital expenditure pathway to production.
Development Timeline and Upcoming Catalysts
Medallion is advancing several parallel workstreams to minimise the timeframe to reach a Final Investment Decision (FID):
- Resource Update (July 2025) – Incorporating all recent gold and copper results from Medallion Metals' drilling campaign
- Feasibility Study (December Quarter 2025) – Assessing the viability of mining at RGP with processing at FNO
- Environmental Permitting – Advancing rapidly, with additional information being prepared following Federal determination
- Forrestania Transaction Completion – Expected in coming months following the extended exclusivity period
The company has also made progress on its environmental offset strategy, securing freehold land that will underpin further submissions to regulators expected in July.
Mineralisation Characteristics at Harbour View
Harbour View's mineralisation is distinct from other deposits at the Kundip Mining Centre (KMC). The gold and copper results from Medallion Metals' drilling show that mineralisation occurs within quartz-sulphide veins that contain chalcopyrite (copper iron sulphide), pyrite, and pyrrhotite.
The high-grade zones are hosted within a shear zone that exhibits background copper anomalism (1000-3000ppm Cu). This is identified in drill core as stringer or patchy chalcopyrite. The copper anomalism within the shear zone is modelled separately from the high-grade vein-hosted mineralisation.
Notably, Harbour View consistently reports higher copper grades than other KMC deposits, making it a particularly valuable component of the overall Ravensthorpe Gold Project. The combination of high-grade gold and exceptional copper values enhances the potential economic value of the deposit.
Investment Thesis: Why Medallion Deserves Attention
Medallion Metals presents a compelling investment case as it advances toward a development decision:
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High-Grade Multi-Metal Resource: The Ravensthorpe Gold Project offers substantial gold grades enhanced by significant copper credits, improving potential project economics.
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Capital-Efficient Development Strategy: The proposed acquisition of Forrestania's existing processing infrastructure could dramatically reduce upfront capital requirements.
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Clear Path to Production: With resource definition drilling complete, environmental permitting advancing, and a feasibility study underway, Medallion has established a well-defined development pathway.
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Experienced Management: The team is executing a methodical approach to de-risking the project through strategic partnerships and thorough technical studies.
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Multiple Near-Term Catalysts: The upcoming resource update, feasibility study completion, and potential Forrestania transaction closure provide multiple share price catalysts in 2025.
As Medallion continues to hit its milestones and advance toward a development decision, the company represents an increasingly attractive opportunity for investors seeking exposure to a gold-copper project approaching the transition from explorer to producer.
With environmental permitting progressing, financing and offtake discussions underway, and a feasibility study nearing completion, Medallion is positioning itself as one of the more advanced gold development stories on the ASX.
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