Three of the licences are contiguous and cover 300 sq km on the border with Macedonia and Bulgaria in the south-east, while the other two comprise 100 sq km and lie 50km to the north.
Exploration will be fully funded by Fortuna Silver.
Dan James, president of Medgold, commented: "We are very pleased to have received our first exploration licences in Serbia.
“They cover large areas of highly prospective ground and are under-explored for gold and silver.
“We're looking forward to commencing field work immediately, to ground-truth a series of prospective targets."
Fortuna will choose what it considers to be most prospective for the joint venture and will spend US$8mln for a 70% stake.
The licences are located in the Serbo-Macedonian Massif, a belt of crustal rocks that runs through Serbia along a north-south axis, extending southwards through Macedonia and Bulgaria and into Greece.
In Serbia, the SMM is west of, but parallel to, the Timok Belt which hosts a number of copper-gold porphyry-epithermal deposits.
Recently, Medgold purchased an exploration dataset for the area from Dundee Precious Metals, which is being reviewed currently.