en.Wedoany.com Reported - Medallion Metals has confirmed that Teddy Bear has become the second high-grade gold opportunity at its recently acquired Forrestania gold project in Western Australia. Historical drilling results indicate broad, shallow mineralization surrounding the historic open pit.
Located 64 kilometers north of the Cosmic Boy processing plant, Teddy Bear is listed as one of several priority gold targets advancing at Forrestania. The area has delineated broad, shallow gold mineralization over a strike length of approximately 500 meters within and around the historic open pit, supporting future Mineral Resource Estimates (MRE) and extensional drilling.
Significant historical intercepts include: 18 meters at 3.64 grams per tonne gold from 57 meters (including 3 meters at 10.23 g/t from 64 meters); 40 meters at 1.41 g/t from 20 meters (including 8 meters at 2.63 g/t from 42 meters); and 18 meters at 2.49 g/t from 22 meters.
Medallion Managing Director Paul Bennett stated that following the company's recent work at Lounge Lizard, Teddy Bear further enhances the overall gold potential of Forrestania. He said the discovery at Teddy Bear confirms that the project hosts multiple deposits capable of contributing to future resource growth, and the evaluation of the Teddy Bear stockpile complements the company's early production strategy, indicating that Forrestania offers opportunities for both building long-term resources and identifying near-term processing opportunities. Bennett noted that, combined with the Ravensthorpe gold project, Forrestania forms the "second pillar" of Medallion's growth strategy, a platform capable of expanding resources, extending mine life, and building a larger, more sustainable gold business.
Teddy Bear is located on granted mining lease M77/324 within the western strike of the Forrestania greenstone belt, approximately 16 kilometers west of the 1.4-million-ounce Bounty gold mine. The deposit was mined as a satellite open pit to Bounty between 1989 and 1992.
Medallion has completed a preliminary assessment of Teddy Bear, including data validation, DGPS surveys of available collars, open pit mapping, data review, and a Slimline reverse circulation drilling program on a historic stockpile near the Teddy Bear waste rock dump. The stockpile drilling returned an average grade of 0.95 g/t gold, with a peak grade of 4.81 g/t gold, supporting Medallion's ongoing evaluation of future processing opportunities at Forrestania. The company plans further drilling to support resource estimation and test mineralization extensions.
