VANCOUVER, April 24, 2013 /PRNewswire/ - Medgold Resources
Corp. (TSXV: MED), the European focused gold exploration company,
is pleased to announce results of recently completed exploration at
its wholly-owned Pietratonda licence in the Colline Metallifere of
Central Italy.
HIGHLIGHTS
- A total of 273 rock samples collected (including QA-QC)
- Au-Sb anomaly defined over 600 by 200 metres
- Anomalism associated with inferred high-angle 'feeder'
structure
- Mineralization typical of Carlin-style / sediment hosted
- Major drill target defined
Dan James,
President of Medgold, said, "The current work has outlined a large
gold-antimony anomaly and highlights the exciting potential of the
Colline Metallifere of Central
Italy. We believe that the gold mineralization is
controlled by high-angle thrust faults and zones of silicified
limestone, known as jasperoids, which represent broad areas of
lateral fluid flow. This means that high grade Au-Sb
mineralization may occur at depth along these structural
features. Clear drill targets have now been defined which are
designed to test the mineralization at depth."
Mineralization in the Colline Metallifere
exhibits many geological similarities with deposits in the Carlin
Trend, Nevada such as the
structural setting, host rocks and general controls, yet the region
has received very little modern exploration. Pietratonda is
the first of a number of targets that Medgold plans to explore and
the results to date support the presence of a potentially
significant new sediment-hosted gold district. The Colline
Metallifere extends over 100 km in a northwest-striking direction
and hosts numerous mineral occurrences. Furthermore, the
region currently has 32 active quarrying and mining projects, which
highlights it as an exciting and serious mining destination.
The Pietratonda Project
The Pietratonda Project is located in the
Colline Metallifere (the "Metal-Bearing Hills") of Central Italy, in the Province of Grosetto,
Region of Tuscany.
Mineralization in the project is hosted by limestones which have
been altered to jasperoids, the distribution of which is controlled
by high-angle thrust faults which have subsequently become
extensional, thus allowing upward fluid flow.
Work by Medgold commenced on the project in
April 2012 with a soil-grid sampling
program which defined a broad north-south trending gold anomaly
over 1,400 by 500 meters. A NI 43-101 report was
completed in September 2012 (the
report can be downloaded at
http://www.medgoldresources.com/medgold-reports.asp).
The recent work, carried out in the first
quarter of 2013, consisted of a two-phase program of grid-rock chip
and float sampling, whereby initial samples were collected on a 50
by 50 meter grid, with zones of anomalism later infilled on a 25 by
25 meter grid. The sampling focused on broad zones of
outcropping jasperoid mineralization within the host limestone.
Coincident with the sampling, field geologists completed detailed
geological mapping noting lithology, structure, and alteration.
A total of 273 samples were collected from this
phase (including 49 quality control (QC) samples), with 27% of
samples (excluding QC samples) yielding greater than 0.1 g/t Au and
an average grade of all samples of 0.125 g/t Au. Gold results
varied from below detection up to highs of 2.43, 1.21 and 1.07 g/t,
and antimony from 1.78 ppm to 15 samples above 1%, with highs of
5.17, 7.08 and 8.42 percent. Gold and antimony define a
coincident anomaly over 600 by 200 metres. Arsenic and
mercury are also strongly anomalous, with highs of 0.51, 0.14 and
0.10 percent As, and 104.5, 69.2 and 47.4 ppm Hg, both of which
showing a good correlation with gold, and thus highlighting their
use as pathfinder elements. A sample map and table of results
are available on Medgold's website at
http://www.medgoldresources.com/medgold-italy-mining.asp.
These results are considered to represent a
distal zone of mineralization associated with a high-grade and
high-angle structural feeder-zone, which is commonly found in
Carlin-type deposits. Vector
analysis of the geochemistry highlights a strong increase in Au-Sb
anomalism toward the inferred high-angle feeder faults. These
represent clear exploration drill targets where Au-Sb grades are
expected to increase with depth.
The next phase of work will involve a limited
induced polarization (IP) geophysical study, to aid in the better
definition of drill targets and the possible identification of
high-angle faults associated with jasperoids and expected
pyrite-stibnite mineralization at depth. This will be carried
out in the second half of 2013. A drill program is planned for
early 2014 once all the necessary permits have been received.
Quality Assurance and Quality Control
(QA-QC)
The samples were prepared and 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. Blank, certified standard
reference materials, 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 for Mineral Projects. Dr. Redwood has reviewed
and approved the technical information contained in this news
release.
About Medgold
Medgold is aiming to become the leading
Mediterranean-focused gold exploration and project development
company, with an extensive pipeline of projects across Portugal, Italy and Spain, targeting economically stressed, but
politically stable European countries that are seeking foreign
investment to invigorate the mining sector.
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
"Ralph Rushton"
Ralph Rushton, Director
Forward-looking statements
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 news release. 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
projects will otherwise prove to be economic.
SOURCE Medgold Resources Corp.