Medallion Metals has returned high-grade gold intercepts from a slimline reverse circulation drilling programme at the Lounge Lizard deposit within the Forrestania Gold Project in Western Australia.

The seven-hole, 1,077-metre programme at McMahon’s open pit validated previous drilling, extended known mineralisation down dip and down plunge, and identified a new hangingwall lode. Significant intercepts include 5 metres at 5.80 g/t gold from 106 metres, including 3 metres at 8.83 g/t gold in hole MMRC028, and 3 metres at 3.61 g/t gold from 112 metres, including 2 metres at 5.01 g/t gold in hole MMRC027 within the newly identified hangingwall lode. Additional results include 2 metres at 5.05 g/t gold from 147 metres in MMRC029, 6 metres at 2.26 g/t gold from 111 metres in MMRC031, and 8 metres at 1.41 g/t gold from 117 metres in MMRC032.

“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.”
— Paul Bennett, Managing Director

In parallel with the drilling, Medallion has commenced re-assaying selected historical diamond core from beneath the Lounge Lizard pit. A total of 78 quarter-core samples from four holes drilled between 1988 and 1990 were analysed using 50g fire assay. The re-assays validated historical results across multiple lodes and averaged approximately 20% higher grades than original intervals.

An approximate 6,700-metre diamond and reverse circulation drilling programme is scheduled to commence in August 2026 to target three lode positions beneath the Lounge Lizard pit, alongside follow-up reverse circulation drilling at McMahon’s and the Teddy Bear prospect. The company is targeting completion of an initial Mineral Resource Estimate for Lounge Lizard in the third quarter of calendar 2026.

Read the full announcement: Drilling Extends Lounge Lizard Gold Mineralisation