Medgold Resources Corp. is pleased to announce that it has received formal approval for the proposed diamond drilling program at the Limarinho Zone at the Boticas Gold Project.
Medgold is planning a 2,500m diamond drilling program, expected to commence in mid-July, targeting a gold-bearing sheeted orogenic vein system. Energold Drilling Corp. have been selected as drill contractors to complete the initial drilling program using man-portable drill rigs.
Dan James, President of Medgold, said: "We are very pleased to have received formal approval of the Centerra-funded drill program at the Limarinho Zone. With the permit in hand, we can now start a detailed evaluation of the main prospect, Limarinho. Our aims are to confirm the historical drill intercepts and to define a mineral resource over the area. In February last year, the Portuguese government classified Boticas as a Project of Strategic National Interest, which highlights the importance of the project to Portugal."
The exploration work at the Boticas Gold Project is fully-funded by our joint venture partner, Centerra Gold Inc. The JV with Centerra started in December 2015, and since that time, Medgold has undertaken grid-soil sampling over Limarinho and the wider region, and has completed a number of phases of channel-chip sampling.
The Boticas-Chaves Gold Project
The Boticas-Chaves Gold Project is comprised of two exploration licences covering a total area of approximately 600 sq km located in the north of Portugal close to the Spanish border. The principal prospect at Boticas is the Limarinho zone.
In the 1980s and 2000s COGEMA and then Kernow Resources, respectively, completed over 3,000m of diamond drilling at Limarinho. The drilling cut broad zones of low-grade gold mineralization (approx. 1 g/t Au), and also multiple mineralized corridors of higher grade (2-3 g/t Au) that are continuous over significant strike lengths.
Medgold recently completed a re-evaluation of the historical drilling data, applying strict compositing criteria of a 0.2 g/t Au cut-off and a maximum of 3m internal dilution. The re-calculated drill intersections are summarized below 1:
- PFR17: 15.60m @ 3.25 g/t Au from 70.95m
- KL04: 38.40m @ 1.96 g/t Au from 19.30m
- KL04: 9.00m @ 3.59 g/t Au from 143.30m
- KL03: 15.80m @ 2.14 g/t Au from 9.85m
- PFR3: 29.60m @ 1.88 g/t Au from 28.20m
- PFR10: 56.60m @ 1.33 g/t Au from 72.80m
- PFR11: 25.50m @ 1.62 g/t Au from 51.10m
1These are historical data provided for information purposes, and a Qualified Person has not completed the work necessary to verify these results.
The mineralized corridors trend east-northeast, while the veins within them trend northeast. The mineralization is structurally controlled and developed within a large deformational zone which coincides with the surface soil geochemistry, outlining a northeast-elongate area of approximately 4km by 2km. This anomaly covers both Limarinho and Limarinho South, both of which are located in the centre of the deformation zone