Medgold Resources Corp. has been granted five exploration licenses for precious and base metal mineralization in the Republic of Serbia. A block of three contiguous licenses totaling 300 km2 is located in the southeast of the country, bordering Macedonia and Bulgaria. Two licenses, each of 100 km2, are located approximately 50 km to the north of the southern license block. A license location map can be found on Medgold's website. Exploration activities on these licenses will be fully funded through Medgold's Strategic Alliance with Fortuna Silver Mines.
Dan James, President of Medgold, commented: "We are very pleased to have received our first exploration licenses in Serbia. They cover large areas of highly prospective ground and are under-explored for gold and silver. The licenses are the result of a prolonged period of target generation, working with our partner, Fortuna Silver Mines, and a number of consultants, including Dr. Richard Sillitoe. We're looking forward to commencing field work immediately, to ground-truth a series of prospective targets."
Recently, Medgold purchased an exploration dataset from Dundee Precious Metals, which had in previous years conducted regional exploration campaigns over parts of these license areas. The data include regional stream sediment sampling results and a number of fairly detailed soil sampling grids over historical showings and gold-anomalous stream sediment and rock chip results. The data are currently being reviewed and will be followed-up with a series of ground-truthing and quality-control exercises.
In the coming months, field crews will be undertaking license-wide reconnaissance over all licenses, as well as commencing a series of systematic soil and stream sediment sampling programs and a detailed review of the historical data.