Medallion Begins Amazing Grace Gold-Exploration Field Program
Posted on: Tuesday, 10 June 2008, 09:00 CDT
VANCOUVER, June 10 /PRNewswire-FirstCall/ -- Medallion (TSX.V : MDL) announces that it has engaged Coast Mountain Geological Ltd to perform the first-phase exploration field program on the Company's Amazing Grace gold-exploration property (the "Property"), located 15 kilometres southeast of Castlegar, British Columbia. Subject to a 2% NSR royalty, Medallion has an option to acquire 100% of the Property, which comprises 17 Crown mineral claims covering approximately 4867 hectares (48.67 square kilometres). Exploration logistics in this area of British Columbia are excellent and forestry roads provide good access from a nearby paved highway.
The first-phase field program, which will begin immediately, consists of detailed geological mapping and geochemical sampling of the Maud-Meister target and reconnaissance of the entire property. The Maud-Meister target lies along an extensive north-northwest-trending structural zone and includes the formerly producing Maud S gold mine, the Meister prospect and the roughly 300-metre zone that lies between the two. Mineralization consists of gold with minor sulfide minerals in multiple vein sequences and in altered wall rock. Much of the gold is coarse and free. The target is open to the north and south within over four kilometres of favourable geological structure. Up to 2,000 rock and soil samples may be collected during this program. First results are expected in eight to ten weeks.
The goal of the first-phase program is to locate trench sites and drill stations suitable to produce data for the definition of a gold resource. The gold-bearing altered wall rock and veins within the Maud-Meister target hold the potential for a gold resource that could be amenable to bulk-tonnage open-pit mining methods. The program, which is expected to cost approximately $300,000, is being funded by the $500,000-flow-through-share financing completed at the end of 2007.
In preparation for the upcoming field program, all previous exploration data has been compiled, digitized and integrated into Medallion's exploration plan. The results, which are based on past sampling and mapping, outline ten areas of interest. These can be grouped into five major target areas. The Maud-Meister target is the most significant and it will be the first to be explored in detail.
The majority of the 4867-hectare Amazing Grace property has not been mapped or sampled in detail. The first-phase exploration program also includes reconnaissance of the unmapped areas and an airborne geophysical survey of the entire claim block. These techniques will assist in the initial evaluation of the unmapped areas.
Coast Mountain Geological Ltd, based in Vancouver, British Columbia, is a well-respected mineral exploration consulting company with a 20-year record of excellence in the field. Its team of professional geoscientists specialize in all aspects of mineral exploration, development and related project management. Coast Mountain Geological has extensive experience throughout British Columbia and is presently managing projects in the Western Hemisphere Cordillera from Alaska to Argentina.
Medallion's Gold Exploration Portfolio - Medallion also holds the mineral rights to the Lodi Hills and the Ocelot gold properties in Nevada. At Lodi Hills, in northern Nye County, a reconnaissance rock-chip sampling program, in an area of hydrothermal alteration and old prospect pits, has outlined an extensive zone of anomalously high geochemical values of gold and silver. At Ocelot, northwest of Austin, Nevada, exploration targets potentially deep, high-grade gold mineralization of the epithermal quartz-adularia gold-exploration model.
Medallion's strategy is to create a portfolio of high-impact projects in North America. The Company is currently evaluating and negotiating for additional projects in Nevada and Canada; however, it will require additional financing to complete its acquisition and exploration plans.
ON BEHALF OF THE BOARD OF DIRECTORS "William H Bird", PhD, PGeo, President & CEO
William H. Bird, PhD, PGeo, serves the Board of Directors of the Company as an internal, technically Qualified Person. Technical information in this news release has been reviewed by Dr Bird and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. Company management, which takes full responsibility for content, prepared this news release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CONTACT: check the website http://www.medallionresources.com/ or contact William H Bird, (888) 827-6611, e-mail birdwill@aol.com; Wayne Marsden, (888) 366-4464, e-mail jwmarsden@aol.com
Medallion Resources Ltd.
CONTACT: check the website http://www.medallionresources.com/ or contact WilliamH Bird, (888) 827-6611, e-mail birdwill@aol.com; Wayne Marsden, (888)366-4464, e-mail jwmarsden@aol.com
Source: PRNewswire-FirstCall
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