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Positive Results from Mapping and Sampling, Walchen, Austria
Noricum Gold Limited, the European focused base and precious metals exploration and development company, has provided an update on its exploration activities at the Company’s 100% owned Walchen VMS Deposit, located in an area of Austria proven to host copper, gold and silver mineralisation. In particular, the Company is pleased to announce the discovery of a large limonitic outcrop likely to represent an ore zone within the Project area, highlighting the potential of the area.
Highlights
· Completion of initial mapping and sampling programme has validated the Company’s strategy of moving into the Walchen region with both geology and initial results confirming a new and significant zone of outcropping mineralisation
· Large anomalous intercept with high grade hanging wall section has been returned from channel sampling of a highly oxidized and weathered Gossan:
o 12m @ 0.6% copper (“Cu”), 0.33 g/t gold (“Au”) and 7.25g/t silver (“Ag”)
o Including 2m @ 1.14% Cu, 1.08g/t Au, 30.8g/t Ag
· Further local rock and chip sampling returned results up to 1.03% Cu, 5.63% lead (‘Pb’), 12.65% zinc (‘Zn’)
· Non JORC mining inventory of 423,470 tonnes of ore calculated at completion of exploration in 1945 highlighted in recent literature searches
· On-going exploration activities focused on outcrops and underground workings – with these low cost work programs being completed in tandem with activities in Georgia
Noricum Gold Managing Director Greg Kuenzel said, “As demonstrated by historical evaluations and the discovery of a large limonitic ore zone within our licence area, Walchen has surprised us with its potential. The advantage to this project area is we can explore at speed and for a relatively low cost with a continuous stream of results from on-going exploration. It appears mineralisation is consistent and is outcropping along a significant strike length and with easy access we plan to map and sample the entire length of the outcrop. This work will be conducted in parallel with the expected initial work programmes at the newly acquired and more advanced Georgian VMS acreage. Our expanded portfolio now provides shareholders with exposure to multiple projects at various levels of development, from initial grass roots “discovery potential” through fast track resource calculations and development. The Company expects to update the market in the coming weeks as the results from these various work streams come to fruition.”
Mapping and Sampling Programme
The Company acquired the Walchen VMS Project in March 2015 and rapidly commenced a verification mapping and sampling programme. This was completed over a three week period ending in early July 2015. A total of 48 samples were taken during the programme comprising of dump, outcrop and channel samples.
This announcement details the samples collected during the field work period, WAL6 – WAL53. Of particular interest are WAL29-41 which represent a previously unmapped and unsampled limonitic outcrop to the west of the main mining area that have returned good anomalism for copper, gold and silver. These samples are two metre interval, channel samples across the whole outcrop, with around 26 metres of apparent width.
Samples WAL35-40 show the best anomalism and represent a 12 metre intercept across the outcrop: 12m @ 0.6% Cu, 0.33 g/t Au and 7.25g/t Ag. The highest grade was returned by WAL40 – 2m @ 1.14% Cu, 1.08g/t Au, 30.8g/t Ag.
Other sampling from dumps and rock chips returned results up to 1.03% Cu, 5.63% Pb, 12.65% Zn.
The eastern (hangingwall) part of the outcrop shows several metres of disseminated sulphides (mainly pyrite), followed by massive limonite (thickness of several metres; sometimes with malachite staining) and dark phyllite with limonite in the footwall section. This is obviously an outcrop of the ore horizon and the massive sulphides (usually rich in pyrrhotite) are completely decomposed, resulting in the formation of limonite. Several old mines are located below this outcrop (downdip of the ore horizon).
