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Medgold Resources Corp. (MGLDF)

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  • H
    Harold
    I AM NOT SURE WHAT IS THE NEXUS OF THIS DEAL. IF THERE IS A POSSIBLE DEAL TO SELL THE PROJECT, IT MAKES SENSE FOR MED TO COMBINE WITH fORTUNA. BUT IF NO DEAL ACTUALLY EXISTS THEN MED COULD HAVE TO MAKE A DEAL UNDER STRESS OR LOSE THEIR HOLDINGS WITH NO PAYMENTCORRECT ME IF I AM WRONG

    " Medgold Resources Corp. (TSXV:MED)|(FRA:1XD) is pleased to announce that it has entered into a non-binding Letter of Intent (the "Letter") with Fortuna Silver Mines Inc. (NYSE:FSM) (TSX:FVI) ("Fortuna") to acquire Fortuna's 51% interest in the Tlamino Project located in Serbia (the "Project").

    Under the terms of the Letter, Medgold has secured an exclusive option (the "Option") to purchase Fortuna's 51% interest in the Project for a cash consideration of US$ 3.468 million. The Option is valid for three years and is exercisable upon the earlier of (i) the expiry of the term of the Option, (ii) the date of completion of a sale by Medgold of a 100% interest in the Project to a third party, or (iii) the date of completion of a merger between Medgold and a third party.

    Fortuna will also be entitled to deferred monthly option fees (the "Monthly Fees") of US$23,000 per month commencing from the date of the Definitive Agreement (as defined below) to the date of exercise of the Option, payable upon exercise of the Option. In the event that the Option is exercised within 12 months of the date of the Definitive Agreement (as defined below), the Monthly Fees will be fixed at US$276,000. Should Medgold not complete a sale of the Project or corporate merger within the term of the Option, Medgold will transfer its undivided 49% interest in the Project to Fortuna for no consideration, such that Fortuna will then hold an undivided 100% interest in the Project.

    If Medgold completes a sale of the Project or corporate merger as described above and receives consideration attributable to the Project in excess of US$ 13 per ounce of the Project's Inferred Mineral Resource (see The Tlamino Project below), Medgold will pay to Fortuna an asset sale bonus equal to 10.2% of any amount in excess of US$13 per ounce, less all of Medgold's costs related to the sale or corporate merger.

    The Option is subject to the execution of a definitive agreement (the "Definitive Agreement") to be entered into between Medgold and Fortuna within 60 days of the effective date of the Letter, and will contain terms and conditions customary for transactions of this type. The Option is subject to approval from the TSX Venture Exchange, and the boards of directors of both companies. Medgold and Fortuna have a director in common.

    Pursuant to the terms of the option agreement between Medgold and Fortuna dated March 6, 2017, and as later amended, Fortuna has earned a 51% interest in the Project by spending US$ 3 million in exploration expenditures, as announced on January 30, 2020.

    The Tlamino Project

    An Inferred Mineral Resource containing approximately 680,000 oz AuEq in 7.1Mt grading 3.0 g/t AuEq at cut-off grade of 0.7 g/t AuEq was announced in regard to the Barje Prospect on January 30, 2020. As part of this work, bulk rougher flotation tests were performed on two composite samples which, formed of 50.39 kg of core from the Company's 2018 drilling program at the Barje prospect, yielded head grades of 2.04 g/t Au and 10.99 g/t Au and gold recoveries to concentrate of 88.2% and 90.5%, respectively. The same composite samples yielded silver head grades of 15.1 g/t Ag and 107.2 g/t Ag, and silver recoveries to concentrate of 88.2% and 96.4% respectively.

    The Tlamino Project covers an area of approximately 200km2 in southern Serbia and is held by Medgold under two exploration licenses. Outcropping mineralization was first observed at the Barje Prospect by Yugoslav State agencies in the 1950s and 1960s when a short adit was opened but no drilling was carried out. The prospect was then held by private and public companies between approximately 2005 and 2012 during which time limited drilling failed to intersect significant mineralization.

