Granted New Exploration Licenses In Serbia
Medgold Resources Corp. (TSX-V: MED) has received promising metallurgical test work from the Barje Prospect, within the Tlamino Project in southern Serbia.
The studies found that:
- Conventional flotation has produced a concentrate grading 48.9 g/t Au and 824 g/t Ag with recoveries to concentrate of 83.4 % for gold and 82.4% for silver from a composite sample representing the main hydrothermal breccias; this material type hosts approximately 72% of the total gold inventory reported in the current Mineral Resource Estimate for the Barje Prospect.
- A second composite sample representing the mineralized schist immediately above the hydrothermal breccias produced a flotation concentrate grading 24.4 g/t Au and 238 g/t Ag with recoveries to concentrate of 71.2% for gold and 79.2% for silver; this second material type hosts approximately 16% of the total gold inventory reported in the current MRE.
President and CEO, Jeremy Crozier, said these highly positive results will be incorporated into the currently underway Preliminary Economic Assessment (PEA) for the Barje Prospect. It is anticipated that the results of the PEA will be reported in the current quarter.
The company also announced that it is in receipt of new Exploration Licenses from the Serbian Ministry of Mining and Energy in respect to the Donje Tlamino and Surlica Dukat properties that together comprise the Tlamino Project. These Licenses are each valid for terms of three years and are renewable for terms of three and then two years.
A Mineral Resource Estimate of approximately 570,000 oz Au and 8.6 Moz Ag (680,000 oz AuEq) in 7.1 Mt grading 2.5 g/t Au and 38 g/t Ag (3.0 g/t AuEq) in the inferred resource category was reported by Medgold for the Barje Prospect. Mineralisation is at or near surface and with adjacent road and grid power access.
The Tlamino Project covers an area of approximately 200 sq. km in southern Serbia and is held by Medgold under two exploration licenses. Outcropping mineralisation was first observed at the Barje Prospect by Yugoslav State agencies in the 1950’s and 1960’s when a short adit was opened but no drilling was carried out. The prospect was then held by private and public companies between approximately 2005 and 2012 during which time limited drilling failed to intersect significant mineralization.
Medgold conducted mapping, surface sampling and geophysics (IP) at the Barje Prospect followed by diamond drilling in 2018 and 2019 which successfully intersected gold mineralization in a shallowly inclined body of hydrothermal breccia below altered schist. The Inferred Mineral Resource at Barje extends from surface to a depth of approximately 110 m as a shallowly inclined zone over an area of approximately 600 m x 350 m. The true thickness of mineralisation generally ranges between 10 m to 40 m.