7th Jul 2014 07:41
LONDON (Alliance News) - Noricum Gold Ltd Monday said it has received approval for a 2,500 metre surface drilling programme at the Altenberg target area of its Rotgulden gold project in Austria.
The Austria-focused gold exploration and development company said the approval was granted by Austria's mining authority and is valid through November 2018, for mineral exploration at the area, which is on a continued mineralised strike from a previously operating Rotgulden mine nearby.
The Altenberg region has seen very little modern day exploration, but recent sampling and mapping from the site have shown values of up to 86.4 grams per tonne of gold, 1,011 grams per tonne of silver and 4.49% copper.
The company said that eight samples from the 92 sample batch test returned grades higher than 10 grams per tonne of gold, and an aerial survey undertaken during 2012 showed multiple targets for further study in the Altenberg area.
Noricum Gold said the timing of the new drill programme is still to be determined but, due to logistical considerations, susceptibility to weather, and requirement for a helicopter-supported drill programme, it is not likely that the work will start until 2015.
The company has recently been developing its operations at the Schonberg precious metals target region in Austria, finding positive soil sampling results and stating last week that it is now planning a drill programme for the region.
Noricum Gold shares were down 9.9% to 0.500 pence, putting it amongst the top five AIM All-Share fallers during early trading on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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