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Medgold Secures Exclusive Option On Two Portuguese Gold Exploration Licenses Identifying Significant Potential

Stocks in this article: MED

VANCOUVER, Feb. 5, 2013 /PRNewswire/ - Medgold Resources Corp. (TSX-V: MED), the European focused gold exploration company, is pleased to announce that it has secured the exclusive option on two highly prospective Portuguese exploration licenses, Boticas and Vila de Rei, through the Direção-Geral de Energia e Geologia (DGEG) of Portugal.

Overview

  • Boticas and Vila de Rei cover 100 sq km and 300 sq km respectively.
  • Previous drilling at Boticas reported results including 40.2m at 1.96 g/t Au, including 20.4m at 2.92 g/t Au, and surface sampling has yielded results up to 204 g/t Au in veinlets.
  • 3,234 metres of historical diamond drilling at key prospect, which is only one of 15 soil geochemical anomalies identified by historical grid-sampling.
  • Vila de Rei includes 40 line km of a principal regional structure.
  • Comprises four geochemical anomalies, the largest of which extends over 3 km and yielded best results from rock grab sampling of 24.72, 22.85 and 19.24 g/t Au.
  • Acquisitions part of Medgold's aggressive expansion strategy and follow the recent issue of an additional license in Italy.
  • Evaluating additional prospects to increase exploration and development portfolio in prospective gold regions in Europe perceived to benefit from planning amelioration.

Dan James, President of Medgold, commented, that: "These are truly exciting projects with excellent historical data available. We believe they have multi-million ounce potential with similar geological controls to the world-class Fort Knox gold deposit in Alaska [1]. The projects highlight the Company's focus to define high-value, wholly-owned, exploration projects in recognized gold districts.  The historic work, including 3,234m of drilling at Boticas, in tandem with the work conducted by our geologists, which yielded a best channel sample of 14.10m at 3.98 g/t Au, underpin the potential and we look forward to rapidly implementing evaluation programs on the multi-anomalous projects as soon as possible."

The Boticas Gold Project

Boticas is located in northern Portugal, approximately 30 km north of the Jales/Gralheira gold mine, hosted in granites with gold mineralization controlled by large-scale regional faults. The Board believes that the project has multi-million ounce gold potential in structurally-controlled and en echelon repeating dilation zones, which is a common structural setting for gold deposits with a similar geological setting typified by the Fort Knox gold deposit in Alaska [1].

The 100 sq km project area was previously explored between the 1980's and early 2000's by several companies with a total of 3,234 metres of diamond drilling completed in 26 holes. Results from the drilling included [2]:

  • 40.15m at 1.96 g/t Au from 19.30 to 59.45m, including 20.40m at 2.92 g/t Au from 20.70 to 41.10m (hole KL4);
  • 64.80m at 0.42 g/t Au from 35.00 to 99.80m (hole PF2);
  • 50.05m at 1.70 g/t Au from 8.65 to 58.70m, including 19.7m @ 2.80 g/t Au from 32.20 to 52.00m (Hole PF3);
  • 103.60m at 0.83 g/t Au from 28.10 to 131.70 m (hole PF10);
  • 75.55m at 0.92 g/t Au from 6.80 to 82.35m (hole PF11);
  • 104.75m at 0.83 g/t Au from 45.50 to 150.25m (hole PF17).

The exploration drilling results are exciting and will allow the Company to define drill-ready exploration targets with the opportunity to fast-track to resources.  Importantly the key prospect, which has been the focus of drilling, is only one of 15 soil geochemical anomalies identified by historical grid-sampling.

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