VANCOUVER,
Jan. 22, 2013 /PRNewswire/ - Medgold
Resources Corp. (TSX-V: MED), the European focused gold exploration
company, is pleased to announce the successful issuance of the
Grasceta gold exploration licence, located in southern Tuscany, Italy. The acquisition of the 8
square kilometre Grasceta licence, which adjoins the Company's
Frassine licence, is part of the Company's strategy to build a
portfolio of European gold projects with potential to host
multi-million ounce deposits.
Medgold has commenced exploration in the area
with field crews undertaking detailed mapping, grid-rock sampling
and channel-chip sampling. Results from this phase of exploration
are expected in late February.
Medgold President, Dan
James, said: "This acquisition - our first since listing on
the TSX-V - underlines our aggressive growth strategy. The
region is extremely exciting with known jasperoid (silicified
limestone) occurrences observed at both Frassine and Grasceta with
historically-reported high gold grades. We are looking forward to
exploring these two licences as well as our Pietratonda licence and
drill testing the most prospective gold targets."
A drilling campaign conducted at
Frassine-Grasceta in 1991 by a joint-venture between Anglo American
Corporation (now Anglo America plc)
and Agip Miniere (a subsidiary of the Agip oil company) completed 7
diamond drill holes for 600 metres which returned intersections of
up to 3.15 g/t Au over 4 metres and 0.94 ppm Au over 19 metres in
two holes, with a highest sample value of 6.4 g/t Au. These are
historical data which have not been verified by Medgold and are
quoted for information purposes.
Medgold collected 12 reconnaissance rock samples
at Frassine-Grasceta in November
2011, which yielded a high of 1.02 g/t Au from a grab
sample, and 0.41 g/t Au over 12 metres from a composite
channel-chip sample.
The Frassine-Grasceta licences are located 43 km
from the Pietratonda licence, which was the qualifying NI 43-101
project for Medgold's recent RTO. Medgold's licences cover
potentially high-grade, limestone-hosted Carlin-type epithermal gold targets, one of
the most prospective gold deposits types. The acquisition of the
Grasceta licence is part of Medgold's strategy to build a
significant land position in southern Tuscany where initial field work has
demonstrated the presence of sediment hosted gold mineralization
(see Medgold's NI 43-101 report dated November 5, 2012 on www.sedar.com)
Mineralization at Frassine-Grasceta is
controlled by high-angle feeder structures, and hosted by
jasperoids which typically occur on low-angle thrust faults and
also in high-angle normal faults. High-grade gold mineralization is
typically associated with the latter and can also be associated
with localized copper-lead-zinc mineralization.
Dr. Richard
Sillitoe, an internationally renowned geological consultant,
visited the region for Medgold in November
2011 and noted the following: "Frassine is clearly the
highest-priority licence area selected to date because of the
previously defined, high-grade gold values, widespread distribution
of jasperoid and localised presence of hypogene alunite. The
deposit types being targeted in Tuscany are high- and low-grade
sediment-hosted gold mineralization. High-grade analogues are
Meikle and Deep Star in the Carlin
trend of Nevada, where fault
control with or without pre-existing karst are partial ore
controls. An appropriate analogue for a low-grade (1-2 g/t) deposit
is Gualcamayo, Argentina, which is
hosted by partially karsted massive limestone."
Dan James
concluded: "We are also evaluating a number of other gold projects
in the Iberian peninsula. Our focus is on areas with known gold
deposits, where we believe our programs will benefit from the
urgent need of the regional governments for new investment and job
creation. We will update our shareholders on progress in the coming
weeks."
Qualified Person
Dr. Stewart D.
Redwood, FIMMM, Consulting Geologist to the Company, is a
qualified person as defined by National Instrument 43-101 -
Standards of Disclosure or Mineral Projects and has prepared or
reviewed the preparation of the scientific and technical
information in this press release.
About Medgold
Medgold is aiming to become the leading
Mediterranean-focused exploration and project development company,
with an extensive pipeline of projects includes gold and base metal
opportunities in Italy and the
Iberian Peninsula.
The Board and Management have many decades of
combined exploration and mining experience. The Directors have
collectively raised over $500m in
equity financings to fund exploration in many parts of the world.
Led by Chairman Simon Ridgway, the
Board has substantial experience in both the Canadian and UK
capital markets having seeded and listed a number of successful
companies including Fortuna Silver Mines, Radius Gold, Horizonte
Minerals, Stratex International, Northland Resources and Rathdowney
Resources Ltd.
Additional information on Medgold can be
found on the Company's website at www.medgoldresources.com and by
reviewing the Company's page on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
"Simon Ridgway"
Simon Ridgway, Chairman and CEO
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this release.
Forward-looking statement
This press release may contain forward-looking statements
including, but not limited to, comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
and other related matters. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Medgold Resources' projects in
Europe are at an early stage and
all estimates and projections are based on limited, and possibly
incomplete, data. More work is required before the mineralization
and the projects' economic aspects can be confidently modelled.
Actual results may differ materially from those currently
anticipated in this presentation. No representation or prediction
is intended as to the results of future work, nor can there be any
promise that the estimates and projections herein will be sustained
in future work or that the project will otherwise prove to be
economic.
SOURCE Medgold Resources Corp.