Last checked at 1 May 2013 07:00
NORICUM GOLD LTD - 2013 Exploration UpdateNORICUM GOLD LTD - 2013 Exploration Update
PR Newswire
London, April 30
Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources
1 May 2013 Noricum Gold Limited (`Noricum Gold' or `the Company') 2013 Exploration Programme Issue of EquityNoricum Gold Limited, the Austrian focused gold exploration and developmentcompany, is pleased to provide details of its 2013 exploration programmes forits Rotgulden and Schonberg Gold & Precious Metals Projects.
Highlights
* Rotgulden Project - strategy to advance previously producing mine and high grade gold and multi-element targets along 8km of strike: * + Work will commence with an upgrade of the access road to Friedrichstollen Adit + Underground diamond drilling programme planned at existing Rotgülden Mine + Review of historic drill core from the Rotgülden underground mine on-going with results to be released once validated + Further geophysics, sampling and mapping to be undertaken at the newly identified Wandstollen target + Surface diamond drilling programme at the Altenberg target in final planning stage * Schonberg Project - advancement of attractive exploration target identified through 2012 exploration: * + Systematic soil sampling and geochemistry programme to commence in late May + Work to commence following the Spring thaw - late snowfall and wintery conditions have resulted in delays to the commencement of this year's programme. * The Company is sufficiently funded to undertake the current planned work programmes at Rotgülden and Schonberg from its existing cash resourcesNoricum Gold Managing Director Greg Kuenzel said, "Following the encouragingexploration results received to date, we continue to make good progress at bothour Rotgülden and Schonberg gold and precious metals projects in Austria as wefocus on preparing for multiple drilling campaigns in 2013. Our overridingobjective is to demonstrate the scale and value of what we believe to be a newgold province in Europe.
"At our flagship Rotgülden Project, we anticipate that our drill programme,targeting the mid and lower levels of the previously producing mine, will leadto the delineation of an initial resource, which we believe will be asignificant value driver at this highly prospective project. With this in mind,we will be prioritising this target as we conduct additional reconnaissancework at Wandstollen and finalise plans for drilling at Altenberg to furtherassess the regional characteristics of the tenure. We look forward to the startof this work programme, expected to be within the coming weeks, across two ofour five wholly owned projects following an unseasonably long winter season,and to providing regular updates as appropriate."
Rotgulden Gold Project
Rotgülden Mine
The forthcoming underground drill programme is anticipated to comprise ofapproximately 15 drill holes and is designed to define areas of massivesulphide mineralisation that have been detected by electromagnetic programmes,geological mapping and sampling in the areas just above the main level todepths of around 50 to 100m.
The Company anticipates that holes close to the main level will produce goodthicknesses of multi element mineralisation that can be incorporated withprevious drilling and face sampling to create a resource. Previous drilling atthe lower level included intersections of 2.7m at 44.0g/t Au, 0.3m at 23.5g/tAu and 5.15m at 4.9g/t Au.
Following a further review of historic results at the Rotgulden Mine, it wasnoted that some of the core that was drilled in 1990 by Troy Resources wasnever fully analysed even though it encountered mineralisation. Noricum Gold iscurrently assessing this core and intends to undertake a complete analysis ofthe mineralised intevals to provide a comprehensive multi element suite tosupplement the exixting geological data base.
The Company is also finalising plans for a surface drill programme atAltenberg, which is located 2 km to the south of the previously producing mine.Details of this programme will be provided in due course.
Wandstollen
The 2012 aerial survey identified previously unrecognised, significantanomalism in the Wandstollen target area. In response to these encouragingresults, the Company conducted additional sampling within the Wandstollen Aditwhere historical mining activity has been noted and previous sampling returnedgrades of up to 10.85 g/t of gold. The results were announced on 13 December2012. All samples showed gold anomalism, some with high grade.
Following this, the Company plans to undertake further geophysics, sampling andmapping to strengthen its understanding of this newly highlighted area.
Schonberg Precious Metals Project
Schonberg is located approximately 100km east of Rotgulden and extensivefieldwork, including mapping, sampling, petrology and historic data analysiswas conducted in 2012. Importantly, high grade gold, silver and copper resultswere received from 40 dump and outcrop samples during this campaign and anattractrive exploration target comprising of several phases of gold and coppermineralisation was identified.
The Company plans to undertake a three phase exploration programme during the2013 field season. The first phase will involve an extensive soil geochemistryprogramme. The surficial potential at Schonberg relates to the likelihood thatsome mineralisation will occur at surface and will trace mineralised trendsover the entire strike length. The Company believes there is potential foroxide or near surface weathered mineralisation. Beneath this there exists thepotential for deeper sulphide mineralisation which the Company intends tolocate utilising historical maps and present day geophysical readings.
Historical data suggests the ore veins at Schonberg could contain averagegrades of up to circa 3.1% Cu, 37.5g/t Ag and 3.5g/t Au.
The second phase will consist of follow up soil sampling analysed to a lowlevel of detection to infill the inital grid of 200 metres by 25 metresspacings. If successful, drill targets will be generated and the third phasemay involve follow up Reverse Circulation drilling later in the season.
Issue of Equity
Additionally, on 30 April 2013 the Company issued 571,429 new ordinary sharesof no par value ("New Shares") to a consultant to the Company, in lieu of fees,at a price of 0.7 pence per share.
The New Shares rank pari passu in all respects with the existing ordinaryshares of the Company. Application has been made to the London Stock Exchangefor the New Shares to be admitted to trading on AIM ("Admission"). It isexpected that Admission will become effective and that dealings in the Shareswill commence on 8 May 2013.
As a result of the issue of the New Shares, the Company's issued share capitalnow consists of 754,798,072 ordinary shares of no par value.
Competent Person
The information in this announcement that relates to Exploration Results isbased on information compiled by Jeremy Whybrow, who is a Member of TheAustralasian Institute of Mining and Metallurgy.
Jeremy Whybrow is a director of the Company.
Jeremy Whybrow has sufficient experience, relevant to the style ofmineralisation and type of deposit under consideration and to the activitywhich he is undertaking, to qualify as a Competent Person as defined in the2004 Edition of the 'Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves'. Jeremy Whybrow has reviewed thisannouncement and consents to the inclusion in the announcement of the mattersbased on his information in the form and context in which it appears.
For further information please visit www.noricumgold.com or contact:
Greg Kuenzel Noricum Gold Limited Company Tel: 020 3326 1726 Ewan Leggat S. P. Angel Corporate Nomad & Tel: 020 3463 2260 Finance LLP Broker Laura Littley S. P. Angel Corporate Nomad & Tel: 020 3463 2260 Finance LLP Broker Elisabeth Cowell St Brides Media & Finance PR Tel: 020 7236 1177 Ltd