Medallion Metals launches drilling at Forrestania after high-grade Lounge Lizard results

Medallion Metals Ltd ( (AU:MM8) ) has issued an announcement.

Medallion Metals has reported further high-grade historical drill results from the Lounge Lizard gold deposit at its Forrestania Gold Project in Western Australia, including multiple intersections above 7 grams per tonne of gold beneath the historic McMahon’s open pit. The company has commenced reverse circulation drilling at Lounge Lizard and at historical stockpiles at the Teddy Bear deposit, aiming to validate and extend historical data ahead of a maiden mineral resource estimate targeted for the third quarter of 2026.

Located on a granted mining lease and just 14 kilometres by private haul road from the Cosmic Boy Concentrator, Lounge Lizard offers the potential to become a second production source alongside Ravensthorpe for the Cosmic Boy gold plant. Management says the new drilling and validation work at Forrestania is intended to convert these opportunities into defined resources, which could enhance Medallion’s production profile and leverage its existing processing infrastructure for additional mill feed.

The most recent analyst rating on (AU:MM8) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.

More about Medallion Metals Ltd

Medallion Metals Ltd is an Australian gold developer focused on advancing its Forrestania Gold Project in Western Australia. The project includes the Cosmic Boy Concentrator and associated haul road infrastructure, giving the company control over a regional processing hub and positioning it to develop multiple nearby deposits such as Lounge Lizard and Teddy Bear as future mill feed sources.

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Technical Sentiment Signal: Buy

Current Market Cap: A$334.3M

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