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Medgold Resources completes Phase 1 of drilling programme at Tlamino gold project

Last updated: 15:26 05 Jul 2018 BST, First published: 10:26 05 Jul 2018 BST

Mine entrance
A second phase of drilling is expected to commence in late July

Medgold Resources Corp (CVE:MED) has completed phase 1 of its drilling programme at the Tlamino gold project in southern Serbia.

The gold-silver focused exploration firm said the programme, fully funded by Fortuna Silver Mines Inc under the terms of an option agreement between Medgold and Fortuna, had hit “significant” gold mineralisation across all holes drilled.

READ: Medgold Resources impressed with next holes at flagship Tlamino gold project

Assays received from the BAR006, BAR007, and BAR005 holes showed 9.0m of 14.17 g/t (grams per tonne) of gold (Au) and 58 g/t of silver (Ag) from 95.0 to 104.0m,  12.1m grading 3.37 g/t Au and 12 g/t Ag from 89.5 to 101.6m, and 20.2m of 1.08 g/t Au and 11 g/t Ag from 82.2m to 102.4m respectively.

Medgold added that the second phase of drilling was expected to commence in late July, with a programme of at least 3,000m of drilling to be funded by Fortuna.

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 mineralisation starts at surface.

He added: “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.”

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