Vancouver, Canada, May 29, 2019 –Medgold Resources Corp. (TSX-V: MED) is pleased to announce that further to its news release of March 21, 2019, drilling at its Tlamino Project (the “Project” or “Tlamino”) in southern Serbia, consisting of up to 5,000m of diamond drilling, will commence during the week of June 3.
The initial focus of the 2019 program will be to seek southward extensions to the gold and base metal mineralization defined at the Barje Prospect in 2018 – at which a shallow-dipping, structurally-controlled tabular hydrothermal breccia measuring 700m east-west by 250m north-south was seen to give host to continuous gold mineralization.
Of significance in this program is that historic drilling 1.5km to the south of Barje by Yugoslav State Agencies, at the so-called Liska Prospect, reported a shallow-dipping tabular zone of breccia hosted lead-zinc mineralization. Historic records indicate that such mineralization ranges in thickness from 15m to 40m over an area of approximately 300m by 450m, and that no systematic gold analysis appears to have been undertaken by the Yugoslav State. The reported mineralization potentially represents a similar mineralizing structure and hydrothermal system to that discovered by Medgold’s 2018 drilling program at Barje. Medgold’s 2019 drilling program will commence in the area of historic Yugoslav drilling at Liska, and will test for additional mineralization between Liska and Barje.
Subsequent drilling by Medgold will focus on well-defined exploration targets at Karamanica including a 2km long Induced Polarization (“IP”) chargeability anomaly within a 2km by 1.5km gold-in-soil anomaly, which management believes to represent the continuation of a mineralized structure into Medgold’s tenement along strike from underground mine workings at Podvirovi currently being put into production by Mineco Limited.
The 2019 exploration program remains fully funded by Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna”) and directed by a joint Fortuna-Medgold technical committee pursuant to the terms of the Tlamino Option Agreement announced on March 7, 2017.
The Tlamino Gold Project
The Project is located in Southern Serbia, close to the borders of both Bulgaria and Macedonia, five hours south of Belgrade. Tlamino is comprised of two exploration licenses, Donje Tlamino and Surlica-Dukat, each approximately 100 sq.km. All exploration work at the Project is fully-funded by Fortuna, which has an option to earn up to 70% of the Project by spending US $8 million on exploration over five years and completing a Preliminary Economic Assessment (see Medgold news release of March 7, 2017).
About Medgold Resources Corp.
Medgold is a Serbia-focused, TSX-V listed, project generator company targeting early-stage gold properties in the Oligo-Miocene Belt of Serbia. Run by an 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.
The scientific and technical information in this new release has been prepared and approved by Mr. Thomas Sant, FGS, CGeol, EurGeol, who is the Company’s Qualified Person as defined by Na-tional Instrument 43-101. Mr. Sant has provided consulting services to Medgold since 2017.
Soruce: Medgold Website