Medgold Samples 36.17g/t Au Over 4.6m at Lagares Project, Portugal
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 3, 2014) -
Medgold Resources Corp. (TSX-VENTURE:MED), the European-focused
gold exploration company, is pleased to announce new high-grade
gold results for its Lagares Gold Project in Portugal.
Highlights
- Underground sampling yielded a composite of 4.60m @ 36.17g/t
Au, from three samples individually assaying at 44.90, 10.10 and
54.60 g/t Au.
- Surface channel-chip sampling yielded 6.10 m @ 4.78 g/t
Au.
- Surface reconnaissance sampling over a strike length of 1.7 km
yielded results from trace gold to highs of 15.10, 9.88 and 9.33
g/t Au, within a newly extended mineralized corridor totaling 4 km
in strike.
The recent work has also led to a significant re-interpretation
of the geological model for the project which is explained
below.
Dan James, the President of Medgold, said, "Recent work at the
Lagares Gold Project has been very encouraging. We have identified
high-grade mineralization at surface and underground, but more
importantly, our work has led to a new geological model and
interpretation of historical results from the project. Several
phases of historical exploration have been conducted on the
property. Using the historic drill data and underground mapping and
our new interpretation of the controls of the mineralization, we
believe we have significantly increased the potential for the area.
This is supported by our reconnaissance work and geochemical
sampling which have identified strongly altered rocks and
mineralization extensive over a strike length of 4 km. Our field
teams are carrying out a systematic exploration program to further
develop the geological model and its potential link to a
significant and large-scale mineralized system."
Lagares Gold Project
The Lagares Gold Project is located in the central-eastern part
of the Valongo Belt close to the town of Sobreira. The main
geological control on mineralization in the area is an intrusive
contact between a package of meta-sediments and granites which has
subsequently been faulted. The controlling fault, called the
Railway Fault, is mineralized over a semi-continuous strike length
of 4 km. The fault cuts through the three main prospects on the
Project, which are, from north to south, Castromil, Serra da Quinta
and San Domingos.
Previous exploration has focused mainly on the Castromil
prospect. The Romans mined gold from underground at Castromil and
it was also drilled by Billiton and Connary Minerals between
1988-1990 and 1995-1996, respectively. The Company therefore has
access to drill core and numerous underground workings.
Medgold's work has completely revised the apparent controls on
gold mineralization and has put the Project within a larger-scale
geological context. The revised model assumes that the main
controlling feature is a normal fault, which is typically
mineralized. Associated with this fault are stacked, antithetic,
shallow-dipping fluid conduits which are also mineralized. The
Railway Fault is now interpreted to be a series of parallel normal
faults, rather than a single fault, which therefore allows much
greater fluid introduction and increased gold mineralization.
Lastly, it was previously thought that the footwall of the fault
was unmineralized, but our reinterpretation shows that some of the
best and highest grade mineralization is located in the footwall,
hosted in breccias and commonly bounded between the intrusive
contact and the Railway fault. This combination of parallel normal
faults in the hangingwall with associated antithetic veins opens up
significant resource potential.
Medgold's sampling and reconnaissance work has largely focused
on the Serra da Quinta area, as this prospect is relatively
under-explored, but is believed to host significant
strike-extensive and high-grade mineralization. Underground
sampling at Serra da Quinta yielded a channel result of 4.60 m @
36.17 g/t Au from three contiguous samples, individually yielding
44.90, 10.10 and 54.60 g/t Au, and is considered to represent a
true thickness of the mineralized zone. The sampling was from a
zone of intense alteration associated with the Railway Fault.
Located 200m to the south of the underground channel, a surface
channel sample was collected, which yielded 6.10 m @ 4.78 g/t Au,
with 5 assays ranging from 0.75 to 14.30 g/t Au. Reconnaissance
sampling along the strike of the fault was continued 1.7km to the
south of the underground channel sample, and returned grab sample
results from 0.03 g/t Au (from footwall sediments) to highs of
15.10, 9.88 and 9.33 g/t Au (in intensely altered granites).
Historical drilling at Serra da Quinta by Billiton and Connary
Minerals yielded the following highlights:
- 13.1 m at 3.84 g/t Au from 1.0 m, including 2.9 m at 13.15 g/t
Au from 4.36 m (BIL67, Billiton Portuguesa, 1990)
- 18.6 m at 3.73 g/t Au from 4.2 m (MIL29, Billiton
Portuguesa, 1988)
- 11.3 m at 3.75 g/t Au from 11.4 m (95-13, Connary Minerals,
1995)
Historical reports indicate a total of approximately 1,600
meters of diamond drilling was completed in 51 holes at Serra do
Quinta. These are historical data provided for information purposes
and Medgold has not completed sufficient work to verify these
results.
Further reconnaissance work and geological mapping has extended
the strike length of the mineralized structure for a total strike
length of approximately 4km. New zones of mineralization have been
identified for the first time to the north of Castromil, and to the
south of Serra da Quinta and throughout the San Domingos zone. Work
is on-going throughout the Project area with field teams continuing
the program of mapping, reconnaissance and systematic sampling.
Qualified Person
Mr. David Clark, P.Geo., Consulting Geologist to the Company, is
a Qualified Person as defined by National Instrument 43-101 -
Standards of Disclosure for Mineral Projects. Mr. Clark
has reviewed and approved the disclosure of the technical
information contained in this news release.
QA/QC
Samples were prepared and analysed for gold by fire assay with
atomic adsorption finish by ACME Laboratories in Poland at the
Krakow laboratory. Multi-elements were analyzed by inductively
coupled plasma mass spectrometer (ICP-MS) and inductively coupled
plasma emission spectrometer (ICP-AES) on a sample split sent to
the ACME Laboratories facility in Vancouver, Canada. Blank,
certified standard reference materials, and field and laboratory
duplicates were routinely inserted for quality assurance and
quality control.
About Medgold
Medgold is aiming to become the leading Mediterranean-focused
gold exploration and project development company, with an extensive
portfolio and pipeline of projects in Portugal 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
Daniel P. James, President & 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 statements
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's 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 news release. 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 projects will otherwise
prove to be economic.
Medgold Resources Corp.Ralph Rushton (Vancouver)Investor
Relations+1 604-630-5544ralphr@goldgroup.comMedgold Resources
Corp.Dan James (UK and Portugal)President+44 7972 579188 / +351 912
732334dj@medgoldresources.comwww.Medgoldresources.com
Medgold Resources (TSXV:MED)
過去 株価チャート
から 4 2024 まで 5 2024
Medgold Resources (TSXV:MED)
過去 株価チャート
から 5 2023 まで 5 2024