Medallion Metals Validates High-Grade Gold at Lounge Lizard, Eyes Maiden Resource by Q3 2026

Historical Gold Confirmed at Lounge Lizard

Medallion Metals Limited (ASX:MM8) has announced the validation of historical high-grade gold drilling results at the Lounge Lizard deposit, part of the recently acquired Forrestania Gold Project (FGP) in Western Australia. This confirmation revives interest in a deposit that has seen limited systematic gold exploration since the late 1990s.

The validated drilling highlights significant mineralisation over roughly one kilometre of strike length, with grades including notable intersections such as 23 metres at 5.85 grams per tonne gold from 13 metres depth, and 6 metres at 9.20 grams per tonne from 112 metres. Importantly, mineralisation remains open both at depth and along strike, suggesting further upside potential.

Strategic Location and Infrastructure Advantage

Lounge Lizard is situated on a granted mining lease immediately adjacent to the former Flying Fox underground mine, a historically productive site. The deposit benefits from excellent infrastructure, including a private haul road connecting it to the Cosmic Boy Concentrator (CBC) located 14 kilometres away. This proximity to existing processing facilities provides Medallion with a strategic advantage in advancing the project efficiently.

The Forrestania Gold Project itself covers a dominant landholding within a fertile greenstone belt known for multiple gold discoveries. Medallion’s acquisition of the former Forrestania Nickel Operation in February 2026 has consolidated control over key assets, including the CBC, positioning the company to develop a long-term gold processing and production hub supported by multiple feed sources.

Pathway to Maiden Resource and Development

Medallion is systematically validating approximately 450 historical drill holes, with 65 already reviewed and more underway. This validation process includes verifying original logging and assay data, confirming drill collar locations with differential GPS, and assessing drilling methods and assay techniques. While assay certificates for some historical data remain elusive, repeat assays and quality assurance procedures reported historically provide confidence in the dataset.

The company is targeting a maiden Mineral Resource Estimate (MRE) for Lounge Lizard by the third quarter of 2026. To support this, confirmatory drilling programs are planned to both validate historical results and test extensions of near-surface mineralisation. Parallel preliminary mining studies will evaluate open pit and underground development scenarios, as well as the potential integration of Lounge Lizard as an additional feed source to the CBC.

Looking Ahead

Managing Director Paul Bennett emphasised the strategic importance of the Forrestania acquisition and the potential of Lounge Lizard as a near-term opportunity to expand Medallion’s gold resource base. The company’s broader vision is to establish Forrestania as a regional gold processing hub, leveraging multiple deposits and existing infrastructure to drive sustainable production growth.

As Medallion advances its validation and drilling programs, the market will be watching closely for the maiden resource announcement and subsequent development plans that could significantly enhance the company’s asset portfolio and regional footprint.