Medgold Resources

Website: www.medgoldresources.com
Primary ticker: TSXV:MED
Stage of development: Exploration
Commodity: Gold, Lead, Silver, Zinc
Project to promote: Tlamino (Serbia) and Zlogosh (Bulgaria)
Project location: Bulgaria, Serbia
Company presentation: Click here

Live financials

Cash: CAD$400K
Debt: Nil

Major shareholders:
Fortuna Silver Mines – 22%
Euro Pacific Asset Management – 10.78%
Radius Gold Inc. – 10.68%
Adrian Day Asset Management – 6.37%

Medgold is a Balkan-focused TSX-V listed gold explorer focused on the Preliminary Economic Assessment of its Tlamino Project, Serbia. Tlamino boasts an Inferred Mineral Resource of~680,000 oz AuEq at 3.0 g/t AuEq (Medgold, January 30, 2020). Mineralization is near-surface, the project enjoys ready power and road access, and community and government support. It is the objective of the PEA to demonstrate the self-standing economics of the project as either a basis for sale or development partnership.

Megold recently optioned the nearby Zlogosh Property, Bulgaria, which is closely similar to Tlamino. Past work suggests there to be a target in the order of ~1 Moz Au.

Management Profile

Jeremy Crozier , President & CEO

Jeremy Crozier holds an MSc degree in geology and has 25 years of exploration and commercial experience gained in Europe, North America and Africa. He has extensive experience in discovery and resource definition, in the identification and appraisal of M&A opportunities for public companies and private funds, in capital raising, and in the negotiation of transactions with property vendors and joint venture partners, most recently as President and CEO of Volcanic Gold Mines Inc.

What is your rationale for attending 121 Mining Investment?

We are seeking to build awareness to Medgold and its projects among private, retail and institutional investors during the 121 conference.


What recent news would you like to highlight to investors attending?

In January 2020 Medgold announced a maiden Mineral Resource Estimate for the Barje Prospect within 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 reported.

In April 2020 Medgold announced an option over the Zlogosh Property, Bulgaria, at which past work identified multiple gold-in-soil anomalies including the 1350 meter by 600 meter Zdravkov Dol target, within which trench sampling returned intervals including 4.70 g/t Au over 10.0 meters and 2.21 g/t Au over 8.0 meters. Medgold may earn a 95% interest in the local holding company via expenditures of approximately €1,000,000.


What are your key goals for the next 3, 6 and 12 months?

3 Months:

Advancement of PEA works at Tlamino, Serbia; news flow on interim findings.

Follow-up exploration works at Zlogosh, Bulgaria.

6 Months:

Reporting of final PEA results for Tlamino, Serbia; commencement of exploration drilling in Bulgaria.

12 Months:

Sale or partnership in regard to Tlamino, Serbia; exploration drilling at Zlogish, Bulgaria.


What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Land access for drilling: agreements now largely in place with affected landowners. proactive program of community engagement.


What do you think makes your company such a compelling investment?

Significant near-term upside is expected from the Preliminary Economic Assessment at Tlamino in Serbia, which is expected to lead to a revaluation, and in turn an asset sale or development partnership. Much of the information needed for the PEA is already on hand, and remaining works are quick and cheap to effect.

Drilling at Zlogosh, Bulgaria, has potential to define a significant Mineral Resource in a very similar setting to Tlamino, which is geological very well understood by Medgold’s geologists.

Analyst Insight – provided by Independent Investment Research

Medgold Resources is a TSX-V listed exploration company, focused on targeting gold-silver projects in southern Serbia through strategic partnerships. The company is focusing its exploration efforts on high-grade and near-surface mineralization, which is hosted within the great Tethyan mineral belt – one of the largest and most metal-endowed belts in the world.

Medgold maintains six exploration licences, each covering approximately 100 sq km, targeting gold-silver epithermal and gold-dominant porphyry systems associated with the Oligo-Miocene igneous belt in the central and southern parts of the country.

The company’s flagship Tlamino Gold Project is located in southern Serbia and includes two historical showings – Liska and Barje – associated with a regional east-west striking detachment fault overlain by conglomerates. Mineralization is located at the contact of the basement metamorphic rocks and the base of the conglomerate cover.

Fairly extensive exploration was completed by the Yugoslav government and Yugoslav state companies in the 1950s to 1970s for lead and zinc. Today, it is recognized that these mineralized systems are structurally controlled, intermediate sulphidation epithermal in nature, and their lack of historical precious metal exploration presents significant exploration upside for Medgold.

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 reported at Tlamino during January 2020. Mineralization is near-surface, the project enjoys ready power and road access, and community and government support. It is the objective of the PEA to demonstrate the self-standing economics of the project as either a basis for sale or development partnership.

Medgold has an Option Agreement with Fortuna Silver Mines Inc (TSX: FVI) whereby Fortuna has the exclusive option to acquire up to 70% in the Tlamino Project by spending a total of US$8.0 million in qualifying expenditures and completing a preliminary economic assessment.  Fortuna has earned a 51% stake so far, having spent US$3 million on exploration.

Megold recently optioned the nearby Zlogosh Property, Bulgaria, which is closely similar to Tlamino. Past work suggests there to be a target in the order of ~1 Moz Au.