Significant New Gold Discovery 2km to the North of the 674,000 Ounce Gold Resource at Kundip

Medallion Metals Limited (ASX:MM8, the “Company” or “Medallion”) is pleased to report significant gold mineralisation at Ariel has been intersected in wide spaced RC drilling. Ariel is situated 2km north-west of the Kundip Mining Centre (“KMC”) (Figure 1), which hosts the Company’s current JORC 2012 Mineral Resource Estimate (“MRE”) of 674,000 oz2 at 2.4g/t Au. As part of Medallion’s 32,000m drill programme at the Ravensthorpe Gold Project (“RGP”) in 2021, the RC drill programme completed at Ariel consists of 6 holes for 740m targeting gold anomalism defined by surface geochemical and geophysical surveys and aircore drilling completed in 2018.

Highlights

• Significant gold discovery at the Ariel Prospect located 2km to the north of the Kundip Mining Centre which already hosts a Mineral Resource Estimate of 674,000ounces @ 2.4g/tAu. All results reported are outside of the current MRE
• Only 6 holes were drilled returning shallow high-grade gold intersections including:
  • 26m @ 1.6 g/t Au from 0m (RC21AR006)
  • 1m @ 5.15 g/t Au from 6m (RC21AR004)
  • 1m @ 7.52 g/t Au from 11m (RC21AR004)
  • 4m @ 1.24 g/t Au from 16m (RC21AR005)
  • 3m @ 2.92 g/t Au, 1,230 ppm Cu from 47m (RC21AR002)
• The drilling at Ariel has demonstrated the presence of an 800m mineralised zone that remains open in all directions within the total geochemical and VTEM anomalism extending over 1.4km in strike
• Ariel is located approximately 200m west from the Ard Patrick Prospect, which has not been drilled since the late-1980’s and contains historical high-grade drill results, including:
  • 5m @ 65.36g/t Au from 30m(APP004)
  • 2m @ 3.98 g/t Au from 44m(APP005)
• The highly prospective Ariel and Ard Patrick prospects continue to demonstrate the outstanding district scale potential of the Ravensthorpe GoldProject
• This follows the recent high-grade results at the Meridian Prospect (including 5m@11.4g/tAu,1,572 ppm Cu from 32m)1, 21km along strike from Kundip Mining Centre
• Limited drilling has been conducted historically at Ariel and Ard Patrick, step out drilling is planned in Q1 of2022.

Managing Director, Paul Bennett, commented:

“This is another extremely positive outcome for Medallion. Ariel is the second regional prospect to be tested after Meridian and has yielded another discovery and is a distinct target area that has the potential to add significant ounces to the Project Resource. Being located only 2 kilometres along strike from the Kundip Mining Centre significantly increases the potential for the area to support a stand-alone development. Just like the Meridian results, Ariel underlines the potential of Medallion’s dominant landholding in the Annabelle volcanics which hosts numerous similar prospects that have yet to be adequately tested. We are ramping up exploration efforts to significantly grow the Resource, needless to say that we will have drilled circa 32,000m after the last Resource update so we envisage a substantial increase to the Resource inventory when we report in Q1 next year.”

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