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Goldman Medallion targets maiden Forrestania resource in Q3 2026 after validating historical drilling
Medallion Metals Limited (ASX:MM8) has confirmed high-grade historical gold drilling at the Lounge Lizard deposit within its recently acquired Forrestania Gold Project in Western Australia, with validation work underway to support a maiden Mineral Resource Estimate targeted for Q3 2026.
The company said Lounge Lizard is part of the FGP and represents one of several gold opportunities within the broader Forrestania project area being progressed toward resource definition.
Historical drilling has outlined mineralisation over about 1 kilometre of strike, with the system remaining open at depth and along strike. Medallion said 65 of around 450 historical drill holes have been validated so far, with additional holes still being reviewed and assessed for release.
Best validated historical intersections include:
- 4.3m at 12.63g/t Au from 195m
- 6m at 9.20g/t Au from 112m
- 7m at 8.25g/t Au from 57m
- 9m at 8.24g/t Au from 88m
- 23m at 5.85g/t Au from 13m
The deposit sits on a granted mining lease immediately adjacent to the former Flying Fox underground mine and about 14 kilometres via private haul road to the Cosmic Boy concentrator. Medallion said drilling programs are planned to confirm the initial MRE and test extensions to near-surface mineralisation.
Managing Director, Paul Bennett, commented:
The Forrestania Gold Project represents the dominant ground holding on a historically productive and fertile greenstone belt that has yielded multiple gold discoveries. Lounge Lizard represents the first step by Medallion to systematically unlocking the broader gold opportunity across the Project.
Historical work has outlined a consistent mineralised system over approximately one kilometre of strike, with limited systematic gold exploration undertaken in recent decades. With the asset now under our control, we are progressing multiple work streams to define resources and assess development pathways.
Our strategy is to establish Forrestania as a long-term gold processing and production hub in the region, supported by multiple potential feed sources across the tenure.
