VANCOUVER, B.C., Jan. 11, 2018 (GLOBE NEWSWIRE) -- Medgold Resources Corp. (MED.V) (the “Company” or “Medgold”) is pleased to announce results from ridge-and-spur soil sampling near Medgold’s Tlamino gold project in southern Serbia.
HIGHLIGHTS:
- Two large gold targets identified for follow up work,
- The targets measure 3 km by 1 km and 2 km by 1.5 km and are located northwest and north of Tlamino, respectively, and
- The targets are part of the Crnook Licence Group.
Dan James, President of Medgold, commented: “We are very pleased to see early success from a major regional sampling campaign with the identification of two quality exploration targets. We are beginning to identify what appears to be a regional exploration play, with mineralization associated with a major flat-lying detachment fault, and which is continuous for over 50 km and is thought to be a significant control on gold mineralization at the previously sampled targets of Barje and Karamanica. We have already identified high-grade gold mineralization in a similar setting at the Tlamino Project, and are now aiming to identify new detachment-related targets based on what we’ve learned at Tlamino. These excellent gold-in-soil results demonstrate that our targeting work is proving very successful and we’re looking forward to getting on the ground to explore them in detail in the Spring.”
The Crnook Licence Group
Medgold holds five exploration licences, each approximately 100 sq km in area, in southeastern Serbia, close to where the country borders both Macedonia and Bulgaria. Two of the licences (Donje Tlamino and Surlica-Dukat) are part of the Tlamino Gold Project optioned to Fortuna Silver Mines. The remaining three licences, Ljubata, Crnook and Radovnica, are wholly-owned by Medgold.
In the Fall of 2017 Medgold’s field crews completed a program of ridge-and-spur soil sampling and collected 2,096 soil samples at a sample spacing of 100 m along lines covering the trend of a major detachment fault. Medgold has interpreted the fault to have an important association with both gold-silver and lead-zinc mineralization in the region. The fault separates the Vlasina Schists from the underlying basement rocks of the Crnook Dome. It is a low-angle structure, continuous for nearly 50 km, and rings the Crnook Dome. The detachment fault is thought to be a significant control on the distribution of mineralization which is believed to occur along the fault hosted in breccias (e.g. at the Barje Prospect – part of Tlamino), and also in high angle structures (e.g. Karamanica – 10 km northwest of Barje) parallel and proximal to the detachment.
The program identified two areas of strongly elevated multi-element geochemistry:
- A 3 km by 1 km Au+As+Pb+Zn anomaly, with 10 samples assaying greater than 100 ppb Au, located on the western flanks of the Crnook Dome, and within the Ljubata licence. It occurs in proximity to a calcareous schist, of the Vlasina Unit, and also a young porphyry unit, considered to be of a similar age to the mineralization in the region, and appears to be geologically similar to the Karamanica target, located approximately 15 km to the southeast.
- A 2 km by 1.5 km Au+As+Cu+Pb+Zn anomaly, with 4 samples assaying greater than 100 ppb Au, located on the northern edge of the Crnook Dome, also with the Ljubata licence.
Maps showing the anomalies are available on Medgold’s website at: https://medgoldresources.com/projects/crnook
Work will continue on these areas, as well as following-up other smaller anomalies, in the Spring once the snow has cleared. Programs of grid-soil sampling will be undertaken, and if justified, ground geophysics.
About Medgold
Medgold is a European-focused, TSX-V listed, exploration and development company targeting gold properties in Serbia. Run by a highly experienced management team with a successful track record of building value in resource companies, Medgold is aiming to become a leading European gold exploration company.
Qualified Person
Mr. David Clark, M.Sc., P.Geo., is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Clark approved the disclosure of the technical information contained in this news release.
Quality Assurance and Quality Control
Medgold follows industry best practices for its prospecting and geochemical sampling campaigns. Samples are delivered by Medgold personnel directly to the assay laboratory facilities in Bor, Serbia. Soil samples are analysed by ALS Chemex using analytical method codes AuME-TL43 for gold and multi-element analysis. Medgold inserts regular field duplicate samples into the soil sample stream.
Additional information on Medgold can be found on the Company’s website at www.medgoldresources.com and by reviewing the Company’s page on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
“Dan James”
Daniel P. James, President & Director
For Further Information, Contact:
President
Dan James (UK)
dj@medgoldresources.com
+44 7972 579188
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the exploration plans for the Company’s properties in Serbia. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, the exploration plans for the Company’s properties in Serbia; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the proposed exploration of the Company’s properties in Serbia will proceed as intended; that the Company’s stated goals and planned exploration and development activities will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.