Medallion Metals’ map of Kundip Mining Centre drilling results for its latest announcement to the Australian Securities Exchange. Photo: Medallion Metals.
Medallion Metals is inching ever closer to making the “final investment decision” that would turn its Kundip Mining Centre, east of the Ravensthorpe-Hopetoun Road, into a working mine.
Earlier this month (Weekender, July 4) we reported the company had put in an offer to buy a 258 hectares farm adjoining the mining tenements to plant trees as an environmental offset to land clearing.
Managing director Paul Bennett said the project would be assessed under Federal environmental legislation.
“Securing freehold land to underpin the Company’s environmental offset strategy is a key milestone as it relates to further submissions to regulators which are expected to be lodged during July,” he said.
The company continues to progress negotiations to use the Forrestania Cosmic Boy processing plant to refine its ore, and reports more encouraging drilling results for two of the copper-gold prospects within the Kundip leases.
Mr Bennett said they assayed rich copper content at the Harbour View prospect, so “project economics” had the potential to be significantly enhanced by “co-product grades” like those observed in this round of drilling.
In a statement to the Australia Securities Exchange, he said all results from the most recent drill program were now in hand and the update to the Mineral Resource was well advanced.
“We look forward to reporting the new resource in coming weeks along with other key milestones on the study, permitting and corporate fronts as Medallion advances toward a development decision,” he said.
“The process of seeking primary legislative approvals which would allow mining to commence at RGP and ore haulage to Forrestania is advancing rapidly.”
