Last checked at 5 Sep 2011 07:00
Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources
5 September 2011
Noricum Gold Limited (`Noricum Gold' or `the Company')
Significant Gold Mineralisation at Kliening, Altenberg & Schurfspitze
Noricum Gold Limited, the Austrian focussed gold exploration and development company, is pleased to announce significant gold (`Au') results from the first phase of drilling at its 49 sq km Kliening gold project, as well as new high grade samples from the Altenberg Valley and Schurfspitze areas within the 51 sq km Rotg¼lden gold project licence area. Furthermore, high grade silver (`Ag') and copper (`Cu') results were present with the high grade gold results demonstrating the multi element potential of these projects.
Highlights
* Highly encouraging shallow high grade Au results at Kliening * BB-07-01 included 12.52 g/t Au over 0.5 metres and 4.71 g/t over 0.5 metres. Infill samples currently being processed * Eight grab samples taken from the Altenberg Valley returned values up to 2.53 g/t Au, 428.4 g/t Ag, 1.47% Cu - all samples were mineralised * Samples taken from the mineralised lode at Schurfspitze included 5.60g/t Au with 41.5 g/t Ag, and 4.45 g/t Au with 5.6 g/t Ag * Results indicate a total strike length of approximately 8 kilometres from the previously producing Rotg¼lden mine through the Altenberg Valley to Schurfspitze and underpin potential for these exciting gold projects * Drilling has now commenced at Rotg¼lden
Noricum Gold Managing Director Greg Kuenzel said, "The initial positive results from Kliening indicate that high grade gold, silver and copper mineralisation is present close to surface, which provides further confidence in our geological model and assumptions regarding the expanding potential of the project area.
"Most exciting were the four samples taken from the lode at Schurfspitze, which appears to have similarities to the mineralised system at the Rotg¼lden mine. Both Altenberg and Schurfspitze are relatively unexplored areas of the Rotg¼lden project area and we believe they represent a continuation of the mineralisation from the Rotg¼lden mine through the Altenberg Valley to Schurfspitze along a total strike length of approximately 8 kilometres.
"With the initial results from our brief reconnaissance trip to Altenberg all indicating high grades, we are waiting with anticipation for the results from a more comprehensive sampling and reconnaissance programme which was recently completed. Samples were taken from existing underground exposures, rock outcrops and some small historical dumps. The samples have been sent for analysis and we look forward to receiving the results over the coming weeks."
Kliening
The first two drill holes from the Buchbauer-Bischofeck target at Kliening, BB-01-01 and BB-01-02, were located near the western side of the lode system and intersected thin zones of sulphides. The third drill hole BB-07-01 was located on the eastern end of the lode system and intersected anomalous gold, silver and copper mineralisation in sulphidic quartz lodes very near surface.
Table 1. Key drill intersections from drill hole BB-07-01
From To Width Au Ag (m) (m) (m) g/t g/t 4.5 5.0 0.5 12.52 26.1 6.0 6.5 0.5 1.61 3.5 11.0 11.5 0.5 4.71 22.0 28.0 29.0 1.0 0.04 14.0
Samples from the metres around the above intersections are awaiting analysis in the third assay shipment with results expected later this month. The remainder of BB-07-01, BB-07-02 and BB-03-01 samples are in the second shipment comprising 231 samples expected within the coming weeks.
Altenberg
Field mapping and sampling from the Altenberg valley was completed during a reconnaissance field trip tracing the strike of mineralisation southeast from Rotg¼lden. Eight samples were taken from the Altenberg area, seven were outcrop or grab samples, the remaining sample being taken from an existing underground exposure. The four most anomalous results were from the surface.
Although along strike from the historically producing Rotg¼lden mine, Altenberg has slightly different mineralisation characteristics. Notably, there is more than one mineralised system with both massive, vein and breccia mineralisation. This area provides an attractive exploration target both with respect to size and tenor of mineralisation likely to be encountered.
A further 92 samples were taken from the Altenberg valley and were submitted with shipment 2 to OMAC Laboratories in Ireland. Results from these assays are expected within the coming weeks.
Table 2. Assay results from grab samples in the Altenberg Valley
Sample Au g/t Ag g/t Cu % A2 0.05 346.3 0.13 A3 1.68 81.8 1.47 A5 2.53 18.8 0.75 A6 1.78 18.0 0.28 A7 2.25 119.4 0.48 A8 0.30 428.4 0.13 Schurfspitze
Most exciting were the four samples taken from the lode at Schurfspitze which appears to have similarities to the mineralised system at Rotg¼lden. This was the Company's first visit to this site and a more comprehensive mapping, sampling and geophysical programme is currently being undertaken to further understand the extent of the high grade mineralisation.
At Schurfspitze there are two adits on a hill side located close to the marble contact with a metagranitite. This geological setting and the mineralisation encountered is similar to Rotg¼lden.
The results below are from the mineralisation encountered in the lower adit. This appears to be around 2m wide with a southeast strike, and its orientation is again similar to Rotg¼lden.
Table 3. Assay results from grab samples at Schurfspitze
Sample Au g/t Ag g/t S1 5.60 41.5 S2 2.23 56.7 S3 2.45 6.5 S4 4.54 5.6 Rotg¼lden
The electromagnetic (`EM') work completed in previous months has now been analysed by Southern Geoscience Consultants (`SGC') and the encountered anomalies have been modelled. Models were produced from two sets of data, the first being the logging of existing drill holes with a down hole tool, the second being a survey of the drives of the existing underground mine.
Underground transient EM (`UGTEM') surveys were conducted in the five accessible drives in the Rotg¼lden underground workings. In drives 2, 3, 4 and 5 the responses came from known mineralisation further refining the Company's knowledge of its orientation. In drive 1, two unknown conductors were encountered. Both are strong moderate size conductors, one below and east of the drive, the other below and west and represent excellent exploration targets. At least one drill hole is planned to test these.
Down-hole transient EM (`DHTEM') was completed on drill holes B1, B2, B3, C1, C3, C4, D1 and D3. The responses indicate that mineralised intersections are to some degree connected although a complex geoelectric structure did not facilitate a single conductor being modelled. In total eight conductors were modelled and these were produced from between one to three drill holes. In places the modelled plates overlap these areas represent higher confidence for mineralisation. The down and up dip extension of these models indicate areas which may be targeted to produce extensions to the mineralisation. The majority of planned drilling will be expended testing these targets.
Drilling has commenced at Rotg¼lden with the DHTM and UGTEM models providing the basis for drill targets. Currently 330m have been completed on the first two drill holes planned to intersect the known mineralisation both up and down dip from the current known location of encountered mineralisation.
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