    Medgold conducted mapping, surface sampling and geophysics (IP) followed by diamond drilling at the Barje Prospect in 2018 and 2019, all fully funded by Fortuna, which successfully intersected gold mineralization in a shallowly inclined body of hydrothermal breccia below altered schist (as announced on March 21, 2019). The Inferred Mineral Resource at the Barje Prospect extends from surface to a depth of approximately 110m as a shallowly inclined zone over an area of approximately 600 m x 350 m. The true thickness of mineralization generally ranges between 10 m to 40 m.

    Qualified Person and Data Verification

    Mr. Thomas Sant, FGS, CGeol, EurGeol, Consultant Exploration Manager for Medgold and Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release. Mr. Sant is not independent of the Company."
  • H
    Harold
    Finally what I have been hoping to see. A move to consider the feasibility of ore production from management. The only legitimate reason for the share price to rise is revenue generation. Let's hope it will happen!
    "MEDGOLD INITIATES PRELIMINARY ECONOMIC ASSESSMENT FOR THE TLAMINO PROJECT, SERBIA

    Medgold Resources Corp. has initiated a preliminary economic assessment (PEA) in respect to the Barje prospect within the Tlamino project in southern Serbia. The purpose of this study will be to constrain the self-standing economics of the project and most particularly its capacity to yield a marketable metal concentrate, to which end a program of metallurgical testwork will be completed. Addison Mining Services Ltd. and Bara Consulting Ltd., both of the United Kingdom, have been appointed as leaders of the PEA and metallurgical studies. Reach Partners Ltd., also of the United Kingdom, has been engaged to provide guidance in the fields of concentrate specification and marketing terms. Metallurgical testwork will be performed by ALS Metallurgy of Kamloops, B.C. Completion of the PEA is anticipated in the fourth quarter of 2020.

    The Tlamino project

    An inferred mineral resource estimate containing approximately 570,000 ounces gold and 8.6 million ounces silver (680,000 ounces gold equivalent) in 7.1 million tonnes grading 2.5 grams per tonne Au and 38 g/t Ag (3.0 g/t AuEq) was established for the Barje prospect (see Medgold new release dated Jan. 30, 2020 (1) (2)). Mineralization is at or near surface and with adjacent road and grid power access. As part of the inferred mineral resource estimate, bulk rougher flotation tests were performed on two composite samples formed of 50.39 kilograms of core from the company's 2018 drilling program at the Barje prospect. These samples yielded head grades of 2.04 g/t Au and 10.99 g/t Au and gold recoveries to concentrate of 88.2 per cent and 90.5 per cent, respectively, and silver head grades of 15.1 g/t Ag and 107.2 g/t Ag, and silver recoveries to concentrate of 88.2 per cent and 96.4 per cent, respectively.

    (1) Gold equivalent (AuEq) grade was calculated using the formula AuEq equals ((Ag g/t) times 0.012)) plus (Au g/t).

    (2) A cut-off grade of 0.7 g/t AuEg was used for the mineral resource estimate. This cut-off grade was calculated on the basis of the following assumptions: a gold price of $1,350 (U.S.) per ounce, a silver price of $16 (U.S.) per ounce, mining costs of $3.30 (U.S.) per tonne, mining recovery and dilution of 5 per cent and processing costs including tailings and concentrate handling of $21 per tonne. General and administrative costs were included within mining and processing costs. Per metallurgical testwork completed to date, recovery to concentrate after flotation of 89.4 per cent for gold and 92.3 per cent for silver were assumed; metals were assumed to be 80 per cent payable.

    The Tlamino project covers an area of approximately 200 square kilometres in southern Serbia and is held by Medgold under two exploration licences. Outcropping mineralization was first observed at the Barje prospect by Yugoslav state agencies in the 1950s and 1960s when a short adit was opened but no drilling was carried out. The prospect was then held by private and public companies between approximately 2005 and 2012 during which time limited drilling failed to intersect significant mineralization.

    Medgold conducted mapping, surface sampling and geophysics (IP) followed by diamond drilling at the Barje prospect in 2018 and 2019, which successfully intersected gold mineralization in a shallowly inclined body of hydrothermal breccia below altered schist (see Medgold new release dated March 21, 2019). The inferred mineral resource at Barje extends from surface to a depth of approximately 110 m as a shallowly inclined zone over an area of approximately 600 m by 350 m. The true thickness of mineralization generally ranges between 10 m and 40 m.

