Medgold Announces Start of 2019 Exploration Drilling Program at its Tlamino Project, Serbia
TSX VENTURE: MED
Vancouver, Canada / TheNewswire / 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 National Instrument 43-101. Mr. Sant has provided consulting services to Medgold since 2017.
ON BEHALF OF THE BOARD
Jeremy Crozier, President and CEO
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President and CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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 Tlamino Project. 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 Tlamino Project; 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 Tlamino Project 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.