Medgold Resources Corp (CVE:MED) (OTCMKTS:MGLDF) announced Wednesday that it has wrapped up a 2,000-metre drilling program at its Tlamino project in Serbia.
The junior completed eight holes at the Karamanica prospect, where samples from a long gold-in-soil anomaly returned values above 0.1 grams per ton (g/t) gold.
Initial results from the first hole drilled included 8 metres at 0.3 g/t gold and 3.2 g/t silver.
Though results are pending, the company said that three other holes targeted the same structure and intersected longer intervals.
Vancouver-based Medgold drilled targets along a two kilometre-long induced polarization anomaly on Karamanica in an area that could host the continuation of a nearby geological structure on an adjoining property.
Medgold’s 2019 exploration program was fully funded by miner Fortuna Silver Mines Inc (TSE:FVI) (NYSE:FSM) as part of a 2017 agreement between the two companies. 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.
Drilling was led by a joint Fortuna-Medgold technical committee and included a total of nearly 4,100 metres of diamond drilling at Tlamino along the Barje, Liska and Karamanica prospects.
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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