    Qualified person and data verification

    Thomas Sant, FGS, CGeol, EurGeol, consultant exploration manager for Medgold and qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical content of this news release.

    The independent qualified person for the inferred mineral resource estimate, as defined by NI 43-101, is Richard Siddle, MSc, MAIG, of Addison Mining Services Ltd"
  • H
    Harold
    A significant update from management which, unfortunately in a BAD Market day, will probably not get the positive reaction it deserves.
    "
    Medgold Resources Corp. has completed metallurgical testwork from the Barje prospect, within the Tlamino project in southern Serbia. Highlights of this work are as follows:
    • Conventional flotation has produced a concentrate grading 48.9 grams per tonne gold and 824 g/t silver with recoveries to concentrate of 83.4 per cent for gold and 82.4 per cent for silver from a composite sample representing the main hydrothermal breccias; this material type hosts approximately 72 per cent of the total gold inventory reported in the current mineral resource estimate for the Barje prospect (see Medgold news release dated Jan. 30, 2020).
    • A second composite sample representing the mineralized schist immediately above the hydrothermal breccias produced a flotation concentrate grading 24.4 g/t Au and 238 g/t Ag with recoveries to concentrate of 71.2 per cent for gold and 79.2 per cent for silver; this second material type hosts approximately 16 per cent of the total gold inventory reported in the current MRE.
    These highly positive results will be incorporated into the preliminary economic assessment (PEA) for the Barje prospect currently in progress (Medgold news release dated Aug. 5, 2020). It is anticipated that the results of the PEA will be reported in the current quarter.
    The company also announces that with effect of Oct. 12, 2020, it is in receipt of new exploration licences from the Serbian Ministry of Mining and Energy in respect to the Donje Tlamino and Surlica Dukat properties that together comprise the Tlamino project. These licences are each valid for terms of three years and are renewable for terms of three
    The Tlamino project
    A mineral resource estimate of approximately 570,000 ounces Au and 8.6 million ounces Ag (680,000 oz gold equivalent) in 7.1 million tonnes grading 2.5 g/t Au and 38 g/t Ag (3.0 g/t AuEq) in the inferred resource category was reported by Medgold for the Barje prospect (Medgold news release dated Jan. 30, 2020). Mineralization is at or near surface and with adjacent road and grid power access.
    The Tlamino project covers an area of approximately 200 square kilometres in southern Serbia and is held by Medgold under two exploration licences. Outcropping mineralization was first observed at the Barje prospect by Yugoslav agencies in the 1950s and 1960s when a short adit was opened but no drilling was carried out. The prospect was then held by private and public companies between approximately 2005 and 2012 during which time limited drilling failed to intersect significant mineralization.
    Medgold conducted mapping, surface sampling and geophysics (IP) at the Barje prospect followed by diamond drilling in 2018 and 2019, which successfully intersected gold mineralization in a shallowly inclined body of hydrothermal breccia below altered schist (Medgold news release dated March 21, 2019). The inferred mineral resource at Barje extends from surface to a depth of approximately 110 m as a shallowly inclined zone over an area of approximately 600 m by 350 m. The true thickness of mineralization generally ranges between 10 m and 40 m
  • H
    Harold
    Further update on delay of filings-blame the virus.
    "(TSXV:MED) | (FRA:1XD) announces that further to its news release of April 28, 2020, the Company is continuing to rely on the extension provided by the securities regulators as a result of the COVID-19 pandemic regarding the deadline for filing and delivering its audited financial statements and MD&A for the fiscal year ended December 31, 2019. Accordingly, the Company will file such financials no later than the extended deadline of June 15, 2020.

    Medgold also confirms that due to the delay in filing its annual financials, it will also rely on the extension provided regarding the deadline for filing and delivering its interim financial statements and MD&A for the three months ended March 31, 2020. Accordingly, the Company will file the interim financials no later than the extended deadline of July 13, 2020.

    The Company confirms that there have been no unannounced material business developments since the Company filed its September 30, 2019 interim financial reports.

    Until the aforementioned financials are filed, the Company's management and directors are subject to a trading black-out that reflects the principles in section 9 of National 11-207, Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

    About Medgold Resources Corp.

