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Goldman New drilling at McMahon’s extends known mineralisation and identifies a hangingwall lode at the Forrestania Gold Project.
Medallion Metals Limited (ASX:MM8) has reported new gold results from a seven-hole, 1,077-metre slimline reverse circulation drilling programme at Lounge Lizard, within its Forrestania Gold Project in Western Australia.
The programme tested the northern end of Lounge Lizard at the McMahon’s open pit, validating historical drilling, extending known mineralisation down dip and down plunge, and identifying a new mineralised hangingwall lode.
Material intersections reported from the programme include:
- 5 metres at 5.80g/t gold from 106 metres in MMRC028, including 3 metres at 8.83g/t gold from 106 metres
- 3 metres at 3.61g/t gold from 112 metres in MMRC027, including 2 metres at 5.01g/t gold from 112 metres
- 2 metres at 5.05g/t gold from 147 metres in MMRC029
- 6 metres at 2.26g/t gold from 111 metres in MMRC031
- 8 metres at 1.41g/t gold from 117 metres in MMRC032, including 2 metres at 2.79g/t gold from 123 metres
The company reports the intersections as down-hole lengths. Medallion also said re-assays of selected historical diamond core averaged about 20% higher across the intervals tested, while noting that direct comparisons were limited in some intervals by broken core and the amount of sample remaining.
Approximately 6,700 metres of diamond and RC drilling is scheduled to start in August, targeting three lode positions beneath the Lounge Lizard pit. The company is targeting an initial Lounge Lizard Mineral Resource Estimate in the third quarter of 2026 and will assess open-pit and underground development scenarios.
Medallion Metals managing director Paul Bennett:
The results at McMahon’s provide further validation of the opportunity we see at Lounge Lizard. Our first exploration and resource drilling at Forrestania has extended known mineralisation and identified a new hangingwall lode, while the historical data continues to stand up well as we advance Lounge Lizard towards an initial Mineral Resource Estimate.
As we progress Forrestania towards production, we are also focused on demonstrating the broader potential of the project. This drilling marks the commencement of a larger programme at Lounge Lizard and across other emerging opportunities, with the objective of continuing to grow Medallion’s resource inventory and build a longer-term production profile.
