Medallion Metals (ASX:MM8) has validated broad, shallow gold mineralisation over a 500m strike at the Teddy Bear deposit within its Forrestania Gold Project in Western Australia.
A technical review of historical drilling at Teddy Bear — located 64km north of the Cosmic Boy concentrator — confirms mineral continuity outside the historical open pit shell, with notable intercepts such as 18m @ 3.64 grams per tonne gold (Au) from 57m, including 3m @ 10.23g/t Au from 64m.
Additional results include 40m @ 1.41g/t Au from 20m, including 8m @ 2.63g/t Au from 42m, alongside 18m @ 2.49g/t Au from 22m, 29m @ 1.52g/t Au from 27m, and 22m @ 1.98g/t Au from 55m.
Recent drilling also confirmed a stockpile grade of 0.95g/t Au, peaking at 4.81g/t Au.
Managing Director Paul Bennett says Teddy Bear provides further confidence that Forrestania hosts multiple opportunities capable of contributing to future resource growth.
“Importantly, the evaluation of the Teddy Bear stockpile complements our early production strategy, demonstrating that Forrestania presents opportunities to both build long-term resources and identify near-term processing opportunities as we continue unlocking value across the project,” Bennett says.
Medallion now plans to focus on resource evaluation through grade validation, resource definition, and extensional drilling to support a future mineral resource estimate.
The Forrestania Project comprises 90 tenements covering 916km², with Teddy Bear located on the western trend of the Forrestania Greenstone Belt.
Medallion Metals is an explorer focused on developing its assets in WA and aiming to become a low-cost gold and copper producer.
Write to Paula Fabe at Mining.com.au
Images: Medallion Metals
