June 24, 2008
Medallion Completes Helicopter Geophysical Survey Of Amazing Grace Gold Property
VANCOUVER, June 24 /PRNewswire-FirstCall/ -- Medallion (TSX.V: MDL) announces that Aeroquest Limited of Mississauga, Ontario, has completed the helicopter geophysical survey of the Company's Amazing Grace gold-exploration property (the "Property"), located 15 kilometres southeast of Castlegar, British Columbia. The property 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 gold-exploration program includes the helicopter geophysical survey and extensive detailed geological mapping and sampling. The helicopter survey, using Aeroquest's AeroTEM II / mag system with gamma-ray spectrometer, provides time-domain electromagnetic, magnetic and radiometric data. The survey is specifically designed to locate and project the key structural controls for the gold mineralization and the results are expected to immediately benefit the exploration program. The initial results of the survey are a series of enhanced maps of the data, with interpretations, which indicate structure and rock types. This information is being incorporated into the present field geological studies. The entire 48-square-kilometre Property was covered by the helicopter survey at a cost of approximately $125,000.
The geological mapping and sampling field program is subcontracted to Coast Mountain Geological Ltd, which deployed its field crew in early June. This work is concentrating on the Maud-Meister target. A reconnaissance is also in progress over the entire Property, which contains four additional targets. 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. The gold of the known occurrences is typically 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 will be collected during this program.
The goal of the first-phase gold-exploration 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. The first-phase program, which is expected to cost approximately $350,000, is being funded by the $500,000-flow-through-share financing completed at the end of 2007.
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 a zone of approximately 900 metres by 750 metres with anomalously high geochemical values of gold and silver. At Ocelot, northwest of Austin, 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 mineral projects in North America. The Company is currently evaluating and negotiating for additional projects in Nevada and Canada.
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.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Medallion Resources Ltd.