Medgold Resources Corp. (the "Company" or "Medgold") is pleased to announce that drilling has started at the Boticas Gold Project in Portugal. Medgold is planning a 15 hole 2,500m diamond drilling program, targeting a medium-grade sheeted vein system. The first drill hole is designed to test grade continuity below a contiguous Medgold channel-chip result of 3.98 g/t Au over 14.10m.
Dan James, President of Medgold, said: "We are very pleased to start drilling at Boticas. Our program will aim to confirm the historical drilling results from previous operators of the project. It will also test a number of large undrilled zones to investigate their gold resource potential. The work will focus on the Limarinho Zone where nearly 2,600m of historical drilling outlined mineralization over a 600m strike length, up to 300m wide. We'll also be drilling some holes into the Limarinho South zone, which appears to be similar in terms of area to the main Limarinho Zone, but has very little drill data. We look forward to keeping our shareholders updated on the drilling over the coming months."
The exploration work at the Boticas-Chaves project is fully-funded by Medgold's joint-venture partner Centerra Gold Inc. The Medgold-Centerra joint venture started in December 2015, and since then 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 much higher grade (2-3 g/t Au) that are continuous over significant strike lengths.
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 which are located in the centre.
Quality Assurance/ Quality Control
Samples were prepared by ALS Minerals at the Seville Laboratory, Spain. Soil samples were analyzed for gold using 50gm fire assay with ICP analysis and multi-elements were analyzed by inductively coupled plasma mass spectrometer and inductively coupled plasma emission spectrometer by ALS Minerals at the Omac Laboratory, Ireland. Rock samples were analyzed for gold using 50gm fire assay with AAS analysis and multi elements were analyzed by inductively coupled plasma mass spectrometer and inductively coupled plasma emission spectrometer by ALS Minerals at the Omac Laboratory, Ireland.
Certified reference materials, blanks, and field and laboratory duplicates were routinely inserted for quality assurance and quality control.
David Clark, PGeo, 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 technical information contained in this news release.