VANCOUVER, June 10 /CNW/ - Medallion (TSX.V : MDL) announces that it has
engaged Coast Mountain Geological Ltd to perform the first-phase exploration
field program on the Company's Amazing Grace gold-exploration property (the
"Property"), located 15 kilometres southeast of Castlegar, British Columbia.
Subject to a 2% NSR royalty, Medallion has an option to acquire 100% of the
Property, which comprises 17 Crown mineral claims covering approximately 4867
hectares (48.67 square kilometres). Exploration logistics in this area of
British Columbia are excellent and forestry roads provide good access from a
nearby paved highway.
The first-phase field program, which will begin immediately, consists of
detailed geological mapping and geochemical sampling of the Maud-Meister
target and reconnaissance of the entire property. The Maud-Meister target lies
along an extensive north-northwest-trending structural zone and includes the
formerly producing Maud S gold mine, the Meister prospect and the roughly
300-metre zone that lies between the two. Mineralization consists of gold with
minor sulfide minerals in multiple vein sequences and in altered wall rock.
Much of the gold is coarse and free. The target is open to the north and south
within over four kilometres of favourable geological structure. Up to 2,000
rock and soil samples may be collected during this program. First results are
expected in eight to ten weeks.
The goal of the first-phase program is to locate trench sites and drill
stations suitable to produce data for the definition of a gold resource. The
gold-bearing altered wall rock and veins within the Maud-Meister target hold
the potential for a gold resource that could be amenable to bulk-tonnage
open-pit mining methods. The program, which is expected to cost approximately
$300,000, is being funded by the $500,000-flow-through-share financing
completed at the end of 2007.
In preparation for the upcoming field program, all previous exploration
data has been compiled, digitized and integrated into Medallion's exploration
plan. The results, which are based on past sampling and mapping, outline ten
areas of interest. These can be grouped into five major target areas. The
Maud-Meister target is the most significant and it will be the first to be
explored in detail.
The majority of the 4867-hectare Amazing Grace property has not been
mapped or sampled in detail. The first-phase exploration program also includes
reconnaissance of the unmapped areas and an airborne geophysical survey of the
entire claim block. These techniques will assist in the initial evaluation of
the unmapped areas.
Coast Mountain Geological Ltd, based in Vancouver, British Columbia, is a
well-respected mineral exploration consulting company with a 20-year record of
excellence in the field. Its team of professional geoscientists specialize in
all aspects of mineral exploration, development and related project
management. Coast Mountain Geological has extensive experience throughout
British Columbia and is presently managing projects in the Western Hemisphere
Cordillera from Alaska to Argentina.
Medallion's Gold Exploration Portfolio - Medallion also holds the mineral
rights to the Lodi Hills and the Ocelot gold properties in Nevada. At Lodi
Hills, in northern Nye County, a reconnaissance rock-chip sampling program, in
an area of hydrothermal alteration and old prospect pits, has outlined an
extensive zone of anomalously high geochemical values of gold and silver. At
Ocelot, northwest of Austin, Nevada, exploration targets potentially deep,
high-grade gold mineralization of the epithermal quartz-adularia
Medallion's strategy is to create a portfolio of high-impact projects in
North America. The Company is currently evaluating and negotiating for
additional projects in Nevada and Canada; however, it will require additional
financing to complete its acquisition and exploration plans.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo, President & CEO
William H. Bird, PhD, PGeo, serves the Board of Directors of the Company
as an internal, technically Qualified Person. Technical information in this
news release has been reviewed by Dr Bird and prepared in accordance with
Canadian regulatory requirements as set out in National Instrument 43-101.
Company management, which takes full responsibility for content, prepared this
news release. The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: check the website www.medallionresources.com or
contact William H Bird, (888) 827-6611, e-mail email@example.com; Wayne
Marsden, (888) 366-4464, e-mail firstname.lastname@example.org