Medallion Metals Validates High-Grade Gold at Lounge Lizard with Resource Estimate on Horizon

High-Grade Gold Continuity Reinforced Beneath Lounge Lizard Pit

Medallion Metals Limited (ASX:MM8) has bolstered its understanding of the Lounge Lizard gold deposit with a fresh tranche of validated historical drilling results, confirming strong down-dip and lateral continuity of high-grade mineralisation across multiple lodes. The company released assay data from 212 historical drill holes, integrating mid-to-late 1990s drilling into its updated 3D geological model, which now clearly delineates Main, Footwall, and Hanging wall lodes beneath the historical open pit.

Noteworthy intercepts include 11 metres at 6.94 grams per tonne (g/t) gold from 50 metres, 9 metres at 8.69 g/t from 67 metres, and 5 metres at 10.16 g/t from 98 metres, among others. These results reinforce the predictability of structural controls on mineralisation, underpinning confidence in the continuity of high-grade shoots and enhancing exploration targeting for upcoming drilling campaigns.

Strategic Location Offers Development Optionality

Lounge Lizard sits on granted Mining Lease M77/545, less than 600 metres from the Flying Fox underground mine and approximately 14 kilometres by private haul road to the Cosmic Boy Concentrator (CBC). This proximity provides Medallion with multiple pathways to potentially fast-track development, leveraging existing underground infrastructure and processing facilities.

The deposit’s mineralisation extends over a strike length exceeding 1 kilometre and reaches depths of up to 466 metres, with mineralisation interpreted to continue below the Outokumpu Fault system. Historical mining at Lounge Lizard and adjacent pits was conducted in the late 1990s, but production figures remain partially reconciled, leaving room for resource growth and mine life extension.

Ongoing Drilling and Resource Definition Activities

Medallion has completed reverse circulation (RC) drilling beneath the McMahons open pit with assays pending and is advancing plans for further RC and diamond drilling beneath Lounge Lizard. These programs aim to validate existing mineralisation, test extensions down-dip and along strike, and integrate re-sampling of historical diamond core from the Forrestania core library.

A maiden Mineral Resource Estimate (MRE) for the Forrestania Gold Project, incorporating Lounge Lizard, is targeted for completion in the third quarter of 2026. This resource will inform preliminary mining studies evaluating both open pit and underground development scenarios, assessing how Lounge Lizard could supplement mill feed to the Cosmic Boy Concentrator and support production growth beyond the current Feasibility Study.

Strengthening Forrestania’s Production Profile

Managing Director Paul Bennett highlighted that the integration of validated historical data with field mapping has improved confidence in the geological interpretation across multiple lodes. He emphasised Lounge Lizard’s potential as a near-term production source, complementing other high-grade deposits within the Forrestania tenure and contributing to extending mine life and increasing production rates.

These developments align with Medallion’s broader strategy to expand Forrestania’s gold resource base and production profile, alongside advancing refurbishment of the Cosmic Boy Concentrator and ongoing drilling at other project areas.