29th Sep 2015 11:51
LONDON (Alliance News) - Noricum Gold Ltd on Tuesday said it has began fieldwork on the Bolsini project in the Republic of Georgia and said it is developing a detailed exploration programme and extensive geophysics work for the mine.
Noricum is focused on the Tsitel Sopeli and Kvemo Bolnisi targets at the project and recent drilling has provided intercepts including 8.1 metres at 5.67 grammes of gold per tonne and 1.73% copper; 8.0 metres at 6.23% copper; and 15.0 metres at 2.07 grammes of gold per tonne, 2.39% copper and 2.97% zinc, all from surface.
Extensive geophysics programme currently being planned for later this year including induced polarization and magnetic surveys, and Noricum also is developing a detailed exploration work programmes for both Tsitel Sopeli and Kvemo Bolnisi.
Those two targets have a combined JORC mineral resource of 450,000 tonnes of copper, 900,000 ounces of gold, 20.0 million ounces of silver, 22,000 tonnes of lead, 52,000 tonnes of zinc and 1.5 million tonnes of barite.
Those two targets are part of the larger project area that has a combined non-JORC total mineral resource of 980,000 tonnes of copper, 6.6 million ounces of gold and 22.0 million ounces of silver.
"Work is now well underway at our two priority targets, Tsitel Sopeli and Kvemo Bolnisi. The strength of work undertaken at both deposits in the past means that they represent the quickest and least costly opportunity to add significant JORC compliant resources to our inventory, which ultimately has the potential to lead to production and early stage cash flows," said Chief Executive Greg Kuenzel.
Noricum shares were up 5.5% to 0.142 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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