Medallion Metals (ASX:MM8) reports ‘high-grade’ intercepts from its first drilling program at the Forrestania Gold Project in Western Australia.
The seven-hole reverse circulation (RC) program at McMahon’s pit returned 5m @ 5.8 grams per tonne gold (Au) from 106m and 3m @ 3.61g/t Au from 112m. The drilling extended known mineralisation down dip and down plunge, while also identifying a new hangingwall lode.
Other intercepts include 2m @ 5.05g/t Au from 147m, 6m @ 2.26g/t Au from 111m, and 8m @ 1.41g/t Au from 117m, including 2m @ 2.79g/t Au from 123m.
Managing Director Paul Bennett says the results ‘validate the opportunity’ 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 [MRE],” Bennett says.
The 1,077m program at McMahon’s, located at the northern end of Lounge Lizard, is the company’s first exploration drilling at the project since acquiring it from IGO in February.
‘High-grade’ gold mineralisation is hosted within a north-south trending lode along the contact between mafic and ultramafic stratigraphy.
The newly identified hangingwall lode remains open along strike to the north and down dip. Medallion has validated historical drilling through re-assaying selected core, with new assays averaging approximately 20% higher than original results.
Medallion plans to commence a 6,700m combined diamond and RC program this month targeting three lode positions and extensions at Lounge Lizard. An initial MRE is targeted for Q3 2026.
The Forrestania Gold Project comprises 90 tenements covering 916km2 and is located 14km via private haul road from the Cosmic Boy Concentrator.
Medallion Metals is an Australian gold and copper explorer, with a portfolio that includes the flagship Ravensthorpe Gold Project and the Jerdacuttup Project in Western Australia.
Write to JC Villarba at Mining.com.au
Images: Medallion Metals
