Medgold Resources (fka MED.V)

[Sam Dan]

Management announces sale of an asset. Not sure whether
to be pleased or disappointed. Will provide treasury with a bitb less than 3 million dollars [assume Canadian]

"(“Medgold”, the “Company”) is pleased to announce that it has entered into a binding option agreement (the “Agreement”) with MetalsTech Limited (ASX: MTC) , (“MetalsTech”) in regard to the sale of the Company’s interest in the Tlamino Project in Serbia. Under the terms of the Agreement, Medgold has granted MetalsTech an exclusive option (the “Option”) to acquire a 100% interest in the Tlamino Project for a total consideration of A$3,000,000 in cash (the “Acquisition”).
The Option is exercisable by MetalsTech on or before the sooner of (i) thirty calendar days from the Effective Date of the Agreement and (ii) seven calendar days subsequent to MetalsTech advising Medgold that it has completed its due diligence. Completion of the Acquisition is subject to and conditional upon the satisfaction of certain conditions (“Conditions Precedent”), including conversion of Fortuna Silver Mines’ 51% interest in the Tlamino Project to a 1% net smelter return royalty, and regulatory approvals in Canada and Australia. An option fee of A$100,000 in cash is payable by MetalsTech to Medgold within three business days of the Effective Date of the Agreement. If MetalsTech exercises its option, a further cash consideration of A$2,900,000 is payable by MetalsTech to Medgold within three business days of the satisfaction (or waiver) of the Conditions Precedent in order to acquire the Tlamino Project.

A 5% finder’s fee is payable, half in Medgold shares and half in cash, with respect to this transaction.

Jeremy Crozier, President and CEO of Medgold, remarked, “We are pleased to have the opportunity to monetize Medgold’s Serbian business. If completed, the proceeds of the Tlamino sale will allow us to focus on acquiring and advancing other exploration properties of merit. We're already actively searching for new precious and base metal projects and I look forward to updating shareholders in due course.”

[Sam Dan]

A significant update from management which, unfortunately in a BAD Market day, will probably not get the positive reaction it deserves.
"
Medgold Resources Corp. has completed metallurgical testwork from the Barje prospect, within the Tlamino project in southern Serbia. Highlights of this work are as follows:
• Conventional flotation has produced a concentrate grading 48.9 grams per tonne gold and 824 g/t silver with recoveries to concentrate of 83.4 per cent for gold and 82.4 per cent for silver from a composite sample representing the main hydrothermal breccias; this material type hosts approximately 72 per cent of the total gold inventory reported in the current mineral resource estimate for the Barje prospect (see Medgold news release dated Jan. 30, 2020).
• A second composite sample representing the mineralized schist immediately above the hydrothermal breccias produced a flotation concentrate grading 24.4 g/t Au and 238 g/t Ag with recoveries to concentrate of 71.2 per cent for gold and 79.2 per cent for silver; this second material type hosts approximately 16 per cent of the total gold inventory reported in the current MRE.
These highly positive results will be incorporated into the preliminary economic assessment (PEA) for the Barje prospect currently in progress (Medgold news release dated Aug. 5, 2020). It is anticipated that the results of the PEA will be reported in the current quarter.
The company also announces that with effect of Oct. 12, 2020, it is in receipt of new exploration licences from the Serbian Ministry of Mining and Energy in respect to the Donje Tlamino and Surlica Dukat properties that together comprise the Tlamino project. These licences are each valid for terms of three years and are renewable for terms of three
The Tlamino project
A mineral resource estimate of approximately 570,000 ounces Au and 8.6 million ounces Ag (680,000 oz gold equivalent) in 7.1 million tonnes grading 2.5 g/t Au and 38 g/t Ag (3.0 g/t AuEq) in the inferred resource category was reported by Medgold for the Barje prospect (Medgold news release dated Jan. 30, 2020). Mineralization is at or near surface and with adjacent road and grid power access.
The Tlamino project covers an area of approximately 200 square kilometres in southern Serbia and is held by Medgold under two exploration licences. Outcropping mineralization was first observed at the Barje prospect by Yugoslav agencies in the 1950s and 1960s when a short adit was opened but no drilling was carried out. The prospect was then held by private and public companies between approximately 2005 and 2012 during which time limited drilling failed to intersect significant mineralization.
Medgold conducted mapping, surface sampling and geophysics (IP) at the Barje prospect followed by diamond drilling in 2018 and 2019, which successfully intersected gold mineralization in a shallowly inclined body of hydrothermal breccia below altered schist (Medgold news release dated March 21, 2019). The inferred mineral resource at Barje extends from surface to a depth of approximately 110 m as a shallowly inclined zone over an area of approximately 600 m by 350 m. The true thickness of mineralization generally ranges between 10 m and 40 m.

