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Drilling set to begin at Medgold’s Tlamino gold project in Serbia

The junior explorer’s project is located in southern Serbia and consists of two exploration licenses of around 100 square kilometres each

tlamino
Tlamino project in southern Serbia

Medgold Resources Corp (CVE:MED) announced Wednesday that a new drill program to extend the known mineralization of the company’s Tlamino gold project will start in early June.

The junior explorer’s project is located in southern Serbia and consists of two exploration licenses of around 100 square kilometres each.

Medgold shares were unchanged at C$0.11 in Toronto by midday Wednesday.

READ: Medgold Resources set for 5,000 meters of drilling at Tlamino project this year

Initially, the focus of the 5,000 metre program will aim at extending the current gold and base metal mineralization southward. The mineralization was defined as part of the Barje prospect last year, where previous exploration work found a large hydrothermal breccia rock that likely hosts continuous gold.

The nearby area that houses Barje was previously drilled by the former Yugoslavia. Exploration work noted significant mineralization but no follow-up analysis, making the land highly prospective for further discoveries.

Around 5,000m of drilling was completed before 1980 at Liska by Yugoslav state agencies, which have reported a historic mineral resource estimate for this area as 4,863,000 tons at 0.54% lead and 1% zinc in B+C1 resource categories.

Additionally, the reported mineralization potentially indicates a similar structure and hydrothermal system to that at Barje. Medgold’s 2019 drilling program will test for further mineralization between the Yugoslav drilling records and the current Barje prospect.

Subsequent drilling will take place near well-defined exploration targets at Karamanica, where an existing anomaly may represent the continuation of a mineralized structure into Medgold’s project area.

Drilling is fully funded by Fortuna Silver Mines Inc (TSE:FVI) (NYSE:FSM) as part of an option agreement between the two companies from March 2017.

--Updates share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Medgold Resources Corp

Price: 0.08 CAD

TSX-V:MED
Market: TSX-V
Market Cap: $7.58 m
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