Medgold Resources Corp. announce has completed its Phase 1 drill program at the Tlamino project in southern Serbia. The drill program was fully funded by Fortuna Silver Mines Inc. under the terms of an option agreement between Medgold and Fortuna. Assays have been received for holes BAR005, BAR006 and BAR007. All holes have intersected significant gold mineralization:
BAR006: 9.0 m of 14.17 g/t Au and 58 g/t Ag from 95.0 to 104.0 m within a broader zone of 30.0 m grading 5.45 g/t Au and 25 g/t Ag from 74.0 m to 104.0 m;
BAR007: 12.1 m grading 3.37 g/t Au and 12 g/t Ag from 89.5 to 101.6 m;
BAR005: 20.2 m of 1.08 g/t Au and 11 g/t Ag from 82.2 m to 102.4 m.
Mineralization identified over an area of at least 300 m by 200 m, and demonstrates a close spatial correlation with the IP-chargeability anomaly, which extends at least 700 m further to the west for a total of area of approximately 1,400 m east-west and 500 m north-south;
High-grade mineralized breccias are associated with a large-scale detachment structure;
The hanging wall to the high-grade mineralization is anomalous in gold over broad thicknesses, and;
Second phase of drilling expected to commence in late July, with a program of at least 3,000 m, fully-funded by Fortuna Silver Mines.
Dan James, President of Medgold, said: “We are delighted to have identified gold mineralization in all of our first 7 holes at Tlamino. We’re seeing multi-metre high-grade gold intercepts within very broad zones of low- to moderate-grade rock over a large area, and in some holes the mineralization starts at surface. The gold mineralization is flat-lying, near-surface and associated with a large-scale regional detachment fault. We’ve confirmed a strong relationship between IP-chargeability, disseminated sulphides, and gold mineralization which gives us sufficient confidence to plan for Phase 2 drilling to start later this month. We aim to expand the known mineralized area by systematically testing the IP anomaly towards the west. We believe we’ve made a significant gold-silver discovery at Tlamino. The discovery highlights the tremendous exploration potential of Serbia and we’re looking forward to expanding our generative work in country.”