BELGRADE (Serbia), February 6 (SeeNews) – Canada-based Medgold Resources has found 680,000 ounces of gold equivalent at the Barje prospect of its Tlamino Project in southern Serbia, the company said.
"An Inferred Mineral Resource containing approximately 680,000 ounces gold equivalent (AuEq) in 7.1 million tonnes of ore grading 3.0 grammes per tonne at cut-off grade of 0.7 grammes per tonne," Medgold Resources said in a statement last week.
Medgold also announced the initial results of metallurgical test work at Barje, which yielded head grades of 2.04 grammes per tonne and 10.99 grammes per tonne and gold recoveries to concentrate of 88.2% and 90.5%, respectively.
The same composite samples yielded silver head grades of 15.1 grammes per tonne and 107.2 grammes per tonne, and silver recoveries to concentrate of 88.2% and 96.4% respectively, Medgold said.
The Tlamino project is located in southern Serbia, close to the borders of both Bulgaria and Macedonia. The project comprises two exploration licences, Donje Tlamino and Surlica-Dukat, each approximately 100 square kilometres.
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 $8 million (7.3 million euro) on exploration over five years.
($ = 0.909393 euro)