Medgold Resources Corp (CVE:MED, OTCMKTS: MGLDF) said Monday that it has completed the planned drilling at the Tlamino gold project in southern Serbia.
Assays have been received for holes BAR014 to BAR020, returning best intercepts of 33.0 meters at 1.14 grams per ton of gold and 8.2 meters at 2.29 grams per ton of gold, the Vancouver-based company said in a press release.
The exploration program at Tlamino is fully financed by Fortuna Silver Mines Inc (NYSE:FSM) and directed by a joint Fortuna-Medgold technical committee under the terms of an agreement announced in March 2017.
“The first 13 holes identified an extensive zone of high-grade gold-silver-base-metal mineralization at Tlamino with excellent continuity of mineralization from hole to hole,” Dan James, president of Medgold, said in a statement. “We'll be looking at these over the winter.”
Medgold and its partner, Fortuna, have approved a C$2 million budget for 2019 drilling at the Tlamino project’s Barje and Karamanica zones.
Shares of Medgold slipped C$0.04 to C$0.20 in Canada. They were down $0.01 to $0.16 in OTC trading.
Contact Dennis Fitzgerald at [email protected]