Advertisement

Legendary Investments advances on investee's Portuguese gold results

AIM-listed investment company Legendary Investments has reported that its investee company, Medgold Resources Corp has reported promising first-pass sampling results at its wholly-owned Vila de Rei gold project in central Portugal, which covers 40 line kilometres of a regional structure.

AIM-listed investment company Legendary Investments has reported that its investee company, Medgold Resources Corp has reported promising first-pass sampling results at its wholly-owned Vila de Rei gold project in central Portugal, which covers 40 line kilometres of a regional structure.

The company reported that preliminary exploration at the Pampilhal prospect outlined highly anomalous gold mineralisation over a 2.4km by 1.3km area, including over 2.8km combined strike length of linear, structurally-controlled gold-bearing silica ridges or "ribs".

Advertisement - Article continues below

The longest exposed silica rib was found to extend for over 1.2km and returned anomalous gold along its entire length, with assays ranging from trace to 12.45 grammes per tonne (g/t) of gold and including samples of 3.48 g/t and 1.06 g/t of gold. In addition, 32 rock grab samples were collected along its length at roughly 40-100m intervals.

The Western Ridge was described by the company as having returned consistent high gold assays for a first-pass sampling program.

Five rock grab samples were collected along its length at roughly 75-100m intervals, returning 2.10 g/t, 1.20 g/t, 1.45 g/t, 2.36 g/t and 1.15 g/t of gold.

In the southern end of the prospect, the company said that the Southeast Ridge was exposed over 365m.

Eight rock grab samples were collected, yielding results from 0.046 g/t to 3.76 g/t of gold and including samples of 3.32 g/t of gold and 1.84 g/t of gold.

Legendary Investments said that the work had substantially upgraded the potential of the Vila de Rei licence area. It added that ongoing work would now focus on the principal prospect of Pampilhal, which covers an area of 2.4km-by-1.3km.

Zafar Karim, Executive Chairman of Legendary Investments, commented: "Medgold continues to make progress and remains on track towards becoming a leading Mediterranean-focused gold exploration and project development company."

Legendary Investments' share price was up 20% to 0.09p at 11:04 on Friday.

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
Share tips of the week
Share tips

Share tips of the week

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
10 Jul 2020