    Medgold is a TSX-V listed, gold exploration company targeting early-stage properties in the Balkan region. Run by an experienced management team with a successful track-record of building value in resource companies, Medgold is focused on growth through fast-paced exploration and resource definition in the prospective and under-explored Balkan region"
  • H
    Harold
    Maybe it is the stresses of virus 19, but I am getting weary of the PP of Medgold. They claim a" track record of building value in resource companies," But where is the revenue from such companies. They keep searching, but no development completed to provide revenue.

    " (TSXV:MED) announces that it proposes, subject to stock exchange approval, to complete a non-brokered private placement financing of up to 40 million units at $0.05 per unit, for proceeds of up to $2 million. Each unit will consist of one common share and one full warrant, each warrant entitling the holder to purchase one additional common share of the Company at $0.10 for three years from closing.

    The Company may pay a finder's fee on a portion of the financing. The proceeds of the placement are intended to be used for further development of the Company's Tlamino Project in Serbia, and for general working capital purposes.

    About Medgold Resources Corp.

    Medgold is a TSX-V listed, gold exploration company targeting early-stage properties in the Balkan region. Run by an experienced management team with a successful track-record of building value in resource companies, Medgold is focused on growth through fast-paced exploration and resource definition in the prospective and under-explored Balkan region.
  • H
    Harold
    Medgold completes PP
    "The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced July 7, 2020.

    Number of shares:40 million shares Purchase price:five cents per share Warrants:40 million share purchase warrants to purchase 40 million shares Warrant exercise price:10 cents for a three-year period Number of placees:30 placeesInsider:Jeremy Crozier, 600,000Total pro group involvement:295,000 (one placee) Finders' fees:Canaccord Genuity Corp. receives $42,000 and 840,000 non-transferable warrants, each exercisable for one share at a price of 10 cents for three years. Haywood Securities Inc. receives $1,500 and 30,000 non-transferable warrants, each exercisable for one share at a price of 10 cents for three years."
  • l
    luke
    Who is Harold?
  • H
    Harold
    Early warning report issued today. Shows Fortuna declined to exercise warrants of MED. No specific reason was given but doesn't look positive.

    "On October 16, 2020, a total of 1,079,700 Warrants held by Fortuna with an exercise price of Cdn$0.40 per Warrant, expired unexercised.
    Warrants owned by Fortuna entitling Fortuna to purchase up to 1,079,700 common shares of the Issuer (“Common Shares”) at an exercise price of Cdn$0.40 per Common Share expired on October 16, 2020 (the “Warrant Expiry”). The Warrant Expiry represents a decrease in Fortuna’s holdings of Warrants of the Issuer from 2.36% to 0% of the issued and outstanding Warrants of the Issuer, and a decrease by approximately 8.33% in Fortuna’s holdings of the issued and outstanding shares of the Issuer on a diluted basis, since the date of the last early warning report"
  • H
    Harold
    New drilling started. Watch the ASSAYS for proof of value.
    "MEDGOLD RESOURCES RECOMMENCES DRILLING AT TLAMINO GOLD PROJECT IN SERBIA

    Diamond drilling at Medgold Resources Corp.'s Tlamino gold project has recommenced for a minimum phase 2 program of 2,400 metres. As well, preparation for 40 line-km of an IP-Resistivity program at the Karamanica Zone has commenced. The exploration and development of the Tlamino Gold Project is being conducted under programs which are fully funded by Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) ("Fortuna"), and directed by a joint Fortuna-Medgold technical committee pursuant to the terms of the Tlamino Option Agreement announced on May 1, 2017.

    Dan James, President of Medgold, said: "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. 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."

    The Tlamino Gold Project

    The Tlamino Gold Project (the "Project") is located in Southern Serbia, close to the borders of both Bulgaria and Macedonia, approximately five hours south of the capital, Belgrade. The Project is comprised of two exploration licences, Donje Tlamino and Surlica-Dukat, each approximately 100 km2. All exploration work at the Project is fully-funded by Fortuna, which has an option to earn up to 70% of the Project by spending US $8 million on exploration over five years and completing a Preliminary Economic Assessment (see Medgold news release of March 7, 2017 ).