[Sam Dan]

Early warning report issued today. Shows Fortuna declined to exercise warrants of MED. No specific reason was given but doesn't look positive.

"On October 16, 2020, a total of 1,079,700 Warrants held by Fortuna with an exercise price of Cdn$0.40 per Warrant, expired unexercised.
Warrants owned by Fortuna entitling Fortuna to purchase up to 1,079,700 common shares of the Issuer (“Common Shares”) at an exercise price of Cdn$0.40 per Common Share expired on October 16, 2020 (the “Warrant Expiry”). The Warrant Expiry represents a decrease in Fortuna’s holdings of Warrants of the Issuer from 2.36% to 0% of the issued and outstanding Warrants of the Issuer, and a decrease by approximately 8.33% in Fortuna’s holdings of the issued and outstanding shares of the Issuer on a diluted basis, since the date of the last early warning report"

[Sam Dan]

Finally what I have been hoping to see. A move to consider the feasibility of ore production from management. The only legitimate reason for the share price to rise is revenue generation. Let's hope it will happen!

[conix]

Medgold Initiates Preliminary Economic Assessment for the Tlamino Project, Serbia

Vancouver, Canada, August 5, 2020 – Medgold Resources Corp. (TSX-V: MED|FRA: 1XD) is pleased to announce the initiation of a Preliminary Economic Assessment (the “PEA”) in respect to the Barje Prospect within the Tlamino Project (the “Project” or “Tlamino”) in southern Serbia. The purpose of this study will be to constrain the self-standing economics of the Project, and most particularly its capacity to yield a marketable metal concentrate, to which end a program of metallurgical test work will be completed. Addison Mining Services Ltd. and Bara Consulting Ltd., both of the United Kingdom, have been appointed as leaders of the PEA and metallurgical studies. Reach Partners Limited, also of the United Kingdom, has been engaged to provide guidance in the fields of concentrate specification and marketing terms. Metallurgical test work will be performed by ALS Metallurgy, of Kamloops, BC. Completion of the PEA is anticipated in Q4, 2020.

The Tlamino Project

An Inferred Mineral Resource estimate containing approximately 570,000 oz Au and 8.6 Moz Ag (680,000 oz AuEq) in 7.1 Mt grading 2.5 g/t Au and 38 g/t Ag (3.0 g/t AuEq) was established for the Barje Prospect (see Medgold new release January 30, 20201,2). Mineralization is at or near surface and with adjacent road and grid power access. As part of the Inferred Mineral Resource estimate, bulk rougher flotation tests were performed on two composite samples formed of 50.39 kg of core from the Company’s 2018 drilling program at the Barje prospect. These samples yielded head grades of 2.04 g/t Au and 10.99 g/t Au and gold recoveries to concentrate of 88.2% and 90.5%, respectively, and silver head grades of 15.1 g/t Ag and 107.2 g/t Ag, and silver recoveries to concentrate of 88.2% and 96.4% respectively.

Gold equivalent (AuEq) grade was calculated using the formula AuEq = ((Ag g/t) x 0.012)) + (Au g/t).
A cut-off grade of 0.7 g/t AuEg was used for the Mineral Resource Estimate. This cut-off grade was calculated on the basis of the following assumptions: a gold price of 1350 USD/oz, a silver price of 16 USD/oz, mining costs of 3.30 USD/t, mining recovery and dilution of 5% and processing costs including tailings and concentrate handling of $21/t. G&A costs were included within mining and processing costs. Per metallurgical test work completed to date, recovery to concentrate after flotation of 89.4% for gold and 92.3% for silver were assumed; metals were assumed to be 80% payable.

