VANCOUVER, Jan. 22, 2013 /PRNewswire/ - Medgold Resources Corp. (TSX-V: MED), the European focused gold exploration company, is pleased to announce the successful issuance of the Grasceta gold exploration licence, located in southern Tuscany, Italy. The acquisition of the 8 square kilometre Grasceta licence, which adjoins the Company's Frassine licence, is part of the Company's strategy to build a portfolio of European gold projects with potential to host multi-million ounce deposits.
Medgold has commenced exploration in the area with field crews undertaking detailed mapping, grid-rock sampling and channel-chip sampling. Results from this phase of exploration are expected in late February.
Medgold President, Dan James, said: "This acquisition - our first since listing on the TSX-V - underlines our aggressive growth strategy. The region is extremely exciting with known jasperoid (silicified limestone) occurrences observed at both Frassine and Grasceta with historically-reported high gold grades. We are looking forward to exploring these two licences as well as our Pietratonda licence and drill testing the most prospective gold targets."
A drilling campaign conducted at Frassine-Grasceta in 1991 by a joint-venture between Anglo American Corporation (now Anglo America plc) and Agip Miniere (a subsidiary of the Agip oil company) completed 7 diamond drill holes for 600 metres which returned intersections of up to 3.15 g/t Au over 4 metres and 0.94 ppm Au over 19 metres in two holes, with a highest sample value of 6.4 g/t Au. These are historical data which have not been verified by Medgold and are quoted for information purposes.Medgold collected 12 reconnaissance rock samples at Frassine-Grasceta in November 2011, which yielded a high of 1.02 g/t Au from a grab sample, and 0.41 g/t Au over 12 metres from a composite channel-chip sample. The Frassine-Grasceta licences are located 43 km from the Pietratonda licence, which was the qualifying NI 43-101 project for Medgold's recent RTO. Medgold's licences cover potentially high-grade, limestone-hosted Carlin-type epithermal gold targets, one of the most prospective gold deposits types. The acquisition of the Grasceta licence is part of Medgold's strategy to build a significant land position in southern Tuscany where initial field work has demonstrated the presence of sediment hosted gold mineralization (see Medgold's NI 43-101 report dated November 5, 2012 on www.sedar.com) Mineralization at Frassine-Grasceta is controlled by high-angle feeder structures, and hosted by jasperoids which typically occur on low-angle thrust faults and also in high-angle normal faults. High-grade gold mineralization is typically associated with the latter and can also be associated with localized copper-lead-zinc mineralization.