Kundip Delivers Grades Up To 9.2 G/T Au And 7.2% Cu

Medallion Metals Limited (ASX:MM8, the "Company" or "Medallion") is pleased to report results from drilling at the Harbour View deposit, part of the Kundip Mining Centre ("KMC") which hosts the Company's current JORC 2012 Mineral Resource Estimate ("MRE") of 674,000 oz1. The Harbour View prospect is located in the central area of KMC (Figures 1, 2 & 3) within the greater Ravensthorpe Gold Project ("RGP"). Drilling is ongoing at all KMC deposits to support a global MRE update which is expected to be completed in the March quarter of 2022.

Highlights

• Latest assay results from drilling at the Harbour View deposit yield excellent high-grade gold and copper intercepts
• Highlights include;
  • 2.38m @ 4.26 g/t Au, 7.19% Cu, 37.35 g/t Ag from 231.22m (DD21KP997)
  • 3m @ 9.19 g/t Au, 0.15% Cu, 3.42 g/t Ag from 69m (RC21KP1001)
  • 1.97m @ 5.13 g/t Au, 2.62% Cu, 47.58 g/t Ag from 276.63m (DD21KP993)
  • 2m @ 4.52 g/t Au, 1.32 % Cu, 14.95 g/t Ag from 29m (RC21KP990)
  • 0.35m @ 16.1 g/t Au, 1.40% Cu, 5.4 g/t Ag from 334.28m (DD21KP993)
  • 3m @ 1.91 g/t Au, 0.26 % Cu, 2.08 g/t Ag from 80m (RC21KP1002)
• DD21KP997 extends copper rich high-grade sulphide zone 80m beyond impressive previous copper hits, beyond the margins of the current Mineral Resource.
• May and Omaha lodes growing the Harbour View story near surface and remain open.

Managing Director, Paul Bennett, commented:

"The first results from the Harbour View deposit are extremely positive. Intercepts at the southern end ofthedepositrepresentsubstantialdepthandplungeextensionsbeyondpreviousdrilling.Additionally, the copper grade in DD21KP997 highlights the potential for copper to enhance Project economics. At the northern end we've recorded significant shallow high-grade strike extensions on the Harbour View splays. These major step outs from the existing drilling further increase our confidence the Project resources will undergo a significant upgrade in early2022."

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