TSX-V: MED
VANCOUVER,
March 4, 2013 /PRNewswire/ - Medgold
Resources Corp. (TSX-V: MED), the European focused gold exploration
company, is pleased to announce that it has been issued the highly
prospective 300 square kilometer Vila de Rei gold exploration licence in
central Portugal.
- Licence located in highly prospective central Portuguese
region.
- High-grade rock grab samples, from trace up to 24.7 g/t
Au.
- Over 40 km of structure identified already.
- Exploration work to commence immediately over key prospect
areas.
- Acquisition marks further step in Medgold's rapid expansion
strategy.
Dan James,
President of Medgold, said, "Receiving our first licence in
Portugal is a significant
milestone for the Company, and underpins our strategy of targeting
exploration projects with multi-million ounce potential. The
Vila de Rei licence covers 40 line
km of a regional shear-structure with multiple zones of highly
anomalous mineralization. It represents a very exciting
regional exploration play, and is located 200 km south from our
optioned Boticas licence, where we hope to receive the licence
soon. We look forward to advancing both our Portuguese asset
and our Italian licences where exploration continues to yield
positive results."
The licence was issued by the Direção-Geral de
Energia e Geologia (DGEG) of Portugal, and was counter-signed by the
Portuguese Minister of Economy and Employment, Álvaro Santos Pereira. It was presented to
Medgold at the offices of the Ministry Economy and Employment in
Lisbon by the Minister of the
Economy and general directors of the DGEG. The Minister has
recently publically commented that the Government is, and will
continue, to ease legislation to fast-track strategic mineral
resources into production. Furthermore, the Minister cites
the mining sector as one of the most prospective growth industries,
which will contribute to the Portuguese economy and help pull it
from their financial crisis. The Company is therefore very
pleased to be working within a forward-thinking and mining-friendly
jurisdiction.
The Vila de Rei
licence hosts shear-related gold mineralization in sediments.
Several strike-extensive anomalies have been identified by previous
explorers, with rock grab sampling yielding best results of 24.72,
22.85 and 19.24 g/t Au. Reconnaissance rock-chip sampling by
Medgold yielded best results of 5.25 and 0.43 g/t Au from three
samples. More recent reconnaissance work by Medgold has
identified an intensely silicified zone within quartzites exposed
intermittently over several hundred meters, with results
pending.
The sampling by previous companies is
historical in nature, and reported in internal reports archived in
the Laboratório Nacional de Energia e Geologia (LNEG) in
Porto, Portugal, and have not been
verified by Medgold, and are quoted for information purposes.
Medgold's Qualified Person has verified that the technical
information disclosed herein is an accurate summary of the internal
reports.
Ground crews are expected to commence
licence-wide sampling and mapping, combined with detailed
channel-chip sampling over the key prospects, in mid-April 2013. Initial detailed work will
focus on the newly identified silicified zone in the central part
of the licence.
Qualified Person
Stewart D. Redwood, Consulting
Geologist to the Company, is a Qualified Person as defined by
National Instrument 43-101 - Standards of Disclosure or Mineral
Projects - and prepared or reviewed the preparation of the
scientific and technical information in this press release.
Medgold has carried out limited rock chip
sampling at Vila de Rei for
evaluation purposes. The samples collected were prepared by ALS
Minerals at the Rosia Montana Laboratory, Romania, and analyzed for gold by fire assay
with atomic adsorption finish. Samples above 10 g/t were repeated
by fire assay with a gravimetric finish. Multielements were
analyzed by ICP.
About Medgold
Medgold is aiming to become the leading Mediterranean-focused gold
exploration and project development company, with an extensive
pipeline of projects across Portugal, Italy and Spain, targeting economically stressed, but
politically stable European countries, that are seeking foreign
investment to invigorate the mining sector.
Additional information on Medgold can be
found on the Company's website at www.medgoldresources.com and by
reviewing the Company's page on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
"Ralph Rushton"
Ralph Rushton, Director
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this release.
Forward-looking statement
This press release may contain forward-looking statements
including, but not limited to, comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
and other related matters. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Medgold Resources' projects in
Europe are at an early stage and
all estimates and projections are based on limited, and possibly
incomplete, data. More work is required before the mineralization
and the Projects' economic aspects can be confidently modelled.
Actual results may differ materially from those currently
anticipated in this presentation. No representation or prediction
is intended as to the results of future work, nor can there be any
promise that the estimates and projections herein will be sustained
in future work or that the Project will otherwise prove to be
economic.
SOURCE Medgold Resources Corp.