September 21 (SeeNews) - Canada-based Medgold Resources has said it plans to extend the Phase 2 drill programme at the Tlamino gold project in southern Serbia, based on the positive results received so far.
The company announced positive results from the Phase 2 drill programme at the Tlamino project, with all holes intersecting significant gold mineralisation, Medgold said in a statement on Thursday.
The exploration and development of the Tlamino project are being conducted under fully funded programmes by Fortuna Silver Mines which agreed to extend Phase 2 beyond the initially agreed 2,400 metres and Medgold expects to complete nearly 5,000 metres of drilling in 2018 before winter.
"We are very pleased to announce the first results from Phase 2 of our drill programme. These strongly mineralised drill intersections demonstrate good continuity of the mineralised structure and grade over hundreds of metres, with the mineralisation still open to the west," Dan James, president of Medgold, said.
The majority of the mineralisation is hosted within an intensely brecciated unit, termed the Triple-X Zone, that occurs at the fault surface which typically yields high-grade gold grades ranging between 5 and 25 g/t of gold, James said. "The hanging wall rocks are also brecciated and mineralized over apparent thicknesses of up to 100m. We also continue to intersect significant silver grades, from trace up to 1,750 g/t Ag and trace up to 28% combined Pb and Zn."
The Tlamino project is located in southern Serbia, close to the borders of both Bulgaria and Macedonia, approximately five hours south of the capital, Belgrade. The project is comprised of two exploration licenses, Donje Tlamino and Surlica-Dukat, each approximately 100 square kilometres.
All exploration work at the project is fully-funded by Fortuna, which has an option to earn up to 70% of the Project by spending $8 million (6.8 million euro) on exploration over five years.
($ = 0.849337 euro)