The Tlamino Project covers an area of approximately 200 km2 in southern Serbia and is held by Medgold under two exploration licenses. Outcropping mineralization was first observed at the Barje Prospect by Yugoslav State agencies in the 1950’s and 1960’s when a short adit was opened but no drilling was carried out. The prospect was then held by private and public companies between approximately 2005 and 2012 during which time limited drilling failed to intersect significant mineralization.

Medgold conducted mapping, surface sampling and geophysics (IP) followed by diamond drilling at the Barje Prospect in 2018 and 2019 which successfully intersected gold mineralization in a shallowly inclined body of hydrothermal breccia below altered schist (see Medgold new release March 21, 2019). The Inferred Mineral Resource at Barje extends from surface to a depth of approximately 110 m as a shallowly inclined zone over an area of approximately 600 m x 350 m. The true thickness of mineralization generally ranges between 10 m to 40 m.

[Sam Dan]

Medgold completes PP
"The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced July 7, 2020.

Number of shares:40 million shares Purchase price:five cents per share Warrants:40 million share purchase warrants to purchase 40 million shares Warrant exercise price:10 cents for a three-year period Number of placees:30 placeesInsider:Jeremy Crozier, 600,000Total pro group involvement:295,000 (one placee) Finders' fees:Canaccord Genuity Corp. receives $42,000 and 840,000 non-transferable warrants, each exercisable for one share at a price of 10 cents for three years. Haywood Securities Inc. receives $1,500 and 30,000 non-transferable warrants, each exercisable for one share at a price of 10 cents for three years."

[Sam Dan]

Maybe it is the stresses of virus 19, but I am getting weary of the PP of Medgold. They claim a" track record of building value in resource companies," But where is the revenue from such companies. They keep searching, but no development completed to provide revenue.

" (TSXV:MED) announces that it proposes, subject to stock exchange approval, to complete a non-brokered private placement financing of up to 40 million units at $0.05 per unit, for proceeds of up to $2 million. Each unit will consist of one common share and one full warrant, each warrant entitling the holder to purchase one additional common share of the Company at $0.10 for three years from closing.

The Company may pay a finder's fee on a portion of the financing. The proceeds of the placement are intended to be used for further development of the Company's Tlamino Project in Serbia, and for general working capital purposes.

About Medgold Resources Corp.

Medgold is a TSX-V listed, gold exploration company targeting early-stage properties in the Balkan region. Run by an experienced management team with a successful track-record of building value in resource companies, Medgold is focused on growth through fast-paced exploration and resource definition in the prospective and under-explored Balkan region.

[Sam Dan]

I AM NOT SURE WHAT IS THE NEXUS OF THIS DEAL. IF THERE IS A POSSIBLE DEAL TO SELL THE PROJECT, IT MAKES SENSE FOR MED TO COMBINE WITH fORTUNA. BUT IF NO DEAL ACTUALLY EXISTS THEN MED COULD HAVE TO MAKE A DEAL UNDER STRESS OR LOSE THEIR HOLDINGS WITH NO PAYMENTCORRECT ME IF I AM WRONG

" Medgold Resources Corp. (TSXV:MED)|(FRA:1XD) is pleased to announce that it has entered into a non-binding Letter of Intent (the "Letter") with Fortuna Silver Mines Inc. (NYSE:FSM) (TSX:FVI) ("Fortuna") to acquire Fortuna's 51% interest in the Tlamino Project located in Serbia (the "Project").

Under the terms of the Letter, Medgold has secured an exclusive option (the "Option") to purchase Fortuna's 51% interest in the Project for a cash consideration of US$ 3.468 million. The Option is valid for three years and is exercisable upon the earlier of (i) the expiry of the term of the Option, (ii) the date of completion of a sale by Medgold of a 100% interest in the Project to a third party, or (iii) the date of completion of a merger between Medgold and a third party.

