Last checked at 18 Aug 2011 11:28
Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources
18 August 2011
Noricum Gold Limited (`Noricum Gold' or `the Company') Exploration Update
Noricum Gold Limited, the Austrian focussed gold exploration and development company, is pleased to provide a positive update regarding the exploration programme at its Rotg¼lden and Kliening gold projects in south-central Austria.
Overview
* Approval granted for the Company's 1,800 metre drill programme at Rotg¼lden - work anticipated to commence week beginning 22 August 2011 * Extensive electromagnetic survey completed at Rotg¼lden identifying massive sulphide drill targets which we believe indicates the presence of high grade gold, silver and copper drill targets - results indicate several new potential high-grade anomalies * First phase work programme completed in the Altenberg Valley to identify extent of mineralised strike extensions from Rotg¼lden * 1,200 metres drilled to date at Kliening with initial results expected by the end of August 2011 * Sampling and mapping programme to commence shortly at the Company's Sch¶nberg licence in the Flatschach region, an historic copper mining zone * Preliminary assays from Kliening, Schurfspitze and Altenberg expected in the next six weeks
Noricum Gold Managing Director Greg Kuenzel said, "This is a very exciting period for Noricum Gold, having received approval from the Austrian authorities for our work programme at Rotg¼lden, an area which comprises 15 underground mines, including the previously operating gold/copper/silver Rotg¼lden mine. The sampling and electromagnetic surveys performed to date highlight this project's prospectivity, and we are keen to commence exploration drilling with the objective of demonstrating the high grade potential of the Rotg¼lden gold project. Importantly drilling by previous explorers resulted in intersections of 2.7 metres at 44.0g/t gold, 0.3 metres at 23.5g/t gold and 5.15 metres at 4.9g/t gold, which again highlights the projects potential.
"The past few months have seen much activity across our portfolio. We have undertaken a sampling and reconnaissance programme along and above strike from Rotg¼lden, in order to strengthen our understanding of the mineralisation across the region, and have completed 1,200 metres of the 2,000 metre drill programme at the Kliening gold project. We now look forward to receiving the results from this exploratory work, as well as work at our Sch¶nberg licence, which will provide us with further news flow over the coming weeks."
Rotg¼lden
The Company has today received notification from the Austrian mining authorities that its work programme for 1,800 metres of surface drilling at the Rotg¼lden gold project has been approved.
Drill targets for this programme have been refined as a result of the recently completed electromagnetic (`EM') survey programme conducted by Terratec Geoservices and interpreted by Southern Geoscience Consultants. This EM programme was very extensive and included down hole surveying of all existing drill holes as well as surveying of the underground drives. Several anomalies were encountered in most holes and are related to drill intercepts of massive sulphide bodies which are likely to contain high grade mineralisation.
Importantly, new anomalies were defined by the survey in the main access drive of the mine and these are currently being assessed as drill targets. The modelling of the EM data is continuing and the results will be used to refine the drill programme as we progress.
The drill rigs have been mobilised to site and drilling is expected to commence next week with a total of five holes planned over the next couple of months.
Altenberg
Although initially hampered by bad weather, a weeklong sampling and reconnaissance programme was recently completed in the Altenberg Valley. The Altenberg Valley is a continuation along strike from and above the existing mine at Rotg¼lden. Samples were taken from existing underground exposures, rock outcrops and some small historical dumps. The samples have been sent for analysis and results are expected back within a month.
Schurfspitze
Schurfspitze located along strike from the Rotg¼lden and Altenberg projects was visited for a brief reconnaissance sampling programme in conjunction with the sampling programme at Altenberg. Schurfspitze appears to have mineralisation analogous to that at Rotg¼lden, namely massive pyrite, phyrrhotite and arsenopyrite mineralisation. Additional field work is warranted in the coming months to further define the extent of this mineralisation.
Kliening
At the Company's Kliening licence area, drilling has been completed on five holes to a total depth of approximately 1,200 metres.
Sulphides have been intersected in all drill holes to date and samples have been sent to OMAC Laboratories in Ireland. The Company hopes to receive the results within the next six weeks. Initial analysis and logging of the drill core has indicated the presence of mineralisation with similar characteristics to historical mines located nearby.
The decision has been made to temporarily stop drilling at Kliening to enable the contractors, Voest Alpine, to move the two drill rigs being used at Kliening to Rotg¼lden to fast track the drilling programme at that site.
Sch¶nberg
The Company is also about to commence exploration work at its Sch¶nberg licence area. Sch¶nberg consists of 53 licences located approximately 100km due east of Rotg¼lden. The area has varied geology and the licences are centred on the town of Kittelfel and Flatschach, the latter is part of an historic copper mining zone.
This programme will be supervised by Professor Johann Raith, Chair of Resource Mineralogy Department at the Mining University in Leoben, Austria, and will consist of mapping and systematic soil and rock chip sampling.
Further information
Old Park Lane Capital has recently published initiating coverage on the Company. To obtain a copy of the research report, please contact Old Park Lane Capital.
The photo gallery on the Company's website has also been updated to include recent photos of activity at the Company's projects.
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Jeremy Whybrow, who is a Member of The Australasian Institute of Mining and Metallurgy.
Jeremy Whybrow is a director of the company.
Jeremy Whybrow has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the `Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Jeremy Whybrow consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Glossary
Arsenopyrite An iron arsenic sulphide, FeAsS, often associated with gold mineralisation
Mineralised Containing ore minerals
Pyrite An iron sulphide mineral, FeS2
Pyrrhotite An unusual iron sulphide mineral with a variable iron content
Sulphide a compound of sulphur and some other element that is more electropositive
Strike A geological term which describes a horizontal line on the surface of a dipping stratum. The strike is 90° to the dip of the stratum.
**ENDS**
For further information please visit www.noricumgold.com or contact:
Greg Kuenzel Noricum Gold Limited Company Tel: 020 3326 1726 Roland Cornish Beaumont Cornish Limited Nomad Tel: 020 7628 3396 James Biddle Beaumont Cornish Limited Nomad Tel: 020 7628 3396 Michael Parnes Old Park Lane Capital plc Broker Tel: 020 7493 8188 Luca Tenuta Old Park Lane Capital plc Broker Tel: 020 7493 8188 Hugo de Salis St Brides Media & Finance Ltd PR Tel: 020 7236 1177 Elisabeth Cowell St Brides Media & Finance Ltd PR Tel: 020 7236 1177