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Medgold Resources resumes drilling at Tlamino

All exploration work at the Tlamino project is fully-funded by Fortuna, which has an option to earn up to 70% of the project by spending US$8mln on exploration over five years and completing a preliminary economic assessment

Gold ore
The Barje Zone is host to a large outcrop of intense brecciation and mineralization

Medgold Resources Corp (CVE:MED) has resumed drilling at its Tlamino gold project in southern Serbia.

An initial phase of diamond drilling at the Barje zone was completed last month; in the second phase, Medgold intends to drill 2,400 metres.

READ Medgold gearing up for second phase of drilling at Tlamino after recent potential "significant discovery"

Medgold has also started preparation for an induced polarization-resistivity program at the Karamanica zone, which is located around eight kilometres to the west of the Barje zone.

The Karamanica zone is part of the project over which Medgold’s partner, Fortuna Silver Mines (TSE:FVI, NYSE:FSM) has an option; Fortuna is funding the exploration programs, which are being conducted under the direction of a joint Fortuna-Medgold technical committee.

"We're very pleased to have resumed drilling at Tlamino, following a short break to prepare for a much larger second phase of drilling. We will continue drilling to the west of the previously drilled zones, stepping-out along the main detachment structure, aiming to drill-test an area of 1,400 m by 500 m,” said Dan James, the president of Medgold.

“We hope to build on our strong results from the Phase 1 program, which confirmed the presence of flat-lying high-grade mineralization and is extensive over an area of at least 300 m by 200 m. We look forward to reporting initial results from this second phase of drilling in September 2018. We will also be reporting geophysical results, from the under-explored Karamanica Zone, in the Fall," he added.

Quick facts: Medgold Resources Corporation

Price: 0.065 CAD

TSX-V:MED
Market: TSX-V
Market Cap: $8.76 m
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