July 19 (SeeNews) - Canada-based Medgold Resources has said it plans to start Phase 2 drilling at its flagship Tlamino gold project in Serbia at the end of July.
The Phase 2 drilling will consist of a minimum of 3,000 metres at the Tlamino Gold Project, Medgold said in a statement on Wednesday.
Additionally, a program of about 40 line-kilometre of ground geophysics is scheduled to start later this summer at the Karamanica Zone located 10 kilometres to the west of the main Barje Zone as part of the exploration of the Tlamino Project, Medgold said.
"We have just made what we think is a significant gold-silver discovery at Tlamino so we are keen to keep our momentum going with a second program of drilling at Barje. We hit with 7 out of 7 holes in the first stage of drilling which established a strong link between sulphide mineralization and the large IP-chargeability anomaly identified by our ground geophysics. So, Phase 2 has been designed to test the IP anomaly to the west of holes 6 and 7," the president of Medgold, Dan James, said.
The exploration and development of the Tlamino Gold Project are being conducted under programs which are fully funded by Fortuna Silver Mines, and directed by a joint Fortuna-Medgold technical committee.
"Fortuna is strongly committed to the program and continues to provide significant financing, with the aim to drill-test an area of 1,400 m by 500 m," James said.
The Tlamino Gold Project is located in Southern Serbia, close to the borders of both Bulgaria and Macedonia, approximately five hours south of the capital, Belgrade. The project is comprised of 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 $8 million (6.9 million euro) on exploration over five years.
($ = 0.861217 euro)