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Wednesday 11 September, 2013

Legendary Invest PLC

Investee company update - Medgold Resources

RNS Number : 7248N
Legendary Investments PLC
11 September 2013
 



11 September 2013

Legendary Investments Plc

("Legendary")

 

Investee Company Update - Medgold Resources Corp. Announces Significant New Zone of Gold Mineralisation Identified at Boticas, Portugal

 

Legendary, the proactive investment company, is pleased to report that its investee company, Medgold Resources Corp. (TSX-V: MED) ("Medgold"), the European focused gold exploration company, has announced that recent sampling at its wholly-owned Boticas project has identified a significant new zone of gold mineralisation called Limarinho South.

 

Recent sampling at the new zone returned sample results from 0.05 g/t Au up to 6.55 g/t Au in 14 rock samples. Selective grab samples gave grades of 6.55 g/t, 4.98 g/t and 0.15 g/t Au, and a channel-chip sample yielded a length-weighted average of 10.8m at 1.01 g/t Au (true width uncertain). These are in addition to the selective vein sampling results of 0.24 to 13.1 g/t Au reported by Medgold in early August. Together these results outline a new zone, Limarinho South, which is approximately 350m by 250m, elongated north-south, located 200m-300m to the southeast of the existing Limarinho gold anomaly.

 

Limarinho South was discovered by applying a new structural concept of repeating en echelon zones controlled by, and hosted within, major faults. Medgold geologists subsequently identified and mapped several favourable structural targets, including the Limarinho South zone. Importantly, the new results have confirmed the validity new structural interpretation which will be used to explore for and sample additional targets.

 

Zafar Karim, Executive Chairman of Legendary commented:

"We're pleased that the Boticas project is progressing strongly and that the identification of a new zone of gold mineralisation is enhancing the commercial prospects of our investment. These findings are validating Medgold's strategy."

 

Further details are available at:

http://www.medgoldresources.com/images/content/Sep9.pdf

For further information, please contact:

Legendary Investments Plc

Zafar Karim / Thomas Reuner

 

020 8201 3536

Grant Thornton UK LLP

 

Colin Aaronson/ Melanie Frean / Jen Clarke

 

020 7383 5100

SI Capital                

 

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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