Medgold Resources (MED-V) samples up to 6.55 g/t Au at Boticas
Sept 9, 2013 - News Release
Recent sampling at Medgold Resources Corp.'s wholly owned Boticas project has identified a significant new zone of gold mineralization called Limarinho South.
Recent sampling at the new zone returned sample results from 0.05 gram per tonne (g/t) gold (Au) up to 6.55 g/t Au in 14 rock samples. Selective grab samples gave grades of 6.55 g/t, 4.98 g/t and 0.15 g/t Au, and a channel chip sample yielded a length-weighted average of 10.8 metres at 1.01 g/t Au (true width uncertain). These are in addition to the selective vein sampling results of 0.24 to 13.1 g/t Au reported in Medgold's Aug. 1, 2013, press release. Together these results outline a new zone, Limarinho South, which is approximately 350 m by 250 m, elongated north-south, located 200 m to 300 m to the southeast of the existing Limarinho gold anomaly.
Limarinho South was discovered by applying a new structural concept of repeating en echelon zones controlled by, and hosted within, major faults. Medgold geologists subsequently identified and mapped several favourable structural targets, including the Limarinho South zone. Importantly, the new results have confirmed the validity new structural interpretation which will be used to explore for and sample additional targets.
Dan James, the president of Medgold, said: "These are encouraging new results, adding significant areal extent to the Limarinho prospect, which we believe has potential to host a major resource. The new work is proving that our exploration approach to the area is correct. The newly defined area of alteration and high-grade mineralization has expanded the combined width of the known zones to over 600 m, and highlights the importance of understanding the structural controls to the system. Our field teams continue to explore more untested anomalies to the northeast of Limarinho and we hope to generate more drill targets ahead of a drill program planned for late 2013."
The Boticas gold project
The Boticas gold project is located in northern Portugal between the towns of Boticas and Chaves. Jim Mortensen, from the University of British Colombia, an expert in orogenic gold deposits, recently visited the project with Medgold, and presented a number of new ideas on the controls of mineralization which helped toward the targeting of new zones in the vicinity of Limarinho.
In addition to the new field investigations, the Medgold geologists have reviewed the historical drilling data collected in the 1980s by Cogema and the early 2000s by Kernow Resources & Developments Ltd. Medgold recalculated the intersections and identified higher grade-zones in the system (length-weighted averages were calculated using a top cut of 20 g/t). These are as follows:
- KL4 -- 20.4 m at 2.92 g/t Au from 20.7 m and 9.05 m at 3.37 g/t Au from 145.0 m;
- PF3 -- 19.7 m at 2.80 g/t Au from 32.3 m;
- PF11 -- 12.1 m at 2.98 g/t Au from 51.1 m;
- PF17 -- 13.5 m at 2.17 g/t Au from 65.7 m;
- PF8 -- 10.0 m at 1.37 g/t Au from 86.2 m.
These zones of higher-grade intersections are located as significant pods within a much larger envelope of approximately one g/t Au mineralization.
A total of 3,234 metres of diamond drilling was completed in 26 holes by these two companies. These are historic data provided for information purposes and Medgold has not completed sufficient work to verify these results.
The Boticas program
Future work at Boticas will focus on more detailed sampling at Limarinho South, to define clear drill targets, which will include channel chip sampling. The company's primary objective at Boticas is to carry out a drill program in 2013, targeting the high-grade zones at Limarinho and test for extensions of the mineralization to the northeast and southwest.
Quality assurance and quality control (QA/QC)
Medgold's samples were prepared by ALS Minerals at the Seville laboratory, Spain. Samples were analyzed for gold by fire assay with atomic adsorption finish by ALS Minerals at the Rosia Montana laboratory, Romania. Multielements 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 ALS Minerals laboratory in Vancouver. Certified reference materials (CRM's), blanks and field and laboratory duplicates were routinely inserted for quality assurance and quality control.
Qualified person
Dr. 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. Dr. Redwood has reviewed and approved the technical information contained in this news release.
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