VANCOUVER, CANADA -- (Marketwired) -- 09/09/13 -- Medgold Resources Corp. (TSX VENTURE: MED), the European focused gold exploration company, is pleased to announce that recent sampling at its wholly-owned Boticas project has identified a significant new zone of gold mineralization called Limarinho South.
Recent sampling at the new zone returned sample results from 0.05 g/t Au up to 6.55 g/t Au in 14 rock samples. Selective grab samples gave grades of 6.55 g/t, 4.98 g/t and 0.15 g/t Au, and a channel-chip sample yielded a length-weighted average of 10.8m at 1.01 g/t Au (true width uncertain). These are in addition to the selective vein sampling results of 0.24 to 13.1 g/t Au reported in Medgold's 1st August, 2013 press release (http://www.medgoldresources.com/images/content/Aug1.pdf). Together these results outline a new zone, Limarinho South, which is approximately 350m by 250m, elongated north-south, located 200m-300m to the southeast of the existing Limarinho gold anomaly.
Limarinho South was discovered by applying a new structural concept of repeating en echelon zones controlled by, and hosted within, major faults. Medgold geologists subsequently identified and mapped several favorable structural targets, including the Limarinho South zone. Importantly, the new results have confirmed the validity new structural interpretation which will be used to explore for and sample additional targets.
Dan James, the President of Medgold, said, "These are encouraging new results, adding significant areal extent to the Limarinho prospect, which we believe has potential to host a major resource. The new work is proving that our exploration approach to the area is correct. The newly defined area of alteration and high-grade mineralization has expanded the combined width of the known zones to over 600m, and highlights the importance of understanding the structural controls to the system. Our field teams continue to explore more untested anomalies to the northeast of Limarinho and we hope to generate more drill targets ahead of a drill program planned for late 2013."
The Boticas Gold Project
The Boticas gold project is located in northern Portugal between the towns of Boticas and Chaves. Prof. Jim Mortensen, from the University of British Colombia, an expert in orogenic gold deposits, recently visited the project with Medgold, and presented a number of new ideas on the controls of mineralization which helped toward the targeting of new zones in the vicinity of Limarinho.
In addition to the new field investigations, the Medgold geologists have reviewed the historical drilling data collected in the 1980's by COGEMA and the early 2000's by Kernow Resources & Developments Ltd. Medgold recalculated the intersections and identified higher grade zones in the system (length-weighted averages were calculated using a top cut of 20 g/t). These are as follows:
-- KL4 20.4 m @ 2.92 g/t Au from 20.7 m, and 9.05 m @ 3.37 g/t Au from 145.0 m-- PF3 19.7 m @ 2.80 g/t Au from 32.3 m-- PF11 12.1 m @ 2.98 g/t Au from 51.1 m-- PF17 13.5 m @ 2.17 g/t Au from 65.7 m-- PF8 10.0 m @ 1.37 g/t Au from 86.2 m