VANCOUVER, March 4, 2013 /CNW/ - Medgold Resources Corp. (TSX-V: MED),
the European focused gold exploration company, is pleased to announce
that it has been issued the highly prospective 300 square kilometer
Vila de Rei gold exploration licence in central Portugal.
Licence located in highly prospective central Portuguese region.
High-grade rock grab samples, from trace up to 24.7 g/t Au.
Over 40 km of structure identified already.
Exploration work to commence immediately over key prospect areas.
Acquisition marks further step in Medgold's rapid expansion strategy.
Dan James, President of Medgold, said, "Receiving our first licence in
Portugal is a significant milestone for the Company, and underpins our
strategy of targeting exploration projects with multi-million ounce
potential. The Vila de Rei licence covers 40 line km of a regional
shear-structure with multiple zones of highly anomalous
mineralization. It represents a very exciting regional exploration
play, and is located 200 km south from our optioned Boticas licence,
where we hope to receive the licence soon. We look forward to
advancing both our Portuguese asset and our Italian licences where
exploration continues to yield positive results."
The licence was issued by the Direção-Geral de Energia e Geologia (DGEG)
of Portugal, and was counter-signed by the Portuguese Minister of
Economy and Employment, Álvaro Santos Pereira. It was presented to
Medgold at the offices of the Ministry Economy and Employment in Lisbon
by the Minister of the Economy and general directors of the DGEG. The
Minister has recently publically commented that the Government is, and
will continue, to ease legislation to fast-track strategic mineral
resources into production. Furthermore, the Minister cites the mining
sector as one of the most prospective growth industries, which will
contribute to the Portuguese economy and help pull it from their
financial crisis. The Company is therefore very pleased to be working
within a forward-thinking and mining-friendly jurisdiction.
The Vila de Rei licence hosts shear-related gold mineralization in
sediments. Several strike-extensive anomalies have been identified by
previous explorers, with rock grab sampling yielding best results of
24.72, 22.85 and 19.24 g/t Au. Reconnaissance rock-chip sampling by
Medgold yielded best results of 5.25 and 0.43 g/t Au from three
samples. More recent reconnaissance work by Medgold has identified an
intensely silicified zone within quartzites exposed intermittently over
several hundred meters, with results pending.
The sampling by previous companies is historical in nature, and reported
in internal reports archived in the Laboratório Nacional de Energia e
Geologia (LNEG) in Porto, Portugal, and have not been verified by
Medgold, and are quoted for information purposes. Medgold's Qualified
Person has verified that the technical information disclosed herein is
an accurate summary of the internal reports.
Ground crews are expected to commence licence-wide sampling and mapping,
combined with detailed channel-chip sampling over the key prospects, in
mid-April 2013. Initial detailed work will focus on the newly
identified silicified zone in the central part of the licence.
Stewart D. Redwood, Consulting Geologist to the Company, is a Qualified
Person as defined by National Instrument 43-101 - Standards of Disclosure or Mineral Projects - and prepared or reviewed the preparation of the scientific and technical
information in this press release.
Medgold has carried out limited rock chip sampling at Vila de Rei for
evaluation purposes. The samples collected were prepared by ALS
Minerals at the Rosia Montana Laboratory, Romania, and analyzed for
gold by fire assay with atomic adsorption finish. Samples above 10 g/t
were repeated by fire assay with a gravimetric finish. Multielements
were analyzed by ICP.
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, Director
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
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.
For further information:
Jaclyn Ruptash (Vancouver)
Dan James (London)
+44 (0) 207 305 7050 / +44 (0) 7972 579188