14 August 2026 | Forrestania Gold Project, Western Australia
Medallion Metals has extended gold mineralisation at Lounge Lizard and identified a new hangingwall lode during its first exploration and resource drilling at the Forrestania Gold Project.
The seven-hole, 1,077m slimline reverse-circulation program tested the McMahon’s area at the northern end of Lounge Lizard. The deposit is about 14km by private haul road from the Cosmic Boy concentrator in Western Australia.
Results from McMahon’s
- 5m at 5.80g/t gold from 106m, including 3m at 8.83g/t from 106m
- 3m at 3.61g/t gold from 112m, including 2m at 5.01g/t from 112m
- 2m at 5.05g/t gold from 147m
- 6m at 2.26g/t gold from 111m
- 8m at 1.41g/t gold from 117m, including 2m at 2.79g/t from 123m
The program extended known mineralisation down dip and down plunge. Medallion also reported that the new hangingwall lode remains open along strike to the north and down dip and plunge.
Re-assaying selected historical diamond core provided further support for the legacy dataset, with the new assays averaging about 20 per cent higher across the intervals tested.
Why it matters
The new drilling strengthens the geological case for Lounge Lizard as Medallion advances an initial Mineral Resource Estimate. The combination of new intercepts, an additional lode position and validation of historical results improves the data available for resource modelling.
Lounge Lizard’s proximity to the Cosmic Boy concentrator is also important to Medallion’s wider Forrestania production strategy. Further resource growth could contribute additional high-grade ounces to a longer-term production profile, subject to resource estimates, studies and approvals.
Next steps
Medallion plans to begin about 6,700m of combined diamond and RC drilling in August. The program will test three lode positions and extensions to known mineralisation at Lounge Lizard.
The work is expected to support the initial resource estimate and help define the deposit’s potential contribution to future Forrestania mine planning.
Source: Medallion Metals Limited, “Drilling Extends Lounge Lizard Gold Mineralisation”, 14 August 2026.