    The Barje Zone

    The Barje Zone is host to a large outcrop of intense brecciation and mineralization, which was identified and sampled by Medgold in 2017, yielding a best result of 84 m of 5.60 g/t Au and 105 g/t Ag (see Company press release on July 18, 2017 ), following a period of target generation and desktop studies. An initial phase of diamond drilling at the Barje Zone (734 m from 7 holes) was completed in June 2018. All 7 drill holes intersected significant mineralization with a best intersection of 30 m of 5.45 g/t Au and 11 g/t Ag (see Company press release on July 5, 2018 ). A summary table of significant intersections from our first phase of drilling is shown in the table below.
    Mineralization has been identified over an area of at least 300 m by 200 m, and demonstrates a close spatial correlation with the IP-chargeability anomaly, which extends at least 700 m further to the west for a total of area of approximately 1,400 m east-west and 500 m north-south.

    Gold-silver mineralization at Barje is associated with tectonic brecciation along a large regional detachment fault which is mostly hosted within the hangingwall schists. This brecciation has structurally prepared large volumes of porous and permeable rocks, suitable to host mineralization. Intense hydrothermal breccias, with sulphide mineralization groundmasses and altered schist clasts, typically form at the base of the hangingwall zones in close proximity to the detachment structure. These zones of intense brecciation, associated with sulphide mineralization, typically yield high-grade gold-silver intercepts. Brecciation, fracturing and sulphide mineralization is pervasive across large zones of the hanging wall schists and yields broad intersections of low-grade (>0.5 g/t Au) to moderate-grade (>1 g/t Au) gold plus silver mineralization.

    The Karamanica Zone

    The Karamanica Zone is part of the Project optioned to Fortuna, and is located approximately 8 km to the west of the Barje Zone. In 2017 Medgold completed a program of detailed mapping and rock sampling, plus a grid-soil sampling program, with samples collected on a 200 m by 50 m grid. Results from the soil sampling program highlight two large gold-in-soil anomalies. The first extends over an area of approximately 1 km by 1 km, and is associated with a regional northwest-trending fault
  • H
    Harold
    Major find found!!
    "Medgold Resources Corp. and Fortuna Silver Mines Inc. have released initial results from the inaugural drill program at the flagship Tlamino gold project in southern Serbia. Assays have been received for the first two holes, and have returned broad intersections of near-surface gold and silver mineralization:

    BAR001: 30.82 m of 2.06 g/t Au and 54.7 g/t Ag from 2.38 m to 33.20 m

    BAR002: 34.65 m of 3.11 g/t Au and 27.5 g/t Ag, from 13.35 m to 48.00 m (including 2.00 m of 23.88 g/t Au and 340 g/t Ag)

    BAR001 is collared approximately 40 m north of the Barje outcrop (which assayed up to 84 m of 5.6 g/t Au and 105 g/t Ag in surface channel samples; see Company news release of July 18, 2017), and was designed to confirm that mineralization extends in a third dimension along a north-northeast axis from the outcrop. BAR002 is collared 290 m north-northeast of the Barje outcrop and was designed as an up-dip step-out from the outcrop and BAR001. Both drill holes successfully intersected significant near-surface mineralization; a summary of assay results is given in Table 1, and hole locations are given in Table 2. The results to date support Medgold's interpretation of the Barje mineralization as being associated with a flat-lying regional detachment fault.

    Dan James, the President of Medgold, said: "We are delighted and encouraged by the results of the first two drill holes. We have shown that the mineralization exposed at the Barje outcrop extends at least 290 m to the northeast and is only covered by a few metres of country rock. Drilling is ongoing and is fully-funded by our partner Fortuna Silver Mines. The next several holes will continue to test the continuity of the Barje mineralized zone, as well as test the large geophysical chargeability anomaly located west of the outcrop.
  • H
    Harold
    Overachievement of monies raised in PP anMedgold Resources Corp. (TSX-V: MED) is pleased to announce that due to strong interest from investors, the Company has increased the size of its previously announced private placement financing. The Company has now closed the placement with the issuance of 4,902,800 units at $0.30 per unit, raising gross proceeds of $1,470,840. Each unit consists of one common share and one full warrant, each warrant entitling the holder to purchase one additional common share of the Company at $0.40 for two years from closing. The warrants are subject to an acceleration provision such that if the closing price of the Company's shares for 10 consecutive trading days is $0.60 or greater, the Company may give notice to the holders of the warrants that the warrants will expire 30 calendar days after receipt of such notice. The shares and warrants issued are subject to a resale restriction until February 18, 2019.

