Medallion Metals Limited (ASX: MM8) has validated historical drilling data and confirmed new gold mineralisation at the Teddy Bear deposit, a key prospect within its Forrestania Gold Project in Western Australia. The company’s evaluation of the site, which sits 64km from the Cosmic Boy Concentrator, has identified broad, shallow mineralisation extending over 500 metres of strike.

Recent analysis of historical data has been supported by a slimline reverse circulation drilling program focused on a surface stockpile adjacent to the old Teddy Bear open pit. This work returned an average grade of 0.95g/t gold. Beyond the stockpile, the company reported significant drill intercepts including 18m at 3.64g/t gold from 57 metres, which featured a higher-grade core of 3m at 10.23g/t gold.

"The Forrestania Gold Project is continuing to demonstrate the breadth of its gold potential. Following the recent results from Lounge Lizard, Teddy Bear provides further confidence that the project hosts multiple opportunities capable of contributing to future resource growth."

— Paul Bennett, Managing Director

The identification of these zones aligns with Medallion’s "Early Production Strategy," which focuses on evaluating and advancing satellite deposits to potentially feed a centralized processing facility. By validating the historical dataset and confirming mineralization outside the existing pit shell, the company is positioning itself to define a maiden Mineral Resource Estimate for the site.

Looking ahead, the company has outlined a clear operational path to unlock further value at the project. Medallion intends to conduct deep sectional drilling to resolve the plunge geometry of the mineralisation, alongside ongoing extensional drilling designed to test the strike and dip continuity of the deposit. These efforts are expected to provide the technical foundation required to advance the prospect toward resource definition.

Read the full announcement: Second High-Grade Gold Opportunity Emerging at Forrestania