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Romaine Program Significantly Extends Iron-Titanium Mineralization
TSX-V: MDL VANCOUVER, Nov. 19 /CNW/ - Medallion Resources Ltd ("Medallion" or the "Company" - TSX...
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\nTSX-V: MDL\n\n\nVANCOUVER, Nov. 19 /CNW/ - Medallion Resources Ltd ("Medallion" or the\n"Company" - TSX.V: MDL) announces the completion of a very successful fall\nfield exploration program at the Romaine Iron-Titanium Project. Sample and\ndata production nearly doubled the program's expectations. Geological mapping\nindicates that the iron-titanium-mineralized outcrops continue along strike\nfor more than three kilometers, a significant distance beyond the north end of\nthe previously known main area of mineralization. Seventy-four surface core\nsamples, collected during the program, await analysis at SGS Lakefield\nResearch Limited. Assay results are expected by year end.\n\n\nThe fall 2008 program is part of Medallion's due-diligence review of the\nRomaine iron-titanium property, which includes a historical resource estimate\nof 234 million tonnes grading 10.8% titanium oxide (TiO(2)) and 17.9% iron.(x)\nDuring the 120-day due-diligence period, Medallion, together with the property\nowner, Romaine River Titanium Inc, are finalizing and will execute a\ndefinitive agreement that reflects the terms of the Letter of Intent signed by\nthe parties (the "LOI"), which grants an Option to Medallion to acquire a 100%\ninterest in the Romaine property (the "Option"). Medallion's due diligence is\nnearing completion and the definitive agreement is expected to be executed\nprior to the end of the due-diligence period (see Medallion news release of 2\nSeptember 2008 for terms of the LOI).\n\n\nThe fall program goals are to conduct legal and technical due diligence,\nto construct a detailed geological map, to confirm the surface extent of the\niron-titanium mineralization, and to systematically collect samples for assay\nand metallurgical tests. The fall program results, along with an analysis of\nhistorical drilling and sampling, will be compiled into an NI43-101-compliant\ntechnical report, which is required to obtain regulatory approval of\nMedallion's acquisition of the Option. The technical report will recommend\ndrill targets and a work program for an NI43-101-compliant resource estimate.\nThe data analysis and technical report are in progress.\n\n\nMedallion uses a surface-sampling technique designed to produce suitable\nmaterial for metallurgical testing, as well as mineralogical and c...