4 April 2022

ASX:MM8

Significant Copper with Gold Results at Harbour View

Demonstrate Substantial Value Emerging

  • • Further outstanding new extensional and infill drilling results continues to solidify and extend mineralisation at Harbour View

  • • Significant copper grades with consistently strong gold results demonstrate the emergence of substantial co-product value at the Kundip Mining Centre (KMC)

  • • Highlights from drilling include:

    • o 19m @ 2.26 g/t Au, 2.33% Cu, 13.03 g/t Ag from 69m (RC22KP1082)

    • o 5m @ 2.49 g/t Au, 5.61 % Cu, 48.5 g/t Ag from 104m (RC22KP1083) including

      • 1m @ 3.03 g/t Au, 16.4 % Cu, 139 g/t Ag from 105m

    • o 2m @ 18.5 g/t Au, 5.91 % Cu, 43.95 g/t Ag from 253m (RC22KP1075)

    • o 12m @ 2.27 g/t Au, 1.18% Cu, 10.8 g/t Ag from 164m (RC22KP1079A)

    • o 4m @ 3.78 g/t Au, 2.83 % Cu, 36.35 g/t Ag from 260m (RC22KP1075)

    • o 3m @ 4.73 g/t Au, 2.28 % Cu, 20.53 g/t Ag from 244m (RC22KP1075)

  • • All new results to be included in the Mineral Resource Estimate (MRE) upgrade targeted for release in April 2022, with copper and silver to be incorporated for the first time

Managing Director, Paul Bennett, commented:

"These results are having a fundamental impact on our view of the KMC. Historical production from the Phillips River Mineral Field has a gross value split of approximately 50:50 between copper and gold at today's prices so it's no surprise that copper may begin to play increasingly important role. The grades and widths of copper we are seeing have the potential to significantly enhance Project economics. The system is open at depth with signs the copper grades just keep getting better. Medallion shareholders should be excited about the potential of this system."

Overview

Medallion Metals Limited (ASX:MM8, the Company or Medallion) is pleased to report outstanding new results from drilling at Harbour View, part of the Kundip Mining Centre (KMC) which hosts the Company's current Mineral Resource Estimate (MRE) of 674,000 oz1 @ 2.4g/t Au. Harbour View is located in the central area of KMC within the greater Ravensthorpe Gold Project (RGP) (Figure 1).

1 Total Mineral Resources of 8.8 Mt @ 2.4 g/t Au (7.0 Mt @ 2.3 g/t Au Indicated and 1.8 Mt @ 2.6 g/t Au Inferred), Probable Ore Reserves of 4.1Mt @ 2.1 g/t Au. Refer to the Company's Prospectus announced on the ASX on 18 March 2021 for further details regarding the MRE, Ore Reserves and Competent Person's Statement.

Medallion Metals Limited

S1/11 Ventnor Ave, West Perth WA 6005

www.medallionmetals.com.au

ABN 89 609 225 023

Figure 1: Plan view of Harbour View within KMC showing reported drillhole collar positions.

The Harbour View deposit strikes north-northeast for ~1km through the central part of the KMC. The geology consists of andesitic to dacitic volcaniclastics with minor andesite and rhyolite lavas units. Mineralisation ishosted in sub-vertical, parallel sulphide-quartz veins within a chloritic shear zone. Shallow southeast dipping, east-northeast striking cross lodes are observed extending from Harbour View at May and at Omaha (Figure 1).

Figure 2: KMC plan. Results reported in this announcement (>5 GxM) in yellow

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Figure 3: KMC long section. Results reported in this announcement (>5 GxM) in yellow.

RC and DDH drilling throughout 2021-22 has concentrated on down-dip and down-plunge extensions of mineralisation in the central and southern sections of Harbour View. Drilling continues to validate the geological model by confirming the position of mineralisation hosted within the broader Harbour View shear. Mineralisation remains open down-dip and down the high-grade plunge to the south. The latest results demonstrate a material improvement in the grade and consistency of copper grades with some substantial intersections recorded over broad widths. The results indicate that a major new value stream from the copper mineralisation is emerging from the Project.

Highlights from drilling at Harbour View main lode include:

  • o 3m @ 4.73 g/t Au, 2.28 % Cu, 20.53 g/t Ag from 244m (RC22KP1075) (Figure 4)

  • o 2m @ 18.5 g/t Au, 5.91 % Cu, 43.95 g/t Ag from 253m (RC22KP1075)

  • o 4m @ 3.78 g/t Au, 2.83 % Cu, 36.35 g/t Ag from 260m (RC22KP1075)

  • o 4m @ 2.54 g/t Au, 1.14 % Cu, 11.34 g/t Ag from 205m (RC22KP1085) (Figure 6)

  • o 7m @ 3.71 g/t Au, 0.34 % Cu, 1.93 g/t Ag from 222m (RC22KP1085)

  • o 3m @ 3.89 g/t Au, 1.76 % Cu, 26.57 g/t Ag from 219m (RC22KP1086)

  • o 6m @ 1.82 g/t Au, 0.67 % Cu, 5.1 g/t Ag from 235m (RC22KP1072)

  • o 12m @ 2.27 g/t Au, 1.18% Cu, 10.8 g/t Ag from 164m (RC22KP1079A)

  • o 4m @ 2.1 g/t Au, 2.88 % Cu, 37.28 g/t Ag from 197m (RC22KP1080)

    • 1m @ 15.1 g/t Au, 0.60 % Cu, 3.6 g/t Ag from 223m

  • o 2.7m of quartz-sulphide mineralisation (RC21KP1073) including

    • 0.4m quartz+sulphide vein (40% pyrite+chalcopyrite); 0.5m >80% pyrite, pyrrhotite, chalcopyrite; 1.1m intense chlorite-magnetite 10% sulphide stringers (Figure 9)

Figure 4: Mineralisation within the Harbour View Main lode in RC22KP1075 hosting 3m @ 4.73 g/t Au, 2.28 % Cu, 20.53 g/t Ag from 244m and 2m @ 18.5 g/t Au, 5.91 % Cu, 43.95 g/t Ag from 253m.

At the western extent of the Harbour View shear, drilling continues to infill and extend mineralisation to the southwest within the May cross lodes. These drill holes are designed to intersect the Harbour View main lode and therefore are to varying degrees oblique (not perpendicular) to the modelled orientation of May lode mineralisation. Previous diamond drilling (DD21KP1036) observed multiple quartz-sulphide (pyrite-chalcopyrite) veins dipping to the southeast. Notable intersections include RC22KP1082 which recorded 19m of massive sulphides where two May lodes converge (Figure 7).

  • o 19m @ 2.26 g/t Au, 2.33% Cu, 13.03 g/t Ag from 69m (RC22KP1082) (Figure 8)

  • o 5m @ 2.49 g/t Au, 5.61 % Cu, 48.5 g/t Ag from 104m (RC22KP1083) including

    • 1m @ 3.03 g/t Au, 16.4 % Cu, 139 g/t Ag from 105m

  • o 6m @ 2.13 g/t Au, 2.19% Cu, 22 g/t Ag from 133m (RC22KP1084)

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Medallion Metals Ltd. published this content on 03 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 April 2022 22:33:01 UTC.