TSX-V: MDL
VANCOUVER, Dec. 5 /CNW/ - Medallion Resources Ltd (TSX-V: MDL) announces that core-drilling plans for the Ocelot, Nevada gold project have been reconstituted to combine the property work commitments for 2006 and 2007. This results in an 11-hole, 11,000-foot drilling program, which must be completed by 26 September 2007. Based on conditions encountered in the August drilling, the program will employ a more robust drill rig such as a Longyear 44.
The Ocelot property vendors have approved this combined work commitment. The main permitting document, the Notice of Intent, which is submitted to the US Bureau of Land Management, has also been updated to include the new plan. Medallion will add approximately US$2,000 to its present reclamation bond to cover the larger project. Medallion's Ocelot work and findings to date, although abbreviated by a premature shutdown of the past season's drilling, support the goals of the program and the continued gold exploration of the property. Company management and field personnel remain convinced that the Ocelot gold target is well above average in potential.
Medallion continues to evaluate and negotiate for additional potential property acquisitions in Nevada, British Columbia and Ecuador.
Medallion Resources Ltd (TSX-V: MDL) is exploring the Ocelot gold property, which is located 40 kilometres northwest of Austin, Nevada. Exploration targets potentially deep, high-grade mineralization of the epithermal quartz-adularia gold-exploration model. This model is exemplified by gold deposits such as Midas, Silver Cloud, and deeper portions of Sleeper and Grassy Mountain. Typical of the epithermal quartz-adularia gold model, the Ocelot property contains widespread occurrences of silicification, anomalous gold values and a quartz-adularia hot-springs system.
The Ocelot property lies at the intersection of two major Nevada gold trends, the Independence - Crescent Valley Lineament and the Austin-Lovelock mineral belt. Both trends host significant gold deposits and the intersection of the two trends creates an excellent gold-exploration target. The Austin-Lovelock mineral belt is parallel to, and west of the Battle Mountain trend.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo, President & CEO
William H. Bird, PhD, PGeo, serves the Board of Directors of the Company as an internal, technically Qualified Person. Technical information in this news release has been reviewed by Dr Bird and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. This news release was prepared by Company management, who take full responsibility for content. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.