11 Sep 2013 09:05
11 September 2013
Legendary Investments Plc
("Legendary")
Investee Company Update - Medgold Resources Corp. Announces Significant New Zone of Gold Mineralisation Identified at Boticas, Portugal
Legendary, the proactive investment company, is pleased to report that its investee company, Medgold Resources Corp. (TSX-V: MED) ("Medgold"), the European focused gold exploration company, has announced that recent sampling at its wholly-owned Boticas project has identified a significant new zone of gold mineralisation called Limarinho South.
Recent sampling at the new zone returned sample results from 0.05 g/t Au up to 6.55 g/t Au in 14 rock samples. Selective grab samples gave grades of 6.55 g/t, 4.98 g/t and 0.15 g/t Au, and a channel-chip sample yielded a length-weighted average of 10.8m at 1.01 g/t Au (true width uncertain). These are in addition to the selective vein sampling results of 0.24 to 13.1 g/t Au reported by Medgold in early August. Together these results outline a new zone, Limarinho South, which is approximately 350m by 250m, elongated north-south, located 200m-300m to the southeast of the existing Limarinho gold anomaly.
Limarinho South was discovered by applying a new structural concept of repeating en echelon zones controlled by, and hosted within, major faults. Medgold geologists subsequently identified and mapped several favourable structural targets, including the Limarinho South zone. Importantly, the new results have confirmed the validity new structural interpretation which will be used to explore for and sample additional targets.
Zafar Karim, Executive Chairman of Legendary commented:
"We're pleased that the Boticas project is progressing strongly and that the identification of a new zone of gold mineralisation is enhancing the commercial prospects of our investment. These findings are validating Medgold's strategy."
Further details are available at:
http://www.medgoldresources.com/images/content/Sep9.pdf
For further information, please contact:
Legendary Investments Plc | Zafar Karim / Thomas Reuner
| 020 8201 3536 |
Grant Thornton UK LLP
| Colin Aaronson/ Melanie Frean / Jen Clarke
| 020 7383 5100 |
SI Capital
| Nick Emerson/ Andrew Thacker | 01483 413500 |
Newgate Threadneedle | Caroline Evans-Jones | 020 7653 9850
|
About Legendary Investments Plc
Legendary is a proactive investment company that focuses on making investments in and assisting companies which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Legendary invests in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy, natural resources and mining. Legendary is incorporated in the UK, which is its principal country of operation.