MGLDF - Medgold Announces Mailing of Proxy Materials
(TheNewswire)
Vancouver, B C- TheNewswire - July 31, 2023 - Medgold Resources Corp. (“ Medgold ”) (TSX-V:MED ) ( FRA:1XD) announces that it has filed on SEDAR+the notice of meeting, management information circular (the“ Circular ”) and form of proxy relating to its annual general andspecial meeting of shareholders to be held on August 31, 2023 (the“ Meeting ”) and that it has mailed proxy materials for the Meeting.
The Circular contains the following disclosure of exploration workMedgold has completed on its Tlamino Project exploration licenses subsequent to the date of its preliminaryeconomic assessment with an effective date of January 7, 2021 (the“ Tlamino Project TechnicalReport ”) :
“In 2021, subsequent to the date of theTl amino Project Technical Report , Medgoldcollected a total of 121 rock chip and soil samples over the DonjeTlamino, Surlica-Dukat and Zuti Kamen exploration licenses. This workwas undertaken for tenure maintenance purposes and was unrelated tothe area that was the subject of the preliminary economic assessment.The assay results from the samples did not warrant any follow up workon the areas from which the samples were taken. In 2022, 319 samplepulps from existing rock chip and drill core samples were set asidefrom the Donje Tlamino and Surlica-Dukat materials for analysis, butdue to budgetary constraints, the analysis was never completed.Consequently, the results of the aforementioned work conducted byMedgold does not impact the findings or the recommendations set out inthe Tlamino Project Technical Report and no component of therecommended work program set out in the Tlamino Project TechnicalReport has been completed, and therefore, no update to the recommendedwork program is required.”
At the request of the TSX Venture Exchange, Mr. RichardSiddle, MSc, MAIG, one of the authors of theTlamino Project Technical Report, signed a certificate relating to areconciliation of such work (the “ Reconciliation ”), acopy of which is attached as Schedule “ A ” to this news release.
Qualified Person and DataVerification
Mr. Richard Siddle, MSc, MAIG, of Addison Mining Services Ltd., anindependent Qualified Person as defined by National Instrument 43-101,has reviewed and approved the scientific and technical content of thisnews release. Mr. Siddle has not verified the data disclosed in theReconciliation, since the purpose of the Reconciliation was to confirmthat the recent exploration work did not impact the findings or therecommendations set out in the Tlamino ProjectTechnical Report.
About Medgold Resources Corp.
Medgold is a TSX-V listed, gold exploration company targetingearly-stage properties in the Balkan region. Run by an experiencedmanagement team with a successful track-record of building value inresource companies, Medgold is seeking to build value throughfast-paced exploration and resource definition in the prospective andunder-explored region.
Additional information on Medgold can be found on Medgold’s websiteat www.medgoldresources.com and by reviewingMedgold’s filings on SEDAR+ at www.sedarplus.ca .
ON BEHALF OF THE BOARD
Jeremy Crozier, President and CEO
For Further Information, Contact:
Jeremy Crozier (Vancouver), +1 604 801 5432, info@medgoldresources.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Schedule “A”
July 21, 2023
To: TSX Venture Exchange
Re: Preliminary Economic Assessment (the“ PEA ”) and NI 43-101 Technical Report for the Medgold TlaminoProject Licences, Serbia with an effective date of January 7, 2021 anda signature date of March 11, 2021 (the “ Technical Report ”)prepared for Medgold Resources Corp. (“ Medgold ”)
I, Richard Siddle, MAIG, am one of the qualifiedpersons that authored the Technical Report. I have been advised byMedgold as follows:
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In 2021, and subsequent to the publication by Medgoldof the PEA, Medgold collected a total of 121 rock chip and soilsamples over the Donje Tlamino, Surlica-Dukat and Zuti Kamenexploration licenses that together comprised the TlaminoProject.
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The aforementioned work was undertaken for tenuremaintenance purposes, and related to areas outside the area that isthe subject of the PEA. Attached are maps provided by Medgold thatreflect the locations from which the rock chip and soil samples weretaken, as well as an assay certificate of results from the 2021program.
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The assay results did not warrant any follow up work onthe areas from which the samples were taken.
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In 2022, 319 sample pulps from existing rock chip anddrill core samples were set aside from Donje Tlamino and Surlica-Dukatmaterials for the purpose of a Short Wave Infrared Spectroscopy (SWIR)analysis though for budgetary reasons, such analysis has yet to takeplace.
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The cost of the 2021 sampling program, inclusive ofreporting, was RSD 6,031,540, or approximately CAD 74,477.
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The remainder of the CAD 681,488 of expenditures wereon account of overhead costs associated with operations in Serbia,including a core yard, a storage warehouse, an office, an officemanager, a geologist local to the Tlamino Project, an explorationmanager, the costs of vehicles and a share of the CEO’s timeattributable to the Tlamino Project.
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The Surlica-Dukat and Donje Tlamino explorationlicences are valid until October 12, 2023 and may be renewed for twofurther periods for a total of a five years.
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Medgold has submitted a written request to theapplicable authority in Serbia to drop the Zuti Kamen explorationlicense. As noted on page 20 of the Technical Report, the locationsof known mineralised zones on the Donje Tlamino and Surlica-Dukatexploration licences suggested it was unlikely that Zuti Kamen wouldshare any project infrastructure with the other two explorationlicences. In addition, as noted on page 61 of the Technical Report,there had been no prior exploration work conducted on the Zuti Kamenexploration licence and it consequently was not subject to technicalreview in the Technical Report.
Medgold has also provided me with the attached reconciliation of theCAD $681,488 that Medgold has recorded as exploration expensesrelating to the Tlamino Project for the period from April 1, 2021 toMarch 31, 2023.
Based solely upon on this information, I am of the viewthat: (1) the results of this work conducted by Medgold do not impacton the findings or the recommendations set out in the TechnicalReport; and (2) no component of the recommended work program set outin the Technical Report has been completed, and therefore no update tothe recommended work program is required.
In addition, I am not aware of any material change tothe permitting-related disclosure set out in the TechnicalReport.
I, RICHARD JOHN SIDDLE, MGeol (Hons), MSc, MCSM, MAIG,FGS do hereby certify that:
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I am currently employed as Principal ResourceConsultant by; Addison Mining Services Ltd, 110 Brooker Road, WalthamAbbey, England, EN9 1JH;
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I am the Qualified Person for this reconciliation inrespect of the Technical Report;
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I graduated with a Master of Geology (Hons) from theUniversity of Leicester, UK, in 2007. In addition, I obtained a Masterof Science (merit) in Mining Geology in 2010 from the Camborne Schoolof Mines, University of Exeter, Tremough, Cornwall, UK;
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I am a member of the Australian Institute ofGeoscientists (membership number 6802) and a fellow of the GeologicalSociety of London;
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I have worked as a geologist for over 10 years sincegraduation from university. Relevant experience includes 3 years ofexploration, drilling supervision and resource development in respectto uranium, gold, silver and base metal deposits in Queensland, NewSouth Wales and Western Australia and 2.5 years as a consultingresource geologist at Micromine Consulting Services. I have sincespent 9 years performing resource estimation and geological modellingfor Addison Mining Services;
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I completed a site visit to the Tlamino Project betweenNovember 11 and November 14, 2019 in order to assess data collectionmethodologies, exploration practises, geology and styles ofmineralization;
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I have read the CIM definitions, and definition of“qualified person” as set out in National Instrument 43-101 (“NI43-101”) and certify that by reason of my education, affiliationwith a professional association (as defined in NI 43-101) and pastrelevant work experience, I fulfil the requirements of being a“qualified person” for the purposes of NI 43-101;
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I am independent of Medgold when applying all of thetests in section 1.5 of NI 43-101;
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I have no prior involvement with the Tlamino Projectapart from the provision of independent professional consultingservices and performing the studies as contemplated by the TechnicalReport;
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I have read and am familiar with the CIM definitions,NI 43-101 and Form 43-101F1. The Technical Report was prepared incompliance with those instruments and form;
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As of the effective date of the Technical Report, tobest of my knowledge, information and belief, the Technical Reportcontained all scientific and technical information that is required tobe disclosed to make the Technical Report not misleading.
Dated this 21st day of July, 2023.
“Richard Siddle”
Richard Siddle
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