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.

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".

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.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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