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VANCOUVER , April 20, 2020 /CNW/ – Medgold Assets Corp. (TSX-V: MED|FRA: 1XD) is admiring to advertise that it has entered into an absolute Letter Agreement with Gecon EOOD with account to an Analysis License appliance fabricated by Gecon at Zlogosh (“Zlogosh”, the “Zlogosh Property”), Kyustendil Oblast, western Bulgaria . The capital mineralized targets at Zlogosh are anchored about 40 kilometers by alley from Medgold’s Tlamino Project in Serbia, with which they arise to allotment ample geological similarity. The breadth of Zlogosh about to the Tlamino Project is apparent in Figure 1.
Historic assignment at Zlogosh articular assorted gold-in-soil anomalies including the 1350 beat by 600 beat Zdravkov Dol target, aural which arroyo sampling alternate intervals including 4.70 g/t Au over 10.0 meters and 2.21 g/t Au over 8.0 meters. Added gold-in-soil targets accommodate Kretsul, which alternate 5.61 g/t Au over 4.0 meters in arroyo sampling, and Dobri Dol which alternate 3.04 g/t Au over 10.0 meters and 8.64 g/t Au over 5.0 meters in trenching. The breadth of mineralized targets at Zlogosh is apparent in Figures 1 and 2. Appear clay and arroyo sample after-effects aural the Zlogosh Acreage are the assignment of antecedent operators; this assignment has not been absolute by the Qualified Person. Details of sample collection, alertness and assay are not known, and no QAQC abstracts accept been advised for the appear work. Affinity of cartography amid the Zlogosh Acreage and the Tlamino Project is not affirmation for affinity of mineralization.
Subject to satisfactory achievement of due diligence, Medgold is planning to conduct conduct and added analysis activities at Zlogosh targeting a Mineral Adeptness of a agnate adjustment – or greater – than that apparent at the Tlamino Project (see Medgold Account Absolution anachronous January 30, 2020 ). Extensive absolute datasets of beck sediment, clay and bedrock samples are accessible for Zlogosh, and Medgold intends to administer its compassionate acquired in agnate analysis at Tlamino to these awful -to-be targets. Medgold charcoal committed to the advance of the Tlamino Project in alongside with activities at Zlogosh.
Under the agreement of the Letter Agreement, Medgold has the appropriate to complete assertive due activity activities in attention to Zlogosh which, if satisfactory, accord Medgold the appropriate to access into an Advantage Agreement with Gecon EOOD. The Letter Agreement provides that said Advantage Agreement allows Medgold to acquire an antecedent 51% absorption in Gecon EOOD by costs about €330,000 in allowing and permitting-related expenditures, followed by a additional advantage to acquire a added 44% absorption in Gecon EOOD by incurring about €650,000 in analysis expenditures. The absolute 5% absorption in Gecon EOOD may be purchased by Medgold for €200,000 in banknote on the third ceremony of the Zlogosh Analysis License already awarded or, at the acclamation of the balance shareholder, for €200,000 in shares of Medgold consecutive to the accomplishment of analysis expenditures to the amount of €1,000,000. Gecon EOOD is a clandestine aggregation congenital beneath the laws of the Republic of Bulgaria .
Figure 1: Breadth of the Zlogosh Acreage about to the Tlamino Project (CNW Group/Medgold Assets Corp.)
Figure 2: Breadth of mineralized targets at Zlogosh. (CNW Group/Medgold Assets Corp.)
The Tlamino Project
On January 30, 2020 , Medgold appear an Inferred Mineral Adeptness absolute about 680,000 oz AuEq in 7.1Mt allocation 3.0 g/t AuEq at absolute brand of 0.7 g/t AuEq for the Barje Prospect, aural Tlamino Project (“Tlamino”) in southern Serbia.
Medgold holds two analysis licenses at Tlamino Project accoutrement an breadth of about 200km2. Outcropping mineralization was aboriginal empiric at the Barje Anticipation by Yugoslav State agencies in the 1950s and 1960s back a abbreviate access was opened but no conduct was agitated out. Amid about 2005 and 2012, the anticipation was captivated by clandestine and accessible companies which agitated out bound conduct but bootless to bisect cogent mineralization.
