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Noricum Gold (LSE:NMG), an Austrian focussed gold exploration and development company, has announced significant high grade gold and silver mineralisation has been returned from the remaining holes drilled during its 2013 underground drill programme.
The campaign was focussed on the previously producing underground mine target within the Company’s 100% owned Rotgulden Gold and Precious Metals Project.
Highlights:
· Significant gold (‘Au’), silver (‘Ag’) and copper (‘Cu’) results received from the remaining drill holes including:
· RY04 – 14m @ 4.59 g/t Au, 26.28 g/t Ag and 0.26 % Cu from 27m
o Including 3m @ 13.5 g/t Au, 72.9 g/t Ag and 0.66 % Cu from 30m
· RY02 – 9m @ 3.49 g/t Au, 10.34 g/t Ag from 39m
o Including 1m @ 9.61 g/t Au, 10.25 g/t Ag 39m
· RY03 – 6m @ 3.80 g/t Au, 36.59 g/t Ag and 0.19 % Cu from 24m
o Including 1m @ 13.75 g/t Au, 25.3 g/t Ag and 0.14 % Cu 28m
· RY04 – 4m @ 3.11 g/t Au, 15.57 g/t Ag from 20m
o Including 1m @ 10.25 g/t Au, 31.5 g/t Ag 21m
· Results of all 25 holes drilled are being incorporated into an initial JORC Resource Estimate for the Rotgulden underground mine, which is expected to be finalised in H1 2014
· Drill results from the 2013 programme will also be used to plan further drilling in 2014 focussed on two of four targets within the Rotgulden tenure: the previously producing mine and the Altenberg target 2km to the south
Noricum Gold’s Managing Director, Greg Kuenzel said, “These final results bring to an end what has been a very successful drilling season for the Company. Within the 25 holes drilled underground at the Rotgulden mine, we have seen a good range of results from very high grade intersections of 3.9 metres at 51.54 g/t Au in hole XB01 to greater widths like those seen in hole RZ04 of 6 metres at 17.41 g/t Au. We will now focus on the completion of the resource model and exploration target models being compiled by the Company’s resource consultant, H&S Consultants Pty Ltd. The results of the underground drilling will also be used to plan our 2014 drill programme, which it is envisaged will include further underground resource and exploration drilling at the Rotgulden mine, along with a surface drill programme at the Altenberg target, 2km to the south of the Rotgulden underground mine.
“In addition, our soil sampling programme at Schonberg has been progressing well. The first batch of samples covering around one third of the area have now been sent to the lab for analysis. Work at Schonberg has now been stopped due to excessive snowfall but will re-commence later in the year when the weather permits. We look forward to updating the market with the initial results from this soil sampling programme in due course, and this could potentially lead to drilling at Schonberg later this year.
“With over £2 million in treasury and a significantly reduced cash burn, the Company is well placed to advance these 100% owned highly prospective gold and precious metals projects in south central Austria. We look forward to the continued news flow over the coming months as we progress the resource and processing work.”
