Last checked at 13 Oct 2011 07:00
Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources
13 October 2011
Noricum Gold Limited ('Noricum Gold' or 'the Company')
Further High Grade Initial Drilling Results from Rotgülden Gold and Precious Metals Project, Austria
Noricum Gold Limited, the Austrian focussed gold exploration and development company, is pleased to announce significant gold ('Au') mineralisation from the results of the first two drill holes of the recent 1,800m drilling programme at the historically producing Rotgülden mine, located on the Company's 100% owned, 51 sq km Rotgülden gold and precious metal project in Austria ('Rotgülden' or 'the Project'). The programme is now complete with the most significant intersection being 3.1m @ 11.69g/t Au.
Highlights
·; Significant gold mineralisation from first two drill holes (BL 03 and BL 07):
o BL 03 - 3.1m @ 11.69g/t Au from 173.7m
o BL 07 - 0.5m @ 6.68g/t Au from 224.8m
·; Multi element assays are expected imminently and are likely to include silver and copper anomalism
·; Awaiting results from three further drill holes - two of which intersected massive sulphide mineralisation (BL 05 and BL 02)
·; A further electromagnetic ('EM') survey scheduled to commence shortly to progress towards resource drilling in 2012
Noricum Gold Managing Director Greg Kuenzel said, "Our first 1,800 metre drill programme at the Rotgülden gold and precious metal project has provided us with some highly encouraging results and we have successfully confirmed the locations of high grade gold mineralisation of up to 11.69 g/t at the historically producing and highly prospective mine.
"We are now focussed on advancing towards resource drilling during 2012, and with the results from the further three holes keenly anticipated, a further EM survey due to commence imminently, and multi-element results due in the short term, we are confident that we will rapidly gain a solid knowledge of the Project. In tandem, reconnaissance work is ongoing across the 8km of prospective strike running through the Project area producing bonanza results, and we are increasingly excited about this licence's potential."
Further Information
Drilling at Rotgülden has now been completed with a total of five holes being drilled to depths of between 250 and 300m. Four of the five drill holes, that were planned to hit EM targets thought to be massive sulphides, intersected massive and brecciated sulphides. The hole that did not intersect the planned target intersected a fault zone near surface that unfortunately deviated the hole to such an extent that it missed the target by more than 20m.
The Rotgülden drilling programme was planned after the initial EM programme was completed earlier in the field season in the existing underground workings and drill holes. The drill holes were planned to intersect some of the EM targets delineated by the survey but were primarily designed to provide better infrastructure for an EM survey that is scheduled to commence in the coming days. The upcoming survey may help refine the up and down plunge component of the orebody such that resource drilling can be effective completed next year.
BL 03 was designed to hit a target above the existing workings and it encountered a zone of massive sulphide mineralisation (arsenopyrite, pyrrhotite and also traces of pyrite) as well as zones of brecciated sulphides. This zone of mineralisation from 173.7m was 3.1m in thickness down hole with a grade of 11.69g/t Au, this is likely to also contain silver and copper.
Deeper in BL 03, another zone of anomalous gold was intersected at 250m and 0.5m in thickness returned a grade of 1.03g/t Au.
BL 07 was designed to hit the top of a conductive target further above the workings than BL 03. The mineralisation intersected was mostly massive pyrrhotite with some pyrite and from a depth of 196.5 m a 1.5m down hole thickness graded 0.65g/t Au. A further zone of mineralisation was intersected at 224.8m with over 0.5m graded 6.68g/t Au.
Drill hole BL 05 and BL 02 both intersected massive sulphide mineralisation. Assays are still pending and the Company expects further gold results in the coming weeks. Interestingly, BL 02, the final drill hole, also intersected silver mineralisation below the main massive sulphide lode.
The Company is anticipating the multi element analysis shortly and is excited about the potential for further value uplift.
Drill Hole | Width | Au | from |
BL 03 | 3.1 | 11.69 | 173.70 |
BL 03 | 0.5 | 1.03 | 250 |
BL 07 | 1.5 | 0.65 | 196.5 |
BL 07 | 0.5 | 6.68 | 224.8 |
Competent Person
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
Adit A type of entrance to an underground mine which is horizontal or nearly horizontal
Arsenopyrite An iron arsenic sulphide, FeAsS, often associated with gold mineralisation
Mineralised Containing ore minerals
Mineralisation The process by which minerals are introduced into a rock. More generally, a term applied to accumulations of economic or related minerals in quantities ranging from weakly anomalous to economically recoverable.
Geophysical
Survey A prospecting technique which measures the physical properties (magnetism, conductivity, density) of rocks and defines anomalies for further testing
Pyrite An iron sulphide mineral, FeS2
Pyrrhotite An unusual iron sulphide mineral with a variable iron content
Quartz A very common mineral in sedimentary, magmatic, metamorphic, and hydrothermal environments : SiO2
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.
Vein/veinlet A fracture which has been filled by minerals which have crystallised from mineralised fluids.
**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 |
Notes to Editors
Noricum Gold Limited is an AIM listed gold and precious metal exploration and development company focussed on south-central Austria, an historic gold producing region. Its portfolio spans five areas across 165 sq km of highly prospective land including the Rotgülden gold project, which hosts the previously producing Rotgülden gold mine, and the Kliening gold project. Active exploration and drilling programmes are currently underway at both these licences aimed at defining a maiden resource. Bonanza high grade gold, silver and copper results from these programmes have already been received, which underpin the expanding potential of the portfolio and regional continuations. The Company's longer term objective is to become a significant producer of precious metals primarily within Austria.