Jul 18 2014
Medgold Resources Corp., the European-focused gold exploration company, is pleased to announce new high-grade gold results for its Lagares Gold Project in Portugal.
New reconnaissance sampling, located 1 km north of the Castromil prospect, has yielded results from 0.016 g/t Au to 15.90 g/t Au.
Seven rock-chip and rock-float samples were collected over a total strike length of 200 m in an area of poor exposure, from altered granites and vein material similar to the mineralization and alteration style observed in the two prospects of Castromil and Serra da Quinta. The samples are located approximately 1 km north of the northern-most point of the Castromil prospect, slightly offset from the main northwest-trending fault. The mineralization is orientated broadly northwest, implying either a lateral stepping of the mineralization, or, more likely, a second and parallel structure. Grades included a high of 15.90 g/t Au, plus four samples assaying between 1.61 g/t Au and 1.03 g/t Au, with lows of 0.01 and 0.02 g/t Au.
Dan James, the President of Medgold, said, "Our work at Lagares is really gathering momentum. Our field crews are focused exclusively on this project and we're close to completing a full re-log and re-map of the two key prospects: Castromil and Serra da Quinta. We're also working hard to identify the broader controls on mineralization and put the historical prospect-scale exploration into a district-scale play. Our recent results highlight the wider-potential of the area, not only extending strike, but also identifying possible repeats of the main mineral trend. Furthermore, these results build on those reported in June 2014 which began to define a 4 km strike-length trend of mineralization. The current sample results are located in the northern extent of this trend and we are still actively exploring the southern extension."
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.
To date, 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 (see Medgold news release of June 3rd, 2014). The sampling was from a zone of intense alteration associated with the Railway Fault.
In the coming months exploration efforts at the Lagares project will continue, completing the re-logging and re-mapping program, which is expected to generate a heavily revised geological model. Multiple new features have been identified which both control the mineralization and add significant exploration upside. Future work will focus on an intensive trenching program, over both prospects, along the northwest-striking mineralized corridor. This program will be in conjunction with a systematic re-sampling of the historical drill core combined with intensive channel-chip sampling of the underground workings. This work will be completed in the fall of 2014.
Source: http://www.medgoldresources.com/