In 2018 and 2019, Medgold conducted mapping, apparent sampling and geophysics (IP) followed by design conduct at Barje which auspiciously intersected gold mineralization in a shallowly absorbed anatomy of hydrothermal breccia beneath adapted schist (See Medgold account absolution anachronous March 21, 2019 ). The Inferred Mineral Adeptness at the Barje Anticipation extends from apparent to a abyss of about 110m as a shallowly absorbed breadth over an breadth of about 600m x 350m . The authentic array of mineralization about ranges amid 10m to 40m . A absolute of 4,089m of design conduct in the areas of Barje, Liska and Karamanica were completed by Medgold during its 2019 analysis programs.
Qualified Person and Abstracts Verification
Mr. Thomas Sant , FGS, CGeol, EurGeol, Consultant Analysis Manager for Medgold and Qualified Person as authentic by NI 43-101 has advised and accustomed the authentic and abstruse agreeable of this account release.
About Medgold Assets Corp.
Medgold is a TSX-V listed, gold analysis aggregation targeting early-stage backdrop in the Balkan region. Run by an accomplished administration aggregation with a acknowledged track-record of architecture amount in adeptness companies, Medgold is focused on advance through fast-paced analysis and adeptness analogue in the -to-be and under-explored Balkan region.
Additional advice on Medgold can be begin on the Company’s website at www.medgoldresources.com and by reviewing the Company’s folio on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
Jeremy Crozier , President and CEO
Neither the TSX Adventure Exchange nor the Investment Industry Regulatory Organization of Canada accepts albatross for the capability or accurateness of this release.
Certain statements independent in this account absolution aggregate advanced statements aural the acceptation of Canadian balance legislation. All statements included herein, added than statements of absolute fact, are advanced statements and include, after limitation, statements about the Company’s affairs for the Zlogosh Property. Often, but not always, these advanced attractive statements can be articular by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” action or be accomplished and agnate expressions, including abrogating variations.
Forward-looking statements absorb accepted and alien risks, uncertainties and added factors which may account the absolute results, achievement or achievements of the Aggregation to be materially altered from any results, achievement or achievements bidding or adumbrated by advanced statements. Such uncertainties and factors include, amid others, whether the Company’s affairs for the Zlogosh Property will advance as anticipated; the uncertainties inherent in the admiration of mineral resources; changes in accepted bread-and-butter altitude and banking markets; the Aggregation or any collective adventure accomplice not accepting the banking adeptness to accommodated its analysis and development goals; risks associated with the after-effects of analysis and development activities, admiration of mineral assets and the geology, brand and chain of mineral deposits; hasty costs and expenses; and such added risks abundant from time to time in the Company’s anniversary and anniversary filings with balance regulators and accessible beneath the Company’s contour on SEDAR at www.sedar.com. Although the Aggregation has attempted to analyze important factors that could account absolute actions, contest or after-effects to alter materially from those declared in advanced statements, there may be added factors that account actions, contest or after-effects to alter from those anticipated, estimated or intended.
Forward-looking statements independent herein are based on the assumptions, beliefs, expectations and opinions of management, including but not bound to: that the Company’s affairs for the Zlogosh Property will advance as anticipated; the accurateness of the mineral adeptness appraisal for the Tlamino Project; that the Company’s declared goals and planned analysis and development activities will be achieved; that there will be no absolute adverse change affecting the Aggregation or its properties; and such added assumptions as set out herein. Advanced statements are fabricated as of the date hereof and the Aggregation disclaims any obligation to amend any advanced statements, whether as a aftereffect of new information, approaching contest or after-effects or otherwise, except as appropriate by law. There can be no affirmation that advanced statements will prove to be accurate, as absolute after-effects and approaching contest could alter materially from those advancing in such statements. Accordingly, investors should not abode disproportionate affirmation on advanced statements.
Medgold Assets Corp. (CNW Group/Medgold Assets Corp.)
SOURCE Medgold Assets Corp.
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