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Friday 24 May, 2013

Legendary Invest PLC

Medgold Resources update

RNS Number : 5323F
Legendary Investments PLC
24 May 2013
 



Legendary Investments Plc

(the "Company")

24 May 2013

Investee Company Update

Medgold Resources Corp. ("Medgold")

Defines Major Gold Target at the Pampilhal Prospect, Vila de Rei, Portugal

 

Legendary is pleased to report that its investee company, Medgold Resources Corp. (TSX-V: MED) ("Medgold"), has reported promising first-pass sampling results at its wholly-owned Vila de Rei gold project in central Portugal which covers 40 line km of a regional structure.   

 

Preliminary exploration at the Pampilhal prospect has outlined highly anomalous gold mineralisation over a 2.4 km by 1.3 km area, including over 2.8 km combined strike length of linear, structurally-controlled gold-bearing silica ridges or "ribs".   

 

·     The longest exposed silica rib, extends for over 1.2 km and returned anomalous gold along its entire length, with assays ranging from trace to 12.45 g/t Au and including samples of 3.48 g/t and 1.06 g/t Au.  Thirty-two rock grab samples were collected along its length at roughly 40-100 m intervals.

·     The Western Ridge is exposed over 300 m and returned consistent high gold assays for a first-pass sampling program.  Five rock grab samples were collected along its length at roughly 75-100 m intervals, returning 2.10 g/t, 1.20 g/t, 1.45 g/t, 2.36 g/t and 1.15 g/t Au. 

 

·     In the southern end of the prospect, the Southeast Ridge is exposed over 365 m.  Eight rock grab samples were collected, yielding results from 0.046 g/t to 3.76 g/t Au and including samples of 3.32 g/t Au and 1.84 g/t Au.

 

The work has substantially upgraded the potential of the Vila de Rei licence area. Ongoing work will now focus on the principal prospect of Pampilhal, which covers an area of 2.4 km by 1.3 km.

 

Vila de Rei is only one of a number of projects that Medgold is developing in Portugal, Spain and Italy and it is moving all of these forward with a view to having a number of quality drill targets by the end of the year.  

 

 

Zafar Karim, Executive Chairman of Legendary, said "Medgold continues to make progress and remains on track towards becoming a leading Mediterranean-focused gold exploration and project development company."

 

Further details are available at:

http://www.medgoldresources.com/images/content/May23.pdf

For further information, please contact:

Contact:



Legendary Investments Plc

Zafar Karim / Thomas Reuner

 

020 8201 3536

Grant Thornton Corporate Finance

 

Colin Aaronson/ Melanie Frean / Jen Clarke

 

020 7383 5100

Simple Investments                

 

Nick Emerson/ Andrew Thacker

01483 413500

Newgate Threadneedle

Caroline Evans-Jones

020 7653 9850

 

 

About Legendary Investments Plc

 

Legendary is a proactive investment company that focuses on making investments in and assisting companies which exhibit the potential to generate returns of many multiples through capital appreciation.  Typically, Legendary invests in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy, natural resources and mining. Legendary is incorporated in the UK, which is its principal country of operation.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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