Empire Metals Regulatory News (EEE)

Click on, or paste the following link into your web browser to view the associated PDF document:

http://www.rns-pdf.londonstockexchange.com/rns/3981W_-2014-11-6.pdf

Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources

7 November 2014

Noricum Gold Limited ('Noricum Gold' or 'the Company')

Drilling Update at Schonberg Project

Noricum Gold Limited, the Austrian focused gold exploration and development company, is pleased to provide an update on drilling being undertaken at the 100% owned Schonberg Gold and Precious Metals Project, located in an historic copper mining zone in south-central Austria. Previous exploration has already identified up to eight veins along a 3 km strike, three of which were the focus of historical mining and are the focus of the current drilling campaign.

Overview

· One diamond and six reverse circulation drill holes completed to date

· First Weissenbachgraben diamond hole testing deeper high grade copper/gold/silver massive sulphide targets, reached target depth of 328 metres - samples are currently undergoing analysis

· Initial RC drilling returned encouraging minor gold and tungsten anomalism, while one hole intersected a large void, likely to have been caused by old mine workings

· Brandegger-Stollen adit reopened with access available to approximately 150 metres with at least two parallel zones encountered for mapping and sampling

Noricum Gold Managing Director Greg Kuenzel said, "Assay results from the initial six RC drill holes testing soil anomalism have been received with some minor gold and tungsten anomalism noted. One of these drill holes intersected a large void likely to have been an old mining stope. While no economic intersection has been located in these first six holes, the intersection of old workings, and the potential of tungsten mineralisation, often associated with gold in these environments, is encouraging. The potential for tungsten in all drill holes will be investigated by utilising a simple inspection of the core in UV light followed by multi-element analysis.

"The first diamond drill hole (WE1) at Weissenbachgraben reached target depth of 328 metres. The core has been logged and several zones of alteration, brecciation and sulphide impregnation were noted and sampled, as were zones of structural complexity, these samples have been delivered to the lab for analysis and we await results. Unfortunately, very difficult ground conditions and drilling equipment issues have meant that drill advance has been slower than originally anticipated. The azimuth of the drill hole deviated by around 16 degrees which is more than anticipated and we are working with our drill contractor to determine the best way to approach our next holes in an attempt to avoid some of the problems experienced so far. We also plan to sequence the drill holes by elevation to ensure access can be maintained as we move into the winter months. Accordingly, the drill rig will now be moved north of WE1 to drill the second diamond drill hole at Weissenbachgraben, which is likely to give a better angle at expected mineralisation. We look forward to providing updates in due course."

Image 1: Visual inspection and logging of the diamond core at Weissenbachgraben shortly before dusk, UV light testing completed after sunset (Please see the associated PDF document)

Drilling Update

On 16 September 2014, the Company commenced a 3,000 metre drill programme to test the deeper massive sulphide mineralisation as well as the anomalies resulting from soil geochemistry across target areas. Initial drilling is focused on Weissenbachgraben, one of three main target areas at Schonberg, based on it being the highest in elevation.

Weissenbachgraben is the central area at the historical mining centre of Schonberg/Flatschach. In this area rich mineralisation was mined from a variety of levels from surface down to the Paulus adit, which was the drainage adit for the upper ore drives. These upper ore drives that mined the main zones of mineralisation comprised the (upper most) Brandegger, Barbara and Anna drives.

Historical documentation indicates that very rich mineralisation was encountered in the Brandegger adit which contained massive chalcopyrite. This working is connected to the lower Barbara adit by a shaft linking the caverns exposed by mining. The lowest drainage adit (Paulus) is reported to have the greatest thickness of ore, and due to the rich nature of the ore, there is little remnant resources up-dip as nearly all was mined out to surface. It is also reported that several shafts were attempted from the base of this adit but were unsuccessful due to water inundation. This is the target of the deeper drilling at Weissenbachgraben.

Approximately 600 metres (8 drill holes) of Reverse Circulation drilling and 800 metres (3 drill holes) of Diamond Core drilling have been planned at this target and the first diamond hole has reached its target depth of 328 metres and samples are currently undergoing analysis.

Initial RC drilling over six holes returned minor gold and tungsten anomalism. One RC hole intersected a large void likely to have been caused by old mine workings. While no economic intersection has been located in these first holes, the intersection of old workings, and the potential of tungsten mineralisation, often associated with gold in these environments, is encouraging.

Ground conditions at Weissenbachgraben have led to slower than expected drilling advance, hole deviation and a revision of the drill schedule.

Brandegger-Stollen

Whilst the drilling has been taking place at Weissenbachgraben, Noricum field staff have also taken the opportunity to open a previously collapsed adit known as the Brandegger-Stollen. Historic literature mention three main veins in the region, one of these being the Brandegger Vein.

At least two significant structures were noted at the Brandegger level, including the main Brandegger vein which in places has been stoped out to a width of more than 2 metres. In places secondary copper mineralisation was easily identifiable indicating that the ore was of good grade. A second parallel structure was also targeted by historical miners. This structure was not as wide as the Brandegger vein but had significant chalcopyrite and secondary copper mineralisation on both the foot and hanging wall.

High-grade copper-gold mineralisation is present in several samples which were previously collected by mineral collectors. These samples originate from the Brandegger-Stollen and were found at locations exposed at lower levels. Gold occurs as coarse-grained visible gold, and is associated with chalcocite, bornite, arsenopyrite and bismuth minerals. Evidence of further mining at lower levels can be seen via ore passes but will not be accessed by staff unless they can be made safe.

Sampling of the remaining structures is being completed presently.

Background

The Schonberg Gold and Precious Metals Project covers a total of 37 sq km and is located approximately 30km southwest of Leoben, Austria and 100km due east of the Company's Rotgülden Gold and Precious Metals Project. These licences are centered on the towns of Knittelfeld and Flatschach. The latter is part of an historic copper mining zone.

The Company has confirmed the presence of an attractive exploration target with up to eight veins across the main mining districts within the licence area: Brunngraben, Weissenbachgraben and Adlitzgraben (from west to east). The former mining district of Tremmelberg is situated further east and it is thought to be the continuation of the ore bearing structures. Three of the known veins were the main focus of historical mining and are considered the main ore veins. The veins are sub-parallel, generally trending northeast and steeply dipping to the northwest.

Competent Person Statement

The information in this announcement 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 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Jeremy Whybrow has reviewed this announcement and consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

**ENDS**

For further information please visit www.noricumgold.com or contact: