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Medallion Begins Amazing Grace Gold-Exploration Field Program
TSX-V: MDL VANCOUVER, June 10 /CNW/ - Medallion (TSX.V : MDL) announces that it has engaged Coast...
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\nTSX-V: MDL\n\n\nVANCOUVER, June 10 /CNW/ - Medallion (TSX.V : MDL) announces that it has\nengaged Coast Mountain Geological Ltd to perform the first-phase exploration\nfield program on the Company's Amazing Grace gold-exploration property (the\n"Property"), located 15 kilometres southeast of Castlegar, British Columbia.\nSubject to a 2% NSR royalty, Medallion has an option to acquire 100% of the\nProperty, which comprises 17 Crown mineral claims covering approximately 4867\nhectares (48.67 square kilometres). Exploration logistics in this area of\nBritish Columbia are excellent and forestry roads provide good access from a\nnearby paved highway.\n\n\nThe first-phase field program, which will begin immediately, consists of\ndetailed geological mapping and geochemical sampling of the Maud-Meister\ntarget and reconnaissance of the entire property. The Maud-Meister target lies\nalong an extensive north-northwest-trending structural zone and includes the\nformerly producing Maud S gold mine, the Meister prospect and the roughly\n300-metre zone that lies between the two. Mineralization consists of gold with\nminor sulfide minerals in multiple vein sequences and in altered wall rock.\nMuch of the gold is coarse and free. The target is open to the north and south\nwithin over four kilometres of favourable geological structure. Up to 2,000\nrock and soil samples may be collected during this program. First results are\nexpected in eight to ten weeks.\n\n\nThe goal of the first-phase program is to locate trench sites and drill\nstations suitable to produce data for the definition of a gold resource. The\ngold-bearing altered wall rock and veins within the Maud-Meister target hold\nthe potential for a gold resource that could be amenable to bulk-tonnage\nopen-pit mining methods. The program, which is expected to cost approximately\n$300,000, is being funded by the $500,000-flow-through-share financing\ncompleted at the end of 2007.\n\n\nIn preparation for the upcoming field program, all previous exploration\ndata has been compiled, digitized and integrated into Medallion's exploration\nplan. The results, which are based on past sampling and mapping, outline ten\nareas of interest. These can be grouped into five major target areas. The\nMaud-Meister target is the most significant and it will be the first to be\nexplored in ...