Fortuna will also be entitled to deferred monthly option fees (the "Monthly Fees") of US$23,000 per month commencing from the date of the Definitive Agreement (as defined below) to the date of exercise of the Option, payable upon exercise of the Option. In the event that the Option is exercised within 12 months of the date of the Definitive Agreement (as defined below), the Monthly Fees will be fixed at US$276,000. Should Medgold not complete a sale of the Project or corporate merger within the term of the Option, Medgold will transfer its undivided 49% interest in the Project to Fortuna for no consideration, such that Fortuna will then hold an undivided 100% interest in the Project.

If Medgold completes a sale of the Project or corporate merger as described above and receives consideration attributable to the Project in excess of US$ 13 per ounce of the Project's Inferred Mineral Resource (see The Tlamino Project below), Medgold will pay to Fortuna an asset sale bonus equal to 10.2% of any amount in excess of US$13 per ounce, less all of Medgold's costs related to the sale or corporate merger.

The Option is subject to the execution of a definitive agreement (the "Definitive Agreement") to be entered into between Medgold and Fortuna within 60 days of the effective date of the Letter, and will contain terms and conditions customary for transactions of this type. The Option is subject to approval from the TSX Venture Exchange, and the boards of directors of both companies. Medgold and Fortuna have a director in common.

Pursuant to the terms of the option agreement between Medgold and Fortuna dated March 6, 2017, and as later amended, Fortuna has earned a 51% interest in the Project by spending US$ 3 million in exploration expenditures, as announced on January 30, 2020.

The Tlamino Project

An Inferred Mineral Resource containing approximately 680,000 oz AuEq in 7.1Mt grading 3.0 g/t AuEq at cut-off grade of 0.7 g/t AuEq was announced in regard to the Barje Prospect on January 30, 2020. As part of this work, bulk rougher flotation tests were performed on two composite samples which, formed of 50.39 kg of core from the Company's 2018 drilling program at the Barje prospect, yielded head grades of 2.04 g/t Au and 10.99 g/t Au and gold recoveries to concentrate of 88.2% and 90.5%, respectively. The same composite samples yielded silver head grades of 15.1 g/t Ag and 107.2 g/t Ag, and silver recoveries to concentrate of 88.2% and 96.4% respectively.

The Tlamino Project covers an area of approximately 200km2 in southern Serbia and is held by Medgold under two exploration licenses. Outcropping mineralization was first observed at the Barje Prospect by Yugoslav State agencies in the 1950s and 1960s when a short adit was opened but no drilling was carried out. The prospect was then held by private and public companies between approximately 2005 and 2012 during which time limited drilling failed to intersect significant mineralization.

Medgold conducted mapping, surface sampling and geophysics (IP) followed by diamond drilling at the Barje Prospect in 2018 and 2019, all fully funded by Fortuna, which successfully intersected gold mineralization in a shallowly inclined body of hydrothermal breccia below altered schist (as announced on March 21, 2019). The Inferred Mineral Resource at the Barje Prospect extends from surface to a depth of approximately 110m as a shallowly inclined zone over an area of approximately 600 m x 350 m. The true thickness of mineralization generally ranges between 10 m to 40 m.

Qualified Person and Data Verification

Mr. Thomas Sant, FGS, CGeol, EurGeol, Consultant Exploration Manager for Medgold and Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release. Mr. Sant is not independent of the Company."

[Sam Dan]

(TSXV:MED) | (FRA:1XD) announces that further to its news release of April 28, 2020, the Company is continuing to rely on the extension provided by the securities regulators as a result of the COVID-19 pandemic regarding the deadline for filing and delivering its audited financial statements and MD&A for the fiscal year ended December 31, 2019. Accordingly, the Company will file such financials no later than the extended deadline of June 15, 2020.

Medgold also confirms that due to the delay in filing its annual financials, it will also rely on the extension provided regarding the deadline for filing and delivering its interim financial statements and MD&A for the three months ended March 31, 2020. Accordingly, the Company will file the interim financials no later than the extended deadline of July 13, 2020.

The Company confirms that there have been no unannounced material business developments since the Company filed its September 30, 2019 interim financial reports.

Until the aforementioned financials are filed, the Company's management and directors are subject to a trading black-out that reflects the principles in section 9 of National 11-207, Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

About Medgold Resources Corp.

