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Major Gold-Antimony Target Defined At Pietratonda, Italy

VANCOUVER, April 24, 2013 /PRNewswire/ - Medgold Resources Corp. (TSXV: MED), the European focused gold exploration company, is pleased to announce results of recently completed exploration at its wholly-owned Pietratonda licence in the Colline Metallifere of Central Italy.

HIGHLIGHTS

  • A total of 273 rock samples collected (including QA-QC)
  • Au-Sb anomaly defined over 600 by 200 metres
  • Anomalism associated with inferred high-angle 'feeder' structure
  • Mineralization typical of Carlin-style / sediment hosted
  • Major drill target defined

Dan James, President of Medgold, said, "The current work has outlined a large gold-antimony anomaly and highlights the exciting potential of the Colline Metallifere of Central Italy.  We believe that the gold mineralization is controlled by high-angle thrust faults and zones of silicified limestone, known as jasperoids, which represent broad areas of lateral fluid flow.  This means that high grade Au-Sb mineralization may occur at depth along these structural features.  Clear drill targets have now been defined which are designed to test the mineralization at depth."

Mineralization in the Colline Metallifere exhibits many geological similarities with deposits in the Carlin Trend, Nevada such as the structural setting, host rocks and general controls, yet the region has received very little modern exploration.  Pietratonda is the first of a number of targets that Medgold plans to explore and the results to date support the presence of a potentially significant new sediment-hosted gold district.  The Colline Metallifere extends over 100 km in a northwest-striking direction and hosts numerous mineral occurrences.  Furthermore, the region currently has 32 active quarrying and mining projects, which highlights it as an exciting and serious mining destination.

The Pietratonda Project

The Pietratonda Project is located in the Colline Metallifere (the "Metal-Bearing Hills") of Central Italy, in the Province of Grosetto, Region of Tuscany.  Mineralization in the project is hosted by limestones which have been altered to jasperoids, the distribution of which is controlled by high-angle thrust faults which have subsequently become extensional, thus allowing upward fluid flow.

Work by Medgold commenced on the project in April 2012 with a soil-grid sampling program which defined a broad north-south trending gold anomaly over 1,400 by 500 meters.  A  NI 43-101 report was completed in September 2012 (the report can be downloaded at http://www.medgoldresources.com/medgold-reports.asp ).

The recent work, carried out in the first quarter of 2013, consisted of a two-phase program of grid-rock chip and float sampling, whereby initial samples were collected on a 50 by 50 meter grid, with zones of anomalism later infilled on a 25 by 25 meter grid.  The sampling focused on broad zones of outcropping jasperoid mineralization within the host limestone. Coincident with the sampling, field geologists completed detailed geological mapping noting lithology, structure, and alteration.

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