Last week Argonaut attended a site visit at Medallion’s Ravensthorpe Gold Project. Since listing in March last year Medallion has completed over 35 km of drilling, this drilling has identified new discoveries, added confidence to areas of known mineralisation, and expanded upon the current 674koz Au Resource estimate. Near-term a Resource update is expected, as is a summary of metallurgical test-work which will include outlining a potential processing solution for Medallion’s Au-Cu ore. We see scale potential at Ravensthorpe, and exploration upside away from the Kundip Mining Centre is in its infancy but encouraging. We maintain our Speculative Buy recommendation and intend to provide a valuation once the processing pathway is clarified.
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