Medgold is a TSX-V listed, gold exploration company targeting early-stage properties in the Balkan region. Run by an experienced management team with a successful track-record of building value in resource companies, Medgold is focused on growth through fast-paced exploration and resource definition in the prospective and under-explored Balkan region

[Sam Dan]

Another prospect being ,possibly, added to portfolio. When is management going to develop a revenue producing vehicle? ENOUGH ALREADY
"MEDGOLD ANNOUNCES LETTER AGREEMENT IN RELATION TO THE ZLOGOSH PROPERTY, BULGARIA

Medgold Resources Corp. has entered into an exclusive letter agreement with Gecon EOOD with respect to an exploration licence application made by Gecon at Zlogosh, Kyustendil Oblast, western Bulgaria. The main mineralized targets at Zlogosh are situated approximately 40 kilometres by road from Medgold's Tlamino project in Serbia, with which they appear to share considerable geological similarity. The location of Zlogosh relative to the Tlamino project is shown in an image on the company's website.

Historic work at Zlogosh identified multiple gold-in-soil anomalies including the 1,350-metre-by-600-metre Zdravkov Dol target, within which trench sampling returned intervals including 4.70 grams per tonne gold over 10.0 metres and 2.21 g/t Au over 8.0 metres. Other gold-in-soil targets include Kretsul, which returned 5.61 g/t Au over 4.0 metres in trench sampling, and Dobri Dol, which returned 3.04 g/t Au over 10.0 metres and 8.64 g/t Au over 5.0 metres in trenching. The location of mineralized targets at Zlogosh is shown in images on the company's website. Reported soil and trench sample results within the Zlogosh property are the work of previous operators; this work has not been verified by the qualified person. Details of sample collection, preparation and analysis are not known, and no quality assurance/quality control data have been reviewed for the reported work. Similarity of geology between the Zlogosh property and the Tlamino project is not evidence for similarity of mineralization.

Subject to satisfactory completion of due diligence, Medgold is planning to conduct drilling and other exploration activities at Zlogosh, targeting a mineral resource of a similar order -- or greater -- than that seen at the Tlamino project (see Medgold news release dated Jan. 30, 2020). Extensive historical data sets of stream sediment, soil and rock samples are available for Zlogosh, and Medgold intends to apply its understanding gained in similar exploration at Tlamino to these highly prospective targets. Medgold remains committed to the advancement of the Tlamino project in parallel with activities at Zlogosh.

Under the terms of the letter agreement, Medgold has the right to complete certain due diligence activities in regard to Zlogosh, which, if satisfactory, give Medgold the right to enter into an option agreement with Gecon EOOD. The letter agreement provides that said option agreement allows Medgold to earn an initial 51-per-cent interest in Gecon EOOD by financing approximately 330,000 euros in permitting and permitting-related expenditures, followed by a second option to earn a further 44-per-cent interest in Gecon EOOD by incurring approximately 650,000 euros in exploration expenditures. The remaining 5-per-cent interest in Gecon EOOD may be purchased by Medgold for 200,000 euros in cash on the third anniversary of the Zlogosh exploration licence once awarded or, at the election of the residual shareholder, for 200,000 euros in shares of Medgold subsequent to the attainment of exploration expenditures to the value of one million euros. Gecon EOOD is a private company incorporated under the laws of the Republic of Bulgaria.

The Tlamino project

On Jan. 30, 2020, Medgold announced an inferred mineral resource containing approximately 680,000 ounces gold equivalent in 7.1 million tonnes grading 3.0 g/t AuEq at cut-off grade of 0.7 g/t AuEq for the Barje prospect, within the Tlamino project in southern Serbia.

Medgold holds two exploration licences at Tlamino project covering an area of approximately 200 square kilometres. Outcropping mineralization was first observed at the Barje prospect by Yugoslav state agencies in the 1950s and 1960s when a short adit was opened but no drilling was carried out. Between approximately 2005 and 2012, the prospect was held by private and public companies, which carried out limited drilling but failed to intersect significant mineralization.