    The Company paid cash finder's fees totaling $22,409 on a portion of this financing. The proceeds of the placement are intended to be used for exploration of the Company's 100% owned Ljubata Project in Serbia, project generation, and for general working capital purposes.

    A portion of this private placement is considered to be a "related party transaction", pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has determined that exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 were available for the related party transaction, pursuant to Section 5.5(a) and Section 5.7(a) of MI 61-101, on the basis that the fair market value consideration of the transaction involving the related parties was not more than 25% of the Company's market capitalization.

    The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

    About Medgold Resources Corp.

    Medgold is a Serbia-focused, TSX-V listed, project generator company targeting early-stage gold properties in the Oligo-Miocene Belt of Serbia. Run by an experienced management team with a successful track-record of building value in resource companies, Medgold is aiming to become a leading European gold exploration company.d fact of insider participation is encouraging."

    "
  • H
    Harold
    Management announces sale of an asset. Not sure whether
    to be pleased or disappointed. Will provide treasury with a bitb less than 3 million dollars [assume Canadian]

    "(“Medgold”, the “Company”) is pleased to announce that it has entered into a binding option agreement (the “Agreement”) with MetalsTech Limited (ASX: MTC) , (“MetalsTech”) in regard to the sale of the Company’s interest in the Tlamino Project in Serbia. Under the terms of the Agreement, Medgold has granted MetalsTech an exclusive option (the “Option”) to acquire a 100% interest in the Tlamino Project for a total consideration of A$3,000,000 in cash (the “Acquisition”).
    The Option is exercisable by MetalsTech on or before the sooner of (i) thirty calendar days from the Effective Date of the Agreement and (ii) seven calendar days subsequent to MetalsTech advising Medgold that it has completed its due diligence. Completion of the Acquisition is subject to and conditional upon the satisfaction of certain conditions (“Conditions Precedent”), including conversion of Fortuna Silver Mines’ 51% interest in the Tlamino Project to a 1% net smelter return royalty, and regulatory approvals in Canada and Australia. An option fee of A$100,000 in cash is payable by MetalsTech to Medgold within three business days of the Effective Date of the Agreement. If MetalsTech exercises its option, a further cash consideration of A$2,900,000 is payable by MetalsTech to Medgold within three business days of the satisfaction (or waiver) of the Conditions Precedent in order to acquire the Tlamino Project.

    A 5% finder’s fee is payable, half in Medgold shares and half in cash, with respect to this transaction.

