12th May 2016 09:23
LONDON (Alliance News) - Noricum Gold Ltd on Thursday said work is progressing according to schedule on the first of its gold starter pit operations at the Kvemo Bolnisi target in the Republic of Georgia, and drilling is continuing at its second gold starter pit Tsitel Sopeli.
Noricum Gold said that infill drilling had commenced at the site, whilst resource estimation and pit optimisation work was well underway, with final results expected in the coming weeks. The company said work is being focused on the high grade zone of the starter pit from which in house modeling is indicating an initial mineable target of around 50,000 tonnes.
The infill drilling is expected to increase the size of the mineable resource as well as test additional secondary quartzite pods identified in close proximity to the initial planned ore production area, Noricum Gold said.
"I am pleased to report that the activities required ahead of initial production from our first starter pit are continuing on budget and in accordance with our timetable. We have now commenced infill drilling, the results of which will be used to expand the resource currently being modelled," said Managing Director Greg Kuenzel.
"Drilling is also continuing at our second gold starter pit Tsitel Sopeli with four drill holes completed to date. This mineralisation, gold bearing secondary quartzite, is also outcropping or very close to surface. Additionally, the first induced polarization survey has now commenced at Tsitel Sopeli and will test the larger structures known to exist at this target area," Kuenzel added.
Shares in Noricum Gold were up 5.6% at 0.190 pence on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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