Extensional Drilling Further Expands Mineralisation at Gem

Medallion Metals Limited (ASX:MM8, the Company or Medallion) is pleased to report extensional drilling results down-dip of the Gem deposit within the Kundip Mining Centre (KMC)(Figures 1&2). KMC is host to a JORC 2012 Mineral Resource Estimate (“MRE”) of 1.37Moz AuEq @ 2.60g/t AuEq

HIGHLIGHTS

• Assays from 2022 drilling continue to extend Gem down-dip;
  • 7m @ 5.3 g/t Au, 0.44 % Cu, 5.2 g/t Ag from 161m (RC22KP1095) including
    • 1m @ 26.4 g/t Au, 2.65 % Cu, 23.4 g/t Ag from 164m
  • 5m @ 7.1 g/t Au, 0.37 % Cu, 2.8 g/t Ag from 209m (RC22KP1099) including
    • 1m @ 22.7 g/t Au, 1.0 % Cu, 7.8 g/t Ag from 210m
  • 5m @ 6.3 g/t Au, 0.09 % Cu, 1.05 g/t Ag from 123m (DD22KP961)
  • 1m @ 34.7 g/t Au, 2.36 % Cu, 27.0 g/t Au from 103.1m (DD22KP1035) including
  • 0.55m @ 62.6 g/t Au, 4.27 % Cu, 48.4 g/t Ag from 103.1m
  • 10m @ 2.5 g/t Au, 0.16 % Cu, 1.95 g/t Ag from 131m (RC22KP1106)
  • 8m @ 2.8 g/t Au, 0.12 % Cu, 1.3 g/t Ag from 77m (RC22KP1106) including
  • 5m @ 3.4 g/t Au, 0.47 % Cu, 5.2 g/t Ag from 181m (DD22KP1077)
  • 7m @ 2.7 g/t Au, 0.27 % Cu, 2.0 g/t Ag from 242m (RC22KP1101)
  • 1m @ 7.5 /t Au, 1.23 % Cu, 9.3 g/t Ag from 243m
  • 12m @ 0.95 g/t Au, 0.04 % Cu, 1.2 g/t Ag from 147m (RC22KP1095)
• Drilling results post-date the cut-off for recent Mineral Resource Estimate (MRE) with reported intercepts all situated at the extremities, or outside the 2022 Inferred category
• Mineralisation at the western end of Gem continues to exhibit multiple shallow dipping high-grade quartz-sulphide lodes with significant opportunity for additional resources to be added to the current MRE

Managing Director, Paul Bennett, commented:

"Ongoing results from the 2022 extensional drilling program continue to expand mineralisation at Gem. The majority of results received are at the periphery of, or outside the recently updated 1.4 million ounce gold equivalent Mineral Resource giving us great confidence that further resource growth can be expected. Mineralisation appears open at depth with future drilling being planned to further our understanding of the full scale of the Kundip system.”

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