    Jeremy Crozier, President and CEO of Medgold, remarked, “We are pleased to have the opportunity to monetize Medgold’s Serbian business. If completed, the proceeds of the Tlamino sale will allow us to focus on acquiring and advancing other exploration properties of merit. We're already actively searching for new precious and base metal projects and I look forward to updating shareholders in due course.”
  • H
    Harold
    Another month-another update. Looks very promising although
    the Market seems to be a sleep!
    MEDGOLD COMPLETES 2018 DRILLING AT TLAMINO, SERBIA AND ANNOUNCES $2-MILLION BUDGET FOR 2019
    Medgold Resources Corp. has completed the planned drilling for 2018 at the Tlamino gold project in southern Serbia. The exploration program at Tlamino is fully financed by Fortuna Silver Mines Inc. and directed by a joint Fortuna-Medgold technical committee pursuant to the terms of the Tlamino option agreement announced on March 7, 2017. Medgold and its partner, Fortuna, have approved a $2-million budget for the project for 2019 to continue drilling at Barje and Karamanica.
    Mineralization has now been confirmed over an area of 500 m by 400 m, east-west by north-south.measures 1,400 m east-west by 400 m north-south, and includes a second order anomaly with a north-northeast axis overlying the Barje outcrop. The results received to date demonstrate the gold anomalism is weakening.
    BARJE DRILL INTERCEPTS (BAR014 TO BAR02Dan James, president of Medgold, said: "As our drilling has moved west, gold grades have declined, suggesting that the chargeability anomaly is not necessarily diagnostic of the presence of high-grade gold mineralization, but more indicative of a broad halo of disseminated sulphide mineralization. The first 13 holes identified an extensive zone of high-grade gold-silver-base-metal mineralization at Tlamino with excellent continuity of mineralization from hole to hole and we'll be looking at these over the winter to try to identify additional possible controls.
    The Tlamino gold projThe project is located in southern Serbia, close to the borders of both Bulgaria and Macedonia, five hours south of Belgrade. Tlamino comprise two exploration licences, Donje Tlamino and Surlica-Dukat, each approximately 100 square kilometres. All exploration work at the project is fully financed by Fortuna, which has an option to exploration licences, Donje Tlamino and Surlica-Dukat, each approximately 100 square kilometres. All exploration work at the project is fully financed by Fortuna, which has an option to earn up to 70 per cent of the project by spending $8-million (U.S.) on exploration over five years and completing a preliminary economic assessment ).
    The Barje zone
    The Barje zone hosts a large outcrop of intense brecciation and mineralization, which Medgold channel sampled in 2017,
    About Medgold Resources Corp.
    Medgold Resources is a Serbia-focused, TSX Venture Exchange-listed project generator company targeting early-stage gold properties in the Oligo-Miocene belt of Serbia. Run by an experienced management team with a successful record of building value in resource companies, Medgold Resources is aiming to become a leading European gold exploration company.
  • T
    TR
    Don't buy this. Just a terrible investment.
  • H
    Harold
    Medgold Resources Corp. (TSX-V:MED) (the “Company” or “Medgold”) is pleased to announce that drilling is expected to start on Monday next week at the Tlamino gold project in Serbia. An initial program of 1,250 metres in 11 drill holes will test high-grade gold mineralization identified from channel sampling in 2017. Highlights of the channel sampling include 5.6 g/t Au and 105 g/t Ag over 84m and 55m at 2.2 g/t Au and 88 g/t Ag (see Medgold news releases dated July 18 and November 15, 2017).

    Dan James, President of Medgold, commented: “We are really looking forward to commencing drilling on this exciting gold project. Tlamino is a high-quality drill target, showing both high-grade mineralization at surface, and a coincident large-scale geophysical anomaly. Our channel and underground sampling have returned consistent high-grade gold values over many tens of meters and lies on the flank of a strong IP anomaly that we can trace over at least 1km east to west. We look forward to reporting the results of the program later this summer.”

    The Tlamino Project

    The Tlamino Project is located in southern Serbia, close to the borders of both Bulgaria and Macedonia, approximately 5 hours south of the capital Belgrade. The Project is comprised of two exploration licences, called Donje Tlamino and Surlica-Dukat, each approximately 100 sq km. All exploration work at the Project is fully-funded by Fortuna Silver Mines, who have the option to earn up to 70% of the Project by spending US $8m over 5 years and completing a Preliminary Economic Assessment.

    Tlamino hosts two significant prospects: Barje and Karamanica. Both appear to be associated with a large-scale low-angle detachment fault. Drilling at Tlamino will focus on the Barje Zone, where channel sampling in 2017 has yielded a best intersection of 84m at 5.60 g/t Au and 105 g/t Ag1. Furthermore, a geophysical survey completed over the Barje Zone in 2017, identified a large chargeability anomaly coincident with the high-grade outcrop, measuring approximately 1,000m east-west by 400m north-south.

    1 Click here to see press release dated 18th July 2017.

    The initial drilling program, comprised of 1,250m from 11 drill holes, will initially test the up-dip continuation of mineralization identified in the channel sampling, and will also test the large geophysical anomaly located to the west of the high-grade Barje outcrop. The total area to be initially tested by the drilling will be approximately 200m east-west by 150m north-south. All the drill holes will be relatively shallow, less than 150m from surface, as the geological target is a flat-lying zone of intensely altered fault breccia associated with the large-scale detachment fault.

    About Medgold

    Medgold is a European-focused, TSX-V listed, exploration and development company targeting gold properties in Serbia. Run by a highly experienced management team with a successful track record of building value in resource companies, Medgold is aiming to become a leading European gold exploration company.

    About Fortuna Silver Mines Inc.