In 2018 and 2019, Medgold conducted mapping, surface sampling and geophysics (IP) followed by diamond drilling at Barje, which successfully intersected gold mineralization in a shallowly inclined body of hydrothermal breccia below altered schist (see Medgold news release dated March 21, 2019). The inferred mineral resource at the Barje prospect extends from surface to a depth of approximately 110 m as a shallowly inclined zone over an area of approximately 600 m by 350 m. The true thickness of mineralization generally ranges between 10 m and 40 m. A total of 4,089 m of diamond drilling in the areas of Barje, Liska and Karamanica were completed by Medgold during its 2019 exploration programs."

[Sam Dan]

Major update from management. Go to webpage for full report

"MEDGOLD ANNOUNCES MAIDEN MINERAL RESOURCE ESTIMATE AND INITIAL METALLURGICAL TESTWORK RESULTS FROM THE TLAMINO PROJECT, SERBIA
Medgold Resources Corp. has released a maiden mineral resource estimate for the Barje prospect within the Tlamino project in southern Serbia. An Inferred Mineral Resource containing approximately 680,000 oz AuEq in 7.1Mt grading 3.0 g/t AuEq at cut-off grade of 0.7 g/t AuEq is reported, and is presented in Table 1. Example cross-section and a block model view of the resource are given in Figure 1. This estimate was prepared in accordance with National Instrument 43-101 (NI 43-101) and CIM Definition Standards by Addison Mining Services Ltd. of the United Kingdom. A Technical Report for the Project will be filed on www.sedar.com within 45 days.
Medgold is also pleased to announce the initial results of metallurgical test work. Bulk rougher flotation tests were performed on two composite samples which, formed of 50.39 kg of core from the Company's 2018 drilling program at the Barje prospect, yielded head grades of 2.04 g/t Au and 10.99 g/t Au and gold recoveries to concentrate of 88.2% and 90.5%, respectively. The same composite samples yielded silver head grades of 15.1 g/t Ag and 107.2 g/t Ag, and silver recoveries to concentrate of 88.2% and 96.4% respectively. A summary of these results is presented in Table 2.
The 2019 exploration program was fully funded by Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) ("Fortuna") and was directed by a joint Fortuna-Medgold technical committee pursuant to the terms of the Tlamino Option Agreement announced on March 7, 2017. Pursuant to the terms of said Agreement, as later amended, Fortuna has earned a 51% interest in the Project having spent US$3 million in exploration expenditures.
"

[conix]

Medgold to attend the Vancouver Resource Investment Conference January 19 & 20

Vancouver, Canada, January 15, 2020 – Medgold Resources Corp. (TSX-V: MED|FRA: 1XD) cordially invites you to visit us at Booth #831 at the Vancouver Resource Investment Conference to be held at the Vancouver Convention Centre West, 1055 Canada Place, Vancouver, on Sunday, January 19 and Monday, January 20, 2020.

Medgold is a gold exploration company focused on the advancement of the Tlamino Project in Serbia. Drilling in 2018 and 2019 at the Barje Prospect has defined a mineralized zone extending 700m east-west by 250m north-south, ranging in vertical grade-thickness from 10 to 151 gram-meters gold and appears to be bounded to its south by a fault (Medgold news release, March 21, 2019). The 2018 and 2019 exploration programs at Tlamino were fully funded by Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) ("Fortuna") and directed by a joint Fortuna-Medgold technical committee pursuant to the terms of the Tlamino Option Agreement announced on March 7, 2017.

We look forward to seeing you at the Conference.

About Medgold Resources Corp.

Medgold is a Serbia-focused, TSX-V listed, project generator company targeting early-stage gold properties in the Oligo-Miocene Belt of Serbia. Run by an experienced management team with a successful track-record of building value in resource companies, Medgold is aiming to become a leading European gold exploration company.

Additional information on Medgold can be found on the Company's website at www.medgoldresources.com and by reviewing the Company's page on SEDAR at www.sedar.com.

The scientific and technical information in this news release has been prepared and approved by Mr. Thomas Sant, FGS, CGeol, EurGeol, who is a Qualified Person as defined by National Instrument 43-101. Mr. Sant has provided consulting services to Medgold since 2017.

ON BEHALF OF THE BOARD

Jeremy Crozier, President and CEO

[conix]

Medgold Announces Management Change; Grants Stock Options

Vancouver, Canada, January 16, 2019 – Medgold Resources Corp. (TSX-V: MED) is pleased to announce that Mr. Jeremy Crozier has been appointed Acting President of the Company effective immediately. Mr. Crozier brings many years of technical and commercial experience in the resource industry, and will succeed Dan James who is stepping down as President and a director.

