Business
Medallion Completes Ocelot Gold Project Permitting - Preparation of Drill Sites Begins
Medallion Completes Ocelot Gold Project Permitting - Preparation of Drill Sites Begins.
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\n\nTSX-V: MDL\n\nVANCOUVER, July 18 /CNW/ - Medallion Resources Ltd (TSX-V: MDL) announces\nthat it has completed the permitting for the Ocelot Gold Project Phase 1\nexploration drilling. The Ocelot Gold project, located 40 kilometres northwest\nof Austin, Nevada, is operated by Medallion's wholly owned USA subsidiary,\nMedallion Resources (USA) inc. Exploration is under the guidance of J David\nMiller, PhD, PGeo. Medallion has an option with the vendors to acquire 100% of\nthe Ocelot property, subject to a 3% NSR royalty.\nThe permit allows Medallion to proceed on schedule with the 4,000 feet of\ndrilling required for Phase 1 of the exploration program. Five drill sites and\ntwo alternates have been laid out and equipment is being organized to prepare\nthe sites. The site preparation and logistics necessary to begin drilling\nshould be complete shortly. Negotiation of a drilling contract is in progress\nand drilling is expected to begin by early August.\nIn other business, the number of brokers' warrants granted in connection\nwith the recent private placement was incorrectly reported at 6,300 (news\nrelease of 5 July 2006). The correct number of brokers warrants granted is\n21,000, or 10% of the 210,000 units sold by the broker.\n\nMedallion Resources Ltd (TSX-V: MDL) is exploring the Ocelot gold\nproperty, which is located 40 kilometres northwest of Austin, Nevada.\nExploration targets potentially deep, high-grade mineralization of the\nepithermal quartz-adularia gold-exploration model. This model is characterized\nby gold deposits such as Midas, Silver Cloud, and deeper portions of Sleeper\nand Grassy Mountain. Typical of the epithermal quartz-adularia gold model, the\nOcelot property contains widespread occurrences of silicification, anomalous\ngold values and a quartz-adularia hot-springs system.\nThe property also lies at the intersection of two major Nevada gold\ntrends, the Independence - Crescent Valley Lineament and the Austin-Lovelock\nmineral belt. The Austin-Lovelock mineral belt is parallel to, and west of the\nBattle Mountain trend and lies along the western margins of the Northern\nNevada rift structures. Both trends host significant gold deposits and the\nintersection of the two trends creates an excellent gold-exploration target.\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n\"William H Bird\", PhD, PGeo, P...