Medgold Resources encouraged by latest drill assays from Tlamino project

Shares in Medgold Resources Corp (CVE:MED) went higher as it released results from its phase 2 drill program at the Tlamino project in southern Serbia.

Based on results received from drilling so far, partner Fortuna has agreed to extend the phase 2 program beyond the initially agreed 2,400m program.

The firm now expects to complete nearly 5,000 metres of drilling at Tlamino in 2018 before winter.

Highlight assays were 10.75 metres at 4.76 grams per tonne (g/t) gold, 33 grams per tonne (g/t) silver and 0.67% lead-zinc.

There was also 13.35 metres at 5.06 g/t gold, 109 g/t silver and 4.29% lead-zinc (including 5.85 metres at 10.35 grams per tonne gold, 235 grams per tonne silver and 9.57 per cent lead-zinc).

All holes hit significant gold mineralization, the company said.

The Tlamino project lies in Southern Serbia, close to the borders of both Bulgaria and Macedonia, around five hours south of the capital, Belgrade.

The project consists of two exploration licences, Donje Tlamino and Surlica-Dukat, each around 100 sq km.

All exploration work at the project is fully-funded by Fortuna, which has an option to earn up to 70% of the project by spending US$8mln over five years and completing a preliminary economic assessment.

Medgold shares in Toronto nudged up 1.49% to C$0.34 each.

Story by ProactiveInvestors