Last checked at 26 May 2015 07:01
Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources
23 May 2015
Noricum Gold Limited ('Noricum Gold' or 'the Company')
Exploration Update, Walchen VMS Deposit, Austria
Noricum Gold Limited, the Austrian focused precious and base metal exploration and development company, is pleased to announce that it has commenced an extensive geological mapping and sampling programme at the Walchen VMS deposit in Austria, acquired in late March 2015.
The comprehensive mapping and sampling programme, which is estimated to take 2-4 weeks, will focus on known outcrops from historical studies plus new cuttings made by more recent forestry road works in the area. These activities are in line with the Company's strategy to de-risk its properties through systematic exploration as it works towards an initial drill programme. The Company took several samples from outcrops during its recent management site visit, and these returned the following results highlighting the multi-element potential of Walchen:
Au | Ag | Cu | Pb | Zn | |
DESCRIPTION | ppm | ppm | % | % | % |
WAL-1 | 0.2 | 62.9 | 1.545 | 0.984 | 1.255 |
WAL-2 | 0.01 | 18 | 0.923 | 0.585 | 1.73 |
WAL-3 | 0.06 | 10.7 | 0.777 | - | - |
WAL-4 | 0.02 | 2.99 | 0.196 | - | - |
WAL-5 | 0.21 | 82 | 1.425 | 1.53 | 4.19 |
On completion, results from all mapping and sampling results will be combined with the significant amount of data related to previous mining and exploration activities and used to define drill targets for the summer programme. All exploration data will be used to construct a geological model of the deposit and the surrounding area. Noricum Gold staff will also be spending time underground, reviewing the accessible adits to determine whether an underground drill programme can be undertaken coincident with surface drilling.
Noricum Gold Managing Director Greg Kuenzel said, "These low cost reconnaissance initiatives will significantly de-risk the ongoing development of the Walchen Project making it drill ready in the short term. The grades historically returned from this highly prospective asset were strong at 1.71% Cu, 3.23% Zn, 2.48% Pb, 83g/t Ag, 0.5g/t Au and we hope to confirm Walchen's reputation as one of the most promising mineralised areas in the country through our ongoing activities."
Background on Walchen
The Walchen property hosts a previously producing mine, the data from which highlights the project's prospectivity.
The VMS deposit comprises two main ore horizons with a horizontal extension of 3-4 km and an average thickness of 0.5-4 m. The average grade of the Walchen ore mined from 1942 was 1.71% Cu, 3.23% Zn, 2.48% Pb, 83g/t Ag, 0.5g/t Au. Additional recent assays have shown that the pyrite and pyrrhotite can carry nickel and cobalt. Notably, geochemical and geophysical techniques have been applied successfully.
**ENDS**
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 Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
Katy Birkin | S. P. Angel Corporate Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
Elisabeth Cowell | St Brides Partners Ltd | PR | Tel: 020 7236 1177 |
Frank Buhagiar | St Brides Partners Ltd | PR | Tel: 020 7236 1177 |