Simon Ridgway, Chairman and CEO of Medgold, commented: “On behalf of the Board, I would like to welcome Jeremy to the team. Jeremy holds BSc and MSc degrees in geology and has over 20 years of exploration and commercial experience gained across a variety of project operations in Europe, North America and Africa. He has extensive experience in the management of complex mineral projects in remote environments, in discovery and resource definition, in the identification and appraisal of M&A opportunities, in capital raising, and in the negotiation of transactions with property vendors and joint venture partners. I would like to take this opportunity to thank Dan James for his services over the past six years as Medgold’s President.”

The Company also announces that it has cancelled 300,000 outstanding incentive stock options, and granted new stock options to personnel of the Company to purchase up to an aggregate of 2,000,000 common shares exercisable for up to 10 years at a price of $0.15 per share.

About Medgold Resources Corp.

Medgold is a Serbia-focused, TSX-V listed, project generator company targeting early-stage gold properties in the Oligo-Miocene Belt of Serbia. Run by an experienced management team with a successful track-record of building value in resource companies, Medgold is aiming to become a leading European gold exploration company.

Additional information on Medgold can be found on the Company’s website at www.medgoldresources.com and by reviewing the Company’s page on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD
Simon Ridgway, Chief Executive Officer

For further information, please contact:
Acting President
Jeremy Crozier (Vancouver), [e-mail], 604.801.5432
Investor Relations
Elina Chow (Toronto), [e-mail], 416.845.8495

[conix]

Medgold Resources Drills 9 m of 14.2 g/t Au at the Tlamino Gold Project in Serbia

Vancouver, Canada, July 5, 2018 – Medgold Resources Corp. (TSX-V: MED) is pleased to announce that it has completed its Phase 1 drill program at the Tlamino project in southern Serbia. The drill program was fully funded by Fortuna Silver Mines Inc. (“Fortuna”) under the terms of an option agreement between Medgold and Fortuna. Assays have been received for holes BAR005, BAR006 and BAR007. All holes have intersected significant gold mineralization:

BAR006: 9.0 m of 14.17 g/t Au and 58 g/t Ag from 95.0 to 104.0 m within a broader zone of 30.0 m grading 5.45 g/t Au and 25 g/t Ag from 74.0 m to 104.0 m;
BAR007: 12.1 m grading 3.37 g/t Au and 12 g/t Ag from 89.5 to 101.6 m;
BAR005: 20.2 m of 1.08 g/t Au and 11 g/t Ag from 82.2 m to 102.4 m.

Highlights:

Mineralization identified over an area of at least 300 m by 200 m, and demonstrates a close spatial correlation with the IP-chargeability anomaly, which extends at least 700 m further to the west for a total of area of approximately 1,400 m east-west and 500 m north-south;
High-grade mineralized breccias are associated with a large-scale detachment structure;
The hanging wall to the high-grade mineralization is anomalous in gold over broad thicknesses, and;
Second phase of drilling expected to commence in late July, with a program of at least 3,000 m, fully-funded by Fortuna Silver Mines.


Dan James, President of Medgold, said: “We are delighted to have identified gold mineralization in all of our first 7 holes at Tlamino. We’re seeing multi-metre high-grade gold intercepts within very broad zones of low- to moderate-grade rock over a large area, and in some holes the mineralization starts at surface. The gold mineralization is flat-lying, near-surface and associated with a large-scale regional detachment fault. We’ve confirmed a strong relationship between IP-chargeability, disseminated sulphides, and gold mineralization which gives us sufficient confidence to plan for Phase 2 drilling to start later this month. We aim to expand the known mineralized area by systematically testing the IP anomaly towards the west. We believe we’ve made a significant gold-silver discovery at Tlamino. The discovery highlights the tremendous exploration potential of Serbia and we’re looking forward to expanding our generative work in country.”

