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Crnook

Crnook Licence Group

100% Medgold Ownership in Serbia

Medgold holds five granted exploration licences in the southeast corner of Serbia, covering an area of approximately 570 square km, bordering Macedonia and Bulgaria. Two of these make up the Tlamino Project, currently under option to Fortuna Silver Mines, and the other three make up the Crnook Licences Group.

The Tlamino Project and the Crnook Licence Group are located in the Serbo-Macedonian Massif (“SMM”). In Serbia, the SMM is parallel to the Carpatho-Balkanides, which includes the Timok Magmatic Complex (TMC) that hosts a number of copper-gold porphyry-epithermal deposits. The SMM is under-explored when compared to the TMC, having seen lead and zinc exploration work by the Yugoslav government in the 1960s and 70s, but far less exploration post-2000. The licences are located along the Macedonian and Bulgarian borders, approximately 40 kilometres southeast of the city of Vranje, in southeast Serbia. They cover areas of Palaeozoic metasediments, including calcareous schists and marbles, which have been intruded by a series of Oligo-Miocene porphyritic felsic igneous dykes, and locally covered with recent alluvial sediments. Contact zones between dykes and favourable country rock are responsible for many of the known base and precious metal showings within the licence areas.

In 2016, the Company purchased an exploration dataset from Dundee Precious Metals which had in previous years conducted regional exploration campaigns over parts of these licence areas. The data include regional stream sediment sampling results and a number of fairly detailed soil sampling grids over historical showings and gold-anomalous stream sediment and rock chip results.

Throughout 2017, field crews undertook licence-wide reconnaissance over the three Crnook Licences (Crnook, Ljubata and Radovnica), which included stream sediment sampling programs, reconnaissance mapping, and rock-chip sampling.

In the Fall of 2017 field crews completed a program of ridge-and-spur soil sampling and collected 2,096 samples at a spacing of 100 m along lines tracing the inferred extension of a major detachment fault. Medgold has interpreted the fault to have an important association with both gold-silver and lead-zinc mineralization in the region. The fault separates the Vlasina Schists from the underlying basement rocks of the Crnook Dome. It is a low-angle structure, continuous for nearly 50 km that rings the Crnook Dome. The detachment fault is thought to be a significant control on the distribution of mineralization which is believed to occur along the fault hosted in breccias (e.g. at the Barje Prospect – part of Tlamino), and also in high angle structures (e.g. Karamanica – 10 km northwest of Barje) parallel and proximal to the detachment.

The program identified two areas of strongly elevated multi-element geochemistry.

A 3 km by 1 km Au+As+Pb+Zn anomaly located on the western flanks of the Crnook Dome, and within the Ljubata licence. It occurs in proximity to a calcareous schist, of the Vlasina Unit, and also a young porphyry unit, considered to be of a similar age to the mineralization in the region, and appears to be geologically similar to the Karamanica target, located approximately 15 km to the southeast.

A 2 km by 1.5 km Au+As+Cu+Pb+Zn anomaly located on the northern edge of the Crnook Dome, also with the Ljubata licence.

Work will continue on these areas, as well as following-up other smaller anomalies, with several grid-soil programs, and if justified, ground geophysics.

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