    Fortuna is a growth oriented, precious and base metal producer focused on mining opportunities in Latin America. Its primary assets are the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero gold Project in Argentina. The company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas. For more information, please visit its website at www.fortunasilver.com.

    Qualified Person

    Mr. David Clark, M.Sc., P.Geo., is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Clark prepared the technical information contained in this news release and has approved its disclosure.
    Fortuna Silver is a rapidly growing precious metals producer, operating two low-cost mines in Peru and Mexico.
    Fortuna Silver is a rapidly growing precious metals producer, operating two low-cost mines in Peru and Mexico.
    www.fortunasilver.com.
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    Harold
    MEDGOLD RESOURCES PREPARES FOR PHASE 2 DRILL PROGRAM AT TLAMINO GOLD PROJECT IN SERBIA

    Medgold Resources Corp. will begin phase 2 drilling of a minimum of 3,000 metres at the Tlamino gold project at the end of July, 2018. The exploration and development of the Tlamino Gold Project is being conducted under programs which are fully funded by Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) ("Fortuna"), and directed by a joint Fortuna-Medgold technical committee pursuant to the terms of the Tlamino Option Agreement announced on May 1, 2017. Additionally, a program of about 40 line-km of ground geophysics (Induced Polarisation-Resistivity) is scheduled to start later this summer at the Karamanica Zone located 10 km to the west of the main Barje Zone as part of the exploration of the Tlamino Project.

    Dan James, President of Medgold, said: "We've just made what we think is a significant gold-silver discovery at Tlamino so we're keen to keep our momentum going with a second program of drilling at Barje. We hit with 7 out of 7 holes in the first stage of drilling which established a strong link between sulphide mineralization and the large IP-chargeability anomaly identified by our ground geophysics. So, Phase 2 has been designed to test the IP anomaly to the west of holes 6 and 7. Fortuna is strongly committed to the program and continues to provide significant financing, with the aim to drill-test an area of 1,400 m by 500 m.

    "We're also planning to investigate the wider potential of the project, with a significant IP program planned for this summer at Karamanica. IP-geophysics worked well at Barje, successfully picking up sulphides, so we plan to run IP over the 2 km by 2 km Karamanica soil anomaly which is spatially associated with the same large-scale detachment fault as observed at Barje. We look forward to reporting results from both the Phase 2 drilling program at Barje, and the IP survey at Karamanica."

    The Tlamino Gold Project

    The Tlamino Gold Project (the "Project") is located in Southern Serbia, close to the borders of both Bulgaria and Macedonia, approximately five hours south of the capital, Belgrade. The Project is comprised of two exploration licences, Donje Tlamino and Surlica-Dukat, each approximately 100 km2. All exploration work at the Project is fully-funded by Fortuna, which has an option to earn up to 70% of the Project by spending US $8 million on exploration over five years and completing a Preliminary Economic Assessment (see Medgold news release of March 7, 2017 ).

    The Barje Zone

    The Barje Zone is host to a large outcrop of intense brecciation and mineralization, which was identified and sampled by Medgold in 2017, yielding a best result of 84 m of 5.60 g/t Au and 105 g/t Ag (see Company press release on July 18, 2017 ), following a period of target generation and desktop studies. An initial phase of diamond drilling at the Barje Zone (734 m from 7 holes) was completed in June 2018. All 7 drill holes intersected significant mineralization with a best intersection of 30 m of 5.45 g/t Au and 11 g/t Ag (see Company press release on July 5, 2018 ). A summary table of significant inersections from our first phase of drilling

    Mineralization has been identified over an area of at least 300 m by 200 m, and demonstrates a close spatial correlation with the IP-chargeability anomaly, which extends at least 700 m further to the west for a total of area of approximately 1,400 m east-west and 500 m north-south.

    Gold-silver mineralization at Barje is associated with tectonic brecciation along a large regional detachment fault which is mostly hosted within the hangingwall schists. This brecciation has structurally prepared large volumes of porous and permeable rocks, suitable to host mineralization. Intense hydrothermal breccias, with sulphide mineralization groundmasses and altered schist clasts, typically form at the base of the hangingwall zones in close proximity to the detachment structure. These zones of intense brecciation, associated with sulphide mineralization, typically yield high-gra