Canada-based gold exploration and development company Medgold Resources said it plans to launch the first phase of drilling at Tlamino gold project in southern Serbia by the summer of 2017.
Medgold completed a series of saw-cut surface channel samples over the outcrop at Barje occurrence of Tlamino project, finding gold with an average grade of 8.11 g/t and silver with an average grade of 210.6 g/t, the company said in a statement on Monday.
A detailed structural interpretation of the Tlamino Project is currently underway, and exploration drill targets will be developed over the winter, Medgold added.
“Medgold will continue this regional work funded by our Strategic Alliance with Fortuna throughout 2017, allowing us to generate additional projects using the proceeds from the warrant exercise. I am proud of our rapid progress in Serbia. It underscores Medgold’s commitment and focus on discovery and moves us closer to our aim of becoming one of the leading European gold explorers,” Medgold president Dan James said.
Exploration activities on the licences are fully funded through Medgold’s strategic alliance with Fortuna Silver Mines.
In November, Medgold said it had been granted five exploration licences for precious and base metal mineralisation in Serbia, including a block of three contiguous licences totalling 300 sq km at Tlamino, bordering Macedonia and Bulgaria, approximately 40 km southeast of the city of Vranje.
Medgold is a European-focused, Toronto-listed exploration and development company targeting gold properties in northwest Iberia and the under-explored gold provinces of southern Europe.
In June, Medgold said it had raised $1.5 million (1.42 million euro) to fund project-generating exploration in Serbia.