Medgold Resources Corp (CVE:MED), the Serbia-focused explorer, said Wednesday that drilling at its high-priority Karamanica prospect at the Tlamino project will start this week, as it also reported drill results from this year's work at the Barje-Liska area.
It has planned around 2,000m of diamond drilling at Karamanica, the company said in a statement.
Fortuna has an option to earn up to 70% of Tlamino by spending US$8 million over five years and completing a preliminary economic assessment.
The main target at Karamanica consists of a 2km long anomaly within a 2km by 1.5km polymetallic soil anomaly, which is believed to be the strike extension of a mineralized structure onto Tlamino from underground mine workings at the adjacent Podvirovi mine, currently in development by Mineco Ltd.
Yugoslav state agencies listed a historic resource for Podvirovi as 2.216 million tonnes at 3.07% lead, 3.06% zinc and 0.87% copper, but it is worth noting that Medgold is not treating the historical document as either current mineral resources of reserves.
Also in Wednesday's statement, results have been received from all 11 holes completed during Medgold's 2019 drilling program at Barje-Liska.
Highlight assays included 32.35m at 3.48% combined lead and zinc with 0.25 grams per ton (g/t) gold in one hole and 30m at 3.95% combined Pb+Zn (lead and zinc) with 0.11 g/t gold in another.
The latter result lies around 290m north of historically-reported mineralization at Liska, which Medgold says suggests a broad zone of lead and zinc mineralization over a north-south interval of over 600m.
The project lies close to the borders of both Bulgaria and Macedonia, five hours south of Belgrade by highway and local roads.
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