Medallion Metals Hits 5m at 5.8g/t Gold in First Forrestania Drilling
Medallion Metals has reported high-grade gold intercepts from its inaugural Slimline RC drilling programme at the McMahon’s deposit, located at the northern end of the Lounge Lizard system within the Forrestania Gold Project (FGP) in Western Australia. The seven-hole, 1,077m programme has validated historical results, extended known mineralisation down dip and down plunge, and identified a new hangingwall lode—marking Medallion’s first exploration and resource drilling at FGP.
McMahon’s sits 14km via private haul road from the Cosmic Boy Concentrator (CBC), positioning Lounge Lizard as a potential additional feed source to support a broader, longer-term production profile as Medallion advances Forrestania towards production.
High-grade intercepts extend known mineralisation
The drilling programme returned standout intercepts, including 5m @ 5.80 g/t Au from 106m in MMRC028 (including 3m @ 8.83 g/t Au), 2m @ 5.05 g/t Au from 147m in MMRC029, and 6m @ 2.26 g/t Au from 111m in MMRC031. A new hangingwall lode was intersected in MMRC027, returning 3m @ 3.61 g/t Au from 112m.
High-grade gold at McMahon’s is hosted within a north-south trending lode developed along the contact between mafic and ultramafic stratigraphy. The newly identified hangingwall lode, intersected in MMRC030 and MMRC027, remains open along strike to the north and down dip/plunge, providing an additional follow-up target.
| Hole | Intercept | Included High-Grade | Significance |
|---|---|---|---|
| MMRC028 | 5m @ 5.80 g/t Au from 106m | 3m @ 8.83 g/t Au from 106m | Main lode extension |
| MMRC029 | 2m @ 5.05 g/t Au from 147m | — | Down-plunge continuity |
| MMRC031 | 6m @ 2.26 g/t Au from 111m | — | Down-dip extension |
| MMRC027 | 3m @ 3.61 g/t Au from 112m | 2m @ 5.01 g/t Au from 112m | New hangingwall lode |
| MMRC032 | 8m @ 1.41 g/t Au from 117m | 2m @ 2.79 g/t Au from 123m | Broader zone confirmation |
Paul Bennett, Managing Director
“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.”
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Historical data holds up—and assays came back higher
In parallel with the drilling programme, Medallion re-assayed selected historical diamond core drilled beneath the Lounge Lizard Pit between 1988 and 1990. Four historical holes were selected, with nine significant intercepts across multiple lodes re-assayed using 78 quarter-core samples analysed via 50g fire assay.
The re-assay results validated the tenor of historical results, with new assays averaging approximately 20% higher across the intervals tested. This provides further confidence in the historical dataset ahead of the maiden Mineral Resource Estimate (MRE).
Standout re-assay comparisons (original vs resample):
- LLD008: 0.6m — 8.55 → 11.51 g/t Au (+34.6%)
- LLD013: 3.4m — 3.21 → 4.4 g/t Au (+37.1%)
- LLD013: 2.26m — 2.59 → 3.7 g/t Au (+42.9%)
- LLD001: 22m — 2.46 → 3.01 g/t Au (+22.4%)
In some intervals, direct comparison was limited by broken core and remaining sample volume. One interval (LLD008, 115.5–116.5m) returned a lower grade on re-assay (1.47 → 0.96 g/t Au, -34.7%), though the overall re-assay programme supports the integrity of the historical dataset.
Why this matters for the investment case
Lounge Lizard represents a potential additional feed source to the Cosmic Boy Concentrator, supporting Medallion’s ambition of building a broader, longer-term production profile at Forrestania. The successful validation of historical data and extension of known mineralisation de-risks the upcoming MRE and positions resource-inventory growth as the near-term value driver.
Understanding grade, intercepts and why they matter
Gold grades are measured in grams of gold per tonne of rock (g/t Au). Grades above 2 g/t Au are generally considered high-grade in many gold deposits. A drill intercept is the length of mineralised rock intersected by a drillhole, measured down the hole. Both width and grade matter—a wider zone of moderate-grade mineralisation can be as valuable as a narrow zone of high-grade mineralisation. A Mineral Resource Estimate (MRE) is a formal calculation of the tonnage and grade of mineralisation, categorised by confidence level. Validating historical data—as Medallion has done through the re-assay programme—increases confidence that the ounces are real and can be counted in the MRE.
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What’s next: 6,700m drilling and a maiden resource
This seven-hole programme marks the start of a larger exploration effort at Lounge Lizard and across the broader Forrestania Gold Project. Near-term work programmes include:
- ~6,700m Diamond & RC drilling commencing August 2026, targeting three lode positions beneath the Lounge Lizard Pit to confirm and extend historical mineralisation.
- RC drilling at Lounge Lizard and Teddy Bear, including follow-up drilling at McMahon’s.
- Initial Lounge Lizard Mineral Resource Estimate targeted for Q3 CY26.
- Preliminary mining studies evaluating open pit and underground scenarios and potential to feed the CBC.
Medallion’s focus is now on continuing to grow resource inventory and build a longer-term production profile at Forrestania, with drilling momentum expected to accelerate through the second half of 2026.
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