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Medgold identifies new 3km zone of mineralization at Valongo

EBR Staff Writer Published 23 February 2016

Medgold Resources is pleased to announce that recent exploration of a new prospect called Guimarei on the Valongo licence in northern Portugal, has identified anomalous gold in rocks outcropping over a 3 km strike length.

Assay results from rock chip sampling range from trace gold to highlights of 7.80 g/t Au, 4.84 g/t Au and 2.53 g/t Au.

Dan James, President of Medgold, said: "Guimarei is a brand new gold discovery by Medgold. We've picked up gold mineralization over at least 3km strike length using wide-spaced soil sampling over promising structural features. The new chip sample results have validated our targeting concept and the approach we took to the exploration at Guimarei.

The team continues to build on what we learned in defining high-grade mineralization at the Lagares project and is developing new targets in the region.

"More work is underway at Guimarei and our field teams are doing detailed structural and geological mapping and geochemical sampling. The aim is to define a drill target which will be tested in the summer of 2016 with a proposed 500m diamond core program."

 

The Guimarei prospect is located in the Valongo exploration licence, 20 km northeast of Porto between the towns of Santo Tirso and Valongo, and is under joint venture with Centerra Gold Inc. ("Centerra").

Orogenic gold mineralization at Guimarei occurs along the geological contact between Silurian meta-sediments and a large granodioritic intrusion. In common with many major structurally-controlled orogenic deposits, mineralization at Guimarei is associated with a dilation zone along a bend in a major fault. At Guimarei, the combination of a marked lithological contact with a bend in a major structure, has generated alteration and mineralization over a recorded strike length of 3 km.

Medgold's team initially collected 148 soil samples late last year, along wide-spaced soil sampling lines. This work defined gold anomalism over a strike length of 3,000m. Despite the poor rock exposure, mapping has identified alteration up to 200m wide along the strike length which is associated with quartz veins from 1cm to 80 cm thick, containing pyrite and arsenopyrite, and pervasive silicification.

Infill soil sampling is ongoing with a further 220 samples collected with assay results pending. These samples are being collected at 50m intervals on 250m line spacing.

Results have also been received for 28 rock chip samples, with a further 27 samples collected and assays pending. Assays for rock chip samples range from trace to 7.80 g/t Au, 4.84 g/t Au and 2.53 g/t Au. We have also identified some highly-elevated Pb and Ag values up to 21.0% and 506 ppm, respectively, which are from a sample which also yielded 2.48 g/t Au.

Centerra is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties primarily in Asia, North America and other markets worldwide.



Source: Company Press Release