Medgold has released a maiden inferred mineral resource of 7.1 million tonnes grading 3 g/t gold-equivalent for a total of 680,000 gold-equivalent oz. for the Barje prospect within the Tlamino project in Serbia.
In addition, initial metallurgical test results suggest gold recoveries to concentrate of 88.2% to 90.5% based on bulk rougher flotation tests.
In March 2017, Medgold entered into an option agreement with Fortuna Silver Mines with Fortuna holding the option to acquire up to a 70% interest in the Tlamino project by spending a total of $8 million on exploration and completing a preliminary economic assessment for the project. Thus far, Fortuna has earned a 51% interest in Tlamino and holds approximately 22% of Medgold’s shares.
The Barje resource currently extends to a depth of 110 metres and covers an area of 600 metres by 350 metres with a thickness of 10 metres to 40 metres. Mineralization was first identified at Barje in the 1950s; Medgold completed mapping, sampling and geophysical surveys as well as drilling between 2018 and 2019.
Medgold has identified additional prospects within the 200-sq.-km Tlamino project.
Tlamino is located within the Western Tethyan gold belt; other projects within this region include Dundee Precious Metals’ Chelopech mine and Eldorado Gold’s Olympias and Skouries projects.
(This article first appeared in the Canadian Mining Journal)