Medallion Metals has validated broad, shallow gold mineralisation at the Teddy Bear deposit within Forrestania, alongside promising stockpile grades that bolster its early production plans.
- Teddy Bear deposit shows extensive high-grade gold over 500m strike
- Historical drilling confirms mineralisation outside old pit boundaries
- Recent Slimline RC drilling averages 0.95g/t Au in stockpile material
- Further drilling planned to define resource extensions and plunge geometry
- Forrestania set as second growth pillar alongside Ravensthorpe project
Teddy Bear Emerges as Significant Gold Target
Medallion Metals Limited (ASX:MM8) has spotlighted the Teddy Bear Gold Deposit as a second advanced development opportunity within its Forrestania Gold Project (FGP) in Western Australia. Historical drilling data, validated by the company, reveals broad and shallow gold mineralisation extending approximately 500 metres along strike, including high-grade zones beyond the confines of the old open pit mined between 1989 and 1992.
Key intercepts include 18 metres at 3.64 grams per tonne gold from 57 metres, featuring a 3-metre section grading 10.23 g/t, and a 40-metre interval at 1.41 g/t from 20 metres depth. These results underpin Medallion’s plans to progress towards a Mineral Resource Estimate (MRE) for Teddy Bear, with further drilling scheduled to test extensions along strike and at depth.
Stockpile Drilling Supports Early Production Strategy
Complementing the resource potential, Medallion recently completed a Slimline reverse circulation drilling program on a historical stockpile adjacent to the Teddy Bear waste dump. Thirty drill holes averaging just over six metres depth returned an average grade of 0.95 g/t gold, with individual assays peaking at 4.81 g/t. Bulk density measurements ranged from 1.50 to 1.78 tonnes per cubic metre, providing critical data for mine planning and resource estimation.
This stockpile evaluation aligns with Medallion’s Early Production Strategy, offering a near-term opportunity to generate gold production while resource definition continues. The company has flagged ongoing assessments to explore processing options for this material.
Geological Setting and Open Potential
Teddy Bear’s gold mineralisation is hosted within a chert unit sandwiched between basalt and ultramafic rocks, controlled by a shallow fault-thrust structure dipping 30 to 40 degrees east-southeast. While most drilling has tested the deposit to around 60 metres below surface, three holes drilled in 2018 extended this to 125–150 metres, intersecting mineralisation that remains open along strike and at depth.
The plunge geometry of the mineralised system is yet to be resolved, with possibilities ranging from a moderate to steep northerly plunge to a shallow plunge that could indicate repeated lodes at depth. Medallion’s planned deep sectional drilling aims to clarify this structural interpretation and unlock further resource upside.
Forrestania’s Role in Medallion’s Growth Strategy
Managing Director Paul Bennett highlighted Teddy Bear’s validation as a strong signal of Forrestania’s broader 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," Bennett said.
He emphasised the complementary nature of Forrestania to Medallion’s Ravensthorpe Gold Project, describing Forrestania as the second pillar of the company’s growth strategy. This dual-project approach aims to expand resources, extend mine life, and build a sustainable gold business.
As Medallion prepares to commence drilling across priority prospects in the second half of 2026, Forrestania is poised to play an increasingly important role in the company’s resource base expansion and production pathway.
Bottom Line?
Medallion’s Teddy Bear deposit validation and stockpile grades strengthen Forrestania’s standing as a key growth asset, but upcoming drilling will be crucial to unlocking its full resource potential.
Questions in the middle?
- How will the planned deep drilling at Teddy Bear clarify the plunge geometry and impact resource estimates?
- What processing options will Medallion pursue for the stockpile material to realise early production?
- How will Forrestania’s resource growth complement Ravensthorpe’s development timeline and production profile?