Medgold Resources to start Serbia drilling in July

Medgold has selected a drill contractor for the work at the Tiamino project.

European-focused Medgold Resources Corp is forging ahead with its Tlamino project in Serbia – with a planned diamond drill program scheduled to start at the end of July, it said.

The firm, which is withdrawing focus from Portugal, has selected a drill contractor for the work and a ground IP-resistivity geophysical survey is currently underway.

Medgold president Dan James told investors: “We are very pleased at the rapid progress we’ve made at the Tlamino Project which has built on the high-grade gold-silver results we reported in January.

“Working with our partner, Fortuna Silver Mines, we’ve started an IP-resistivity survey over the Barje-Liska and Karamanica showings, and we’re excited to drill test our Barje prospect.”

He added that the firm would also be continuing target generation work throughout Serbia and it has several new licences under application.

The Tlamino project is in southern Serbia, and includes two historical showings – Liska and Barje.

In January this year, Medgold reported sample assays from Barje, where around 70 m x 25 m of mineralized tectonic breccia is exposed.

Highlights included 40 metres of 8.32 grams per tonne (g/t) gold and 193 g/t silver.

In Portugal, following the completion of a 2,500 m diamond drill program at Boticas, under the option with Centerra Gold Inc, both parties agreed there was not enough exploration upside to warrant further exploration.

This option with Centerra is now being terminated, along with Luso Recursos for the Marrancos project, said Medgold.

Finally, Medgold added it will issue 220,000 shares to Dan James in part for his ongoing work as president. The shares will be issued in installments over a year, beginning from January 1 this year.

Shares in Toronto were $0.205 at the time of writing.

Source: proactiveinvestors