Industry News

Medallion Metals Extends Gold Mineralisation at Lounge Lizard in Western Australia

August 13, 2026 Margaret Calloway 3 min read

Significant Drilling Results from Lounge Lizard

Medallion Metals reported outstanding drill intercepts from its recent reverse circulation (RC) drilling campaign at Lounge Lizard. Notable results include 6.0 meters at 10.04 g/t gold from 26 meters, 6.0 meters at 3.72 g/t gold from 60 meters, and 5.0 meters at 7.34 g/t gold from 64 meters. These results underscore the project’s potential to host high-grade gold mineralisation over a considerable strike length.

The company has confirmed that the mineralisation extends over approximately 1 kilometer of strike and remains open along strike and at depth. This suggests significant upside potential for future resource expansion. Medallion Metals is targeting a maiden Mineral Resource Estimate for Q3 2026, further solidifying Lounge Lizard’s position within the company’s asset portfolio.

Historical Context and Project Background

Lounge Lizard is part of the recently acquired Forrestania Gold Project, which lies on a granted Mining Lease adjacent to the former Flying Fox underground mine. The project has historical significance, having produced around 35,000 ounces of gold from shallow pits during 1996-97. The site benefits from existing infrastructure, including a 14-kilometer private haul road to the Cosmic Boy Concentrator.

Medallion has been actively validating historical drilling data, with approximately 65 of 450 historical RC and diamond holes validated to date. This validation process has confirmed significant intersections, such as 23 meters at 5.85 g/t gold, 21 meters at 4.02 g/t gold, and 20 meters at around 4.44 g/t gold. The ongoing validation and confirmatory drilling are expected to enhance the understanding of the deposit’s geology and inform future mining studies.

Strategic Implications for Medallion Metals

The extension of gold mineralisation at Lounge Lizard is a strategic milestone for Medallion Metals. As the company progresses towards a maiden Mineral Resource Estimate, the project could significantly contribute to Medallion’s growth trajectory. The integration of Lounge Lizard ore as feed to the Cosmic Boy Concentrator is under evaluation, with preliminary mining studies exploring both open pit and underground scenarios.

This development positions Medallion Metals favorably within the competitive landscape, potentially increasing its resource base and enhancing its production capabilities. As gold prices remain, driven by macroeconomic uncertainties, the prospect of expanding high-grade resources is timely, offering a potential buffer against market volatility.

Looking ahead, Medallion Metals will focus on completing the validation of its historical drill database, potentially resampling diamond core, and conducting further confirmatory drilling. These efforts are crucial to underpinning the upcoming Mineral Resource Estimate and preparing for future mining operations that could uses existing infrastructure.

The company’s proactive approach in advancing Lounge Lizard reflects its commitment to unlocking value from its asset portfolio. As the industry anticipates further exploration results and resource updates, Medallion Metals stands at a pivotal juncture, poised to enhance its position in the gold mining sector.

Editorial Note: This article is an independent analysis based on publicly available information and press releases. MineListings.com is not affiliated with the companies mentioned. The views expressed are those of our editorial team and do not represent the official position of any company discussed. For the most accurate and complete information, readers should refer to the original source materials and company filings.