BAR005 is collared 160 m to the NNW of the Barje outcrop and drilled towards the southeast. BAR006 and BAR007 are collared 190 m to the NW of the Barje outcrop, with BAR006 drilled to the southeast and BAR007 drilled to the northwest. All three drill holes intersected intervals of approximately 100 m of moderate to strong sericite and silica alteration with precious metal grades increasing with depth. All culminate with intersections of 13-30 m of intense brecciation and sulphide mineralization close to the contact of the detachment fault. BAR006 and BAR007 are located on the eastern flanks of an IP-chargeability anomaly, considered to be associated with disseminated sulphide mineralization, which continues for at least a further 700 m to the west.

Table 1 – Summary of Drill Results from Phase 1
Table 2 – Drill collars from Phase 1
* Coordinates are given in WGS84 datum and UTM zone 34 projection. Results from BAR001 to BAR004 are described in detail in Medgold’s news releases of June 11th and June 18th, 2018.

An updated plan map showing drill collar locations and hole traces, and cross sections are available on Medgold’s website at http://medgoldresources.com/tlamino/.

The Tlamino Project

The Tlamino Gold Project (the “Project”) is located in Southern Serbia, close to the borders of both Bulgaria and Macedonia, approximately five hours south of the capital, Belgrade. The Project is comprised of two exploration licences, Donje Tlamino and Surlica-Dukat, each approximately 100 km2. All exploration work at the Project is fully-funded by Fortuna, which has an option to earn up to 70% of the Project by spending US $8 million on exploration over five years and completing a Preliminary Economic Assessment (see Medgold news release of March 7, 2017).

The Barje Zone

The Barje Zone is host to a large outcrop of intense brecciation and mineralization, which was identified and sampled by Medgold in 2017, yielding a best result of 84 m of 5.60 g/t Au and 105 g/t Ag (see Company press release on July 18, 2017), following a period of target generation and desktop studies.

Later in 2017, an IP-Resistivity geophysical program undertaken by Medgold at the Barje Zone identified a large chargeability anomaly measuring approximately 1,400 m east-west by 500 m north-south, as well as a second-order anomaly with a NNE-axis overlying the Barje outcrop. The outcrop channel sampling and geophysical survey results were highly encouraging, and a first phase diamond drilling program was designed to test for the presence of a large shallow mineralized body associated with the Barje outcrop and chargeability anomaly. This drill programme has confirmed this mineralization.

Gold-silver mineralization at Barje is associated with tectonic brecciation along a large regional detachment fault which is mostly hosted within the hangingwall schists. This brecciation has structurally prepared large volumes of porous and permeable rocks, suitable to host mineralization. Intense hydrothermal breccias, with sulphide mineralization groundmasses and altered schist clasts, typically form at the base of the hangingwall zones in close proximity to the detachment structure. These zones of intense brecciation, associated with sulphide mineralization, typically yield high-grade gold-silver intercepts. Brecciation, fracturing and sulphide mineralization is pervasive across large zones of the hanging wall schists and yields broad intersections of low-grade (>0.5 g/t Au) to moderate-grade (>1 g/t Au) gold plus silver mineralization.

About Medgold Resources Corp.

Medgold is a Serbia-focused, TSX-V listed, project generator company targeting early-stage gold properties in the Oligo-Miocene Belt of Serbia. Run by an experienced management team with a successful track-record of building value in resource companies.

Qualified Person

Mr. David Clark, M.Sc., P.Geo., is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Clark prepared the technical information contained in this news release and has approved its disclosure.

Quality Assurance and Quality Control

Half-core samples are delivered by Medgold personnel directly to the ALS Geochemistry laboratory facilities in Bor, Serbia. The samples are crushed and pulverised using method code PREP-31, are fire assayed for Au using method code Au-ICP21, and are analysed for multi-elements using method code ME-MS61 following a four-acid digestion. Overlimits are analysed using an appropriate method. Medgold routinely inserts multi-element geochemical standards, blanks, and field duplicate samples into the drill core sample stream to monitor laboratory performance.

Additional information on Medgold can be found on the Company’s website at www.medgoldresources.com and by reviewing the Company’s page on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD

“Dan James”
Daniel P. James, President & Director

For Further Information, Contact:

President
Dan James (London), [e-mail], [phone]