Medallion Metals has confirmed Teddy Bear as a second advanced gold opportunity within its recently acquired Forrestania gold project in Western Australia, with historical drilling validating broad, shallow mineralisation outside the historical open pit.
Teddy Bear sits 64km north of the Cosmic Boy Concentrator and has been identified as one of several priority gold prospects being systematically advanced across Forrestania.
The company said broad, shallow gold mineralisation has now been defined over approximately 500m of strike within and around the historical Teddy Bear open pit, supporting work towards a future mineral resource estimate (MRE) and further testing of deposit extensions.
Notable historical intercepts include 18m at 3.64 grams per tonne (g/t) gold from 57m, including 3m at 10.23g/t gold from 64m; 40m at 1.41g/t gold from 20m, including 8m at 2.63g/t gold from 42m; and 18m at 2.49g/t gold from 22m.
Medallion managing director Paul Bennett said Teddy Bear had added further weight to the broader Forrestania opportunity, following the company’s recent work at Lounge Lizard.
“The Forrestania Gold Project is continuing to demonstrate the breadth of its gold potential,” he said.
“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.
“Importantly, the evaluation of the Teddy Bear stockpile complements our Early Production Strategy, demonstrating that Forrestania presents opportunities to both build long-term resources and identify near-term processing opportunities as we continue unlocking value across the project.”
Bennet said that combined with the Ravensthorpe gold project, Forrestania provides the “second pillar” of Medallion’s growth strategy, considering its unique platform to expand resources, extend mine life, and build a larger, sustainable gold business.
Teddy Bear is located on granted mining lease M77/324 within the Western Trend of the Forrestania Greenstone Belt, around 16km west of the 1.4-million-ounce Bounty gold mine. The deposit was mined as a small satellite open pit to Bounty between 1989 and 1992.
Medallion has completed a first-pass evaluation at Teddy Bear, including data validation, DGPS surveys of available collars, open-pit mapping, data review and a Slimline reverse circulation drilling program on a historical stockpile adjacent to the Teddy Bear waste dump.
The stockpile drilling returned an average grade of 0.95g/t gold, with a peak assay of 4.81g/t gold, supporting Medallion’s ongoing assessment of future processing opportunities at Forrestania.
Further drilling is planned to support resource evaluation and test extensions to the mineralisation.
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