Exploration / Development > Discovery

Medgold excited by Serbia potential

Canada-listed explorer Medgold Resources (CN:MED) is excited by the potential at its Tlamino gold project in Serbia as the latest assays demonstrate mineralisation extends into the hillside.

Staff reporter

Exploration / Development > Discovery

Medgold excited by Serbia potential

Canada-listed explorer Medgold Resources (CN:MED) is excited by the potential at its Tlamino gold project in Serbia as the latest assays demonstrate mineralisation extends into the hillside.

Staff reporter

Medgold excited by Serbia potential

Medgold is planning fully-funded diamond drilling to start at Tlamino in 2018

Assays from a composite channel sample interval at an adit in the Barje prospect contained 52m at 2.2g/t gold and 88g/t silver.

"Our confidence is building in our geological model, which we have been able to test having entered, mapped and sampled the adit, and we can now consistently demonstrate anomalous gold-silver values in all three directions at Barje," Medgold president Dan James said.

The adit had been excavated by a Yugoslav state company in the 1950s in a search for lead-zinc mineralisation.

James said exploration was progressing "steadily" despite a delay in the issuing of a land access permit and the company was aiming to start first-pass diamond drilling in the second quarter of 2018.

The drilling will be fully-funded by Medgold's strategic partner, Fortuna Silver Mines (CN:FVI).

The pair is part of the six-member, Vancouver-based Gold Group of companies led by Simon Ridgway, who is also Medgold's chairman and CEO.

Under the alliance, Fortuna can earn up to 51% of Tlamino by spending US$3 million within three years.

Medgold has terminated its exploration in Portugal to focus on its Serbian projects.

Shares in the company closed up 6.67% at C16c, towards the lower end of its 52